Home Loan Interest Subsidy Scheme - Gujarat Labour Welfare Board

The Home Loan Interest Subsidy Scheme is an initiative by the Gujarat Labour Welfare Board under the Labour, Skill Development & Employment Department, Government of Gujarat. It is designed to make homeownership affordable for workers in the organised sector by providing financial assistance in the form of an interest subsidy. Under this scheme, eligible workers receive a 3% interest subsidy on their home loans. This reduces their overall repayment burden.

The Home Loan Interest Subsidy Scheme offers several advantages for eligible workers, including:

• Reduced Interest Burden

A 3% interest subsidy lowers the total interest payable on the home loan, making repayments more manageable

• Financial Relief 

The scheme helps workers in the organised sector reduce their monthly loan deductions, improving their financial stability

• Encourages Homeownership

By making housing loans more affordable, the scheme supports workers in buying their own homes

• Better Quality of Life

With lower interest costs, workers can focus on other essential expenses while securing a home for their families

• Government-Backed Support

As an initiative by the Gujarat Labour Welfare Board, the scheme provides reliable financial assistance to eligible workers

To get the benefits under the Home Loan Interest Subsidy Scheme, applicants must meet the following eligibility requirements:

• Employment Sector

The scheme is applicable to workers employed in the organised sector within the state of Gujarat

• Continuous Service

Applicants must have worked continuously for one year with their current factory, company, or organisation. Additionally, their Labour Welfare Fund must have been deposited with the Gujarat Labour Welfare Board.

• House Purchase Price

The purchase price of the house should not exceed ₹30 lakhs

• Loan Tenure

The home loan must have a tenure of 15 years or more

• Loan Source

The home loan should be taken from a Nationalised Bank, Scheduled Bank, or Non-Banking Financial Company (NBFC)

• Application Timeline

The application for the subsidy must be made within one year from the date of the purchase document

Applicants need to submit the following documents when applying for the scheme:

• Copy of Identity Card (Red Book)

Proof of enrolment in the Gujarat Labour Welfare Board

• Identity Card Issued by the Contractor

Proof of employment in the organised sector

• Copy of Aadhaar Card

For identity verification

• Copy of Building Document

To validate the purchase of the house

• Proof of Loan Sanction

Loan sanction letter issued by the bank or NBFC

• Annual Loan Statement/Interest Certificate

To verify loan details and interest payments

• Housing Loan Passbook/Statement

A copy of the loan account passbook or statement

Applying for the Home Loan Interest Subsidy Scheme is a simple process through the Sanman Portal. 

 

Follow these steps to complete your application:

1. Visit the Sanman Portal - https://sanman.gujarat.gov.in/

2. Create an account or log in if you already have one

3. Fill out the application form for the Home Loan Interest Subsidy Scheme

4. Attach all necessary documents as specified in the application guidelines

5. Review your application and submit it through the portal

6. Use your application number to track the status online