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.