Scheme for Loan & Advances to the Beneficiary for Construction of House

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What is the Scheme for Loan and Advances to the Beneficiary for Construction of House

The Scheme for Loan and Advances to the Beneficiary for Construction of House (SLABCH) is a government initiative for supporting individuals in Tripura to construct their own homes. This scheme is specifically designed to benefit Economically Weaker Sections (EWS) and low-income groups (LIG) by making housing affordable and accessible. It provides financial assistance in the form of subsidised loans to ease the financial burden of house construction.

By focusing on empowering individuals to build safe and secure homes, the SLABCH initiative seeks to improve living standards for eligible beneficiaries and their families, contributing to overall housing development in the state.

Benefits of the Scheme

The SLABCH scheme offers several benefits to eligible applicants:

Low Interest Rates

Loans are provided at subsidised interest rates, reducing the financial strain on borrowers.

Financial Help

The scheme helps cover house construction costs, making homeownership achievable for low-income families.

Better Living Standards

Beneficiaries can build durable and secure homes, improving their quality of life.

Flexible Repayment Options

Loans can be repaid over a long tenure of 15 to 20 years, making instalments manageable.

Straightforward Application Process

The scheme ensures a transparent and easy-to-follow process for applicants.

Eligibility Criteria for the Scheme

To qualify for this scheme, you must meet the following requirements:

You should have at least 20 years remaining before retirement
You must have been a registered construction worker for at least five years
You must not own a pucca house anywhere in the country
You should have a minimum land area of 30 square meters for house construction, based on your income status
Your annual income must not exceed ₹3,00,000
You must belong to the Economically Weaker Section (EWS) category
Your family should not have received any central or state government assistance under other housing schemes
You must be an active and registered Building and Other Construction (BOC) worker under the Tripura Building and Other Construction Workers Welfare Board

Documents Required for the Scheme

To apply for the scheme, you need to submit these documents:

Proof of identity (PAN card, Aadhaar card, or voter ID)
Proof of residence (ration card, utility bill, or domicile certificate)
Income certificate issued by a competent authority
Land ownership documents or proof of the proposed construction site
Recent passport-sized photographs
Bank account details for subsidy or loan disbursal

How to Apply for this Scheme

Follow these steps to apply for the SLABCH Tripura scheme:

Gather copies of all the required documents for the application
Visit the nearest Common Service Center (CSC) for biometric verification
Ensure the CSC agent fills in all mandatory details and uploads the necessary documents
Collect a receipt or acknowledgment with the submission date, time, and unique identification number (if applicable)

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What subsidy is offered under this scheme?

The scheme offers an interest subsidy on loans for house construction. The exact percentage depends on state regulations and the applicant’s income bracket.

What is the loan tenure under the scheme?

The loan tenure typically ranges from 15 to 20 years, allowing for manageable repayment terms.

Can the loan be used to purchase an existing house?

No, the loan is specifically for the construction of new houses and cannot be used for buying an existing property.

Is the interest subsidy available on the entire loan amount?

The subsidy is generally available up to a maximum loan amount defined under the scheme. Any additional loan amount will not be eligible for the subsidy.

Who approves the loan application?

Loan applications are approved by financial institutions (banks or NBFCs) in coordination with the state department responsible for implementing the scheme.

Can non-residents of Tripura apply for this scheme?

No, only permanent residents of Tripura are eligible to apply for this scheme.

Will the subsidy be credited upfront?

Yes, in most cases, the subsidy is credited upfront to the applicant’s loan account, reducing the principal amount.

What happens if my loan application is rejected?

If your application is rejected, you may contact the approving authority for clarification. Rejection often occurs due to incomplete documents or failure to meet eligibility criteria.