The Odisha government has granted approval to a new housing initiative named ‘MO GHARA,’ meaning ‘My Home’ in the local language. This program aims to provide financial aid to rural households with lower and lower-middle incomes.
It caters to families who were previously excluded from existing housing schemes due to strict eligibility criteria or inadequate allocations. Additionally, it welcomes individuals who had previously received smaller housing assistance and now desire to enhance or expand their homes. The scheme operates on a credit-linked basis, with the entire capital subsidy being funded by the state’s budget.
Eligible beneficiaries can obtain a housing loan of up to Rs 3 lakh, repayable over a period of 10 years. This repayment period excludes a one-year moratorium period and can be completed through manageable installments. The loan amount options are categorized into four slabs: Rs 1 lakh, Rs 1.5 lakh, Rs 2 lakh, or Rs 3 lakh. Banks will not charge any processing fee from the beneficiary for the sanction of the loan.
Eligibility criteria under the scheme-
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A family staying in a kutcha house or one pucca room with an RCC roof that has either not availed of any government housing assistance or has availed of assistance of below Rs 70,000 in the past and whose income per month is below Rs 25, 000, among others, will be able to be part of the scheme.
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An enhanced capital subsidy will be available to vulnerable categories like SC/ST and PWD-headed households, the release said.
