AP CM Y.S. Jagan Mohan Reddy releases Rs 46.90 crore towards reimbursement of interest for 4,07,323 beneficiaries

Vijayawada: Chief Minister Y.S. Jagan Mohan Reddy has released Rs 46.90 crore towards reimbursement of interest for 4,07,323 beneficiaries who had availed housing loans from banks under the Navaratnalu-Pedalandariki Illu. Theinterest-reimbursement for these loans is done by the state government twice a year. 

Releasing the amount in online mode from the Camp Office here on Thursday, the Chief Minister said the reimbursement is of interest over and above the base three per cent on the bank loans of Rs 35,000 taken by the beneficiaries under the scheme.

They have to pay only 25 paise as interest on the loans they took for construction of their houses in the Jagananna Colonies, he said. The Chief Minister said, “As the banks are providing the housing loans on 9 to 11 per cent interest, the state government decided to reimburse the interest over and above the base three per cent, to the beneficiaries, so as to reduce the financial burden them.” So far, the state government has provided bank loans worth Rs 4,500.19 crore to 12.77 lakh beneficiaries.

Notably, in mission mode, the AP government distributed 31.19 lakh house site pattas to the poor in the past over two years. More than 22 lakh houses are under construction, of which 8.6 lakh houses have been handed over to the beneficiaries. The Chief Minister said the government is providing `2.7 lakh in cash and kind for the construction of each house. This included a cash of `1.8 lakh, free sand worth `15,000 and



discounts of `40,000 on supply of cement, steel and metal frames, he said.

The property worth of each beneficiary ranges from `5 lakh to `20 lakh. The market value of each house site ranges from `2.5 lakh to `15 lakh depending on the location. Jagan Mohan Reddy claimed that each woman beneficiary would receive an asset of `5 lakh to `20 lakh through this housing scheme. In total, a wealth of at least `2 lakh crore to `3 lakh crore is reaching the hands of the women beneficiaries through this scheme in the state, he stressed.

Housing minister Jogi Ramesh said it normally took about 50 to 100 years to form a village. But the construction of the Jagananna colonies, the construction of these new villages, took only two and a half years. “The construction of 17,000 Jagananna colonies in less than three years will remain forever as a record in the history of India.” Calling the mega housing scheme a Yagna, the minister said a day is coming soon when crores of people will say ‘Jayaho Jagananna’ for the CM providing them the shelters. Housing beneficiaries Haimavati, Pagadala Swarna Sindhura, Wahida Khanam and others spoke in online video mode and expressed their gratitude to Jagan Mohan Reddy for providing them the houses. Chief secretary Jawahar Reddy, APHC MD Lakshmi Shah and its chairman Sharmila Reddy, special CS Ajay Jain, special secretary Mohammad Maidin, SERP CEO Md. Imtiaz, MEPMA MD Vijayalakshmi and senior officials were present.