Context: Odisha Chief Minister recently announced new credit-linked housing scheme for rural poor.
Mo Ghara (My Home) Scheme
- Odisha government announced a new initiative, Mo Ghara (My Home).
- Mo Ghara is a credit-linked housing scheme for rural poor in the state with an aim to convert all kutcha houses into pucca ones.
- The scheme will have a financial implication of around Rs.2, 150 crore over a period of two years and it will be fully funded from the state budget.
- The scheme will cover all such families who were left out in the existing housing schemes either due to stringent eligibility criteria or insufficient allocation
- Benefits of the Scheme
- Under the Mo Ghara scheme, a beneficiary can avail housing loan of up to Rs. 3 lakh that can be repaid in 10 years in easy instalments excluding one-year moratorium period.
- “The state government will release capital subsidy to the loan account of the beneficiaries on completion of the house.
- There will be four slabs of loan amount.
- The rates of the subsidy will be Rs 30,000 for a Rs 1 lakh loan, Rs 45,000 for Rs 1.5 lakh loan, and Rs 60,000 for a loan amount of Rs 2 lakh and Rs 3 lakh.
- The subsidy will be Rs 10,000 more across slabs for those belonging to the SC/ST category and for the differently abled.
- “The capital subsidy released to the loan accounts of the beneficiaries will result in a significant reduction in EMI for repayment and thus make the repayment more affordable,”
- A family staying in a kutcha house or one pucca room with a concrete roof is eligible to get the loan under the Mo Ghara scheme.
- Families that have not availed of any government housing assistance or have availed assistance of below Rs 70,000 in the past with a monthly income below Rs 25,000 will also be eligible under the scheme.
- Families having four-wheelers or any member in government service or irrigated land of five acres or more will not be eligible for the loan.
- Special features
- While banks have been asked not to charge any processing fee from beneficiaries, the Odisha government has also waived off registration fees and stamp duties required during the mortgage of the title deed to further reduce the financial burden for the beneficiaries, said the chief secretary.
- The state government will start receiving applications from beneficiaries on its dedicated portal from June 16, 2023.
Q. Consider the following statements regarding Mo-Ghara
- It is credit linked housing loan scheme of the Chattishgarh Government
- There are no processing fees to avail of the loan under the scheme
- A family staying in a kutcha house or one pucca room with a concrete roof is eligible to get the loan under the scheme
- Families having irrigated land of ten acres or more will not be eligible for the loan.
How many of the above statements are correct
(a) Only one
(b) Only two
(c) Only three
(d) All four
Answer: (B) Only two