Central GovernmentVerified

Loans and Advances for Construction of a House

Last verifiedToday

About This Scheme

The "Loans and Advances for Construction of a House" scheme by the Manipur Building and Other Construction Workers' Welfare Board provides financial support to registered construction workers to build their own houses. Beneficiaries can avail loans based on their skill level, with amounts ranging from ₹1,00,000/- to ₹2,00,000/-. The loan carries a 5% simple interest, with a 5-year repayment period, and the worker must submit a completion certificate within six months of receiving the loan.

Benefits

> Financial assistance for house construction for building workers:

₹1.0 L

Unskilled Labour: ₹1,00,000/-.

₹1.5 L

Simi-Skilled Labour: ₹1,50,000/-.

₹2.0 L

Skilled Labour: ₹2,00,000/-.

> Rate of Interest:

Simple interest rate of 5% per annum.

> Repayment:

5-year repayment period with monthly installments.

Eligibility

Note: You may be eligible based on the information shown. Please verify the official eligibility requirements before applying.

Required Documents

✦
Certificate of Registration.
✦
Payment Receipt of the Last Contribution.
✦
Estimate Cost Copy of the House Construction.
✦
Sanction Order Copy (granting loan/advance for construction of house in respect of the subsidy up to 25% of the amount of loan/advance received).
✦
Aadhaar Card of the applicant and construction worker.
✦
First Page of Bank Passbook.

✦ Required ◦ Optional

How to Apply

IIn-person

The applicant submits the surety bond to the board. The completion certificate shall be submitted to the Board by the beneficiary building worker within six months from the date of Drawal of the Loan or Advance.

Quick Info

Level: Central Government
Max benefit: ₹2.0 L