Loans and Advances for Construction of a House Scheme - Manipur

The scheme is an initiative by the Manipur Building and Other Construction Workers' Welfare Board to support registered construction workers in building their own homes. The scheme provides loans at subsidised interest rates based on the worker's skill level, ensuring affordable housing for those in the construction sector.

 

Eligible beneficiaries can get loans ranging from ₹1 Lakh to ₹2 Lakhs depending on their skill classification. The loan is offered at a simple interest rate of 5% per annum and must be repaid within 5 years through monthly instalments. To ensure proper utilisation of funds, beneficiaries must submit a completion certificate within 6 months of receiving the loan amount.

This scheme provides several benefits to construction workers in Manipur, including:

• Financial Assistance

Helps registered construction workers build their own houses with financial support in the form of loans at low interest rates.

• Categorised Loan Amounts

Loan eligibility is based on skill level:

• Unskilled Labour – ₹1 Lakh

• Semi-skilled Labour – ₹1.5 Lakhs

• Skilled Labour – ₹2 Lakhs
  
  

• Affordable Interest Rate

Simple interest of 5% per annum, reducing the overall repayment burden

• Flexible Repayment Period

Loan can be repaid over 5 years through monthly instalments

• Encourages Home Ownership

Supports construction workers in securing permanent housing for their families

• Monitoring Mechanism for Fund Utilisation

The requirement to submit a completion certificate ensures proper use of the funds for housing construction. With the help of this certificate, the scheme ensures that the financial assistance is used specifically for its intended purpose.

To get benefits of the Loans and Advances for Construction of a House scheme in Manipur, applicants must meet the following eligibility conditions:

• The applicant must be a registered construction worker under the Manipur Building and Other Construction Workers' Welfare Board

• The construction worker must have an active labour card

• The applicant must provide a surety bond, ensuring commitment to loan repayment and completion of construction

Eligible applicants need to submit the following documents while applying for the loan:

• Certificate of Registration

Proof of registration under the Manipur Building and Other Construction Workers' Welfare Board

• Payment Receipt of the Last Contribution

To verify the applicant’s active membership status

• Estimate Cost Copy of the House Construction

A document specifying the estimated expenses for house construction

• Sanction Order Copy

Official approval document confirming loan or advance sanction, including details on the subsidy of up to 25% of the loan amount

• Aadhaar Card

Identity proof of both the applicant and the registered construction worker

• First Page of Bank Passbook

Provides applicant's bank account details for loan disbursement and repayment

You can apply for the scheme through an easy and convenient online mode by following the below steps:

 

1.Visit the official website http://manipurbcwb.in/ 

 

 

a.Scroll down to the ‘News & Information’ section and download the prescribed application form

 

 

Here is the link to the application form for a quick download: http://manipurbcwb.in/files/forms/beneficiaryForm.pdf

 

2.Accurately fill in all the required details in the application form

 

3.Attach self-attested copies of the necessary documents

 

4.Submit the completed form along with the required documents to the Labour Board Inspector at the office

 

5.Request a receipt or acknowledgment slip from the Labour Board Inspector after submission

You can apply for the Loans and Advances for Construction of a House scheme in Manipur by following these steps:

 

1.Visit the Manipur Building and Other Construction Workers’ Welfare Board office and request a hard copy of the application form

 

2.Carefully enter all the required details in the form

 

3.Attach self-attested copies of the mandatory documents

 

4.Submit the completed application form along with the necessary documents to the Labour Board Inspector at the office

 

5.Request a receipt or acknowledgment slip from the Labour Board Inspector upon submission

 

Note: Ensure the receipt includes:

 

a.Date and time of submission

b.Unique identification number (if applicable)

Additional Requirements

• The applicant must submit a surety bond to the board

• The completion certificate for the house must be submitted within six months of receiving the loan