Excelsior Correspondent
JAMMU, Mar 24: Commissioner Secretary, Housing & Urban Development Department (HUDD), Mandeep Kaur, today chaired a high level meeting with senior officials from J&K Bank (Lead Bank, J&K UTLBC) and other financial institutions operating in Jammu & Kashmir.
The meeting focused on devising strategies for effective implementation of the Interest Subsidy Scheme (ISS) component under Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0).
The Commissioner Secretary emphasized the urgent need for all banks to sign a Memorandum of Understanding (MoU) with any Central Nodal Agency (CNA) designated by the Ministry of Housing & Urban Affairs (MoHUA), Government of India. This step is crucial to facilitate the timely claim and transfer of subsidies to the eligible beneficiaries.
Under the scheme, the eligible beneficiaries with an annual family income of up to Rs 9 lakh can avail of an interest subsidy of Rs 1.80 lakh. Home loans up to Rs 25 lakh for properties valued at up to Rs 35 lakh, with a carpet area of up to 120 square meters, qualify for a 4.0% subsidy on the first Rs 8 lakh for a loan tenure of up to 12 years.
During the meeting, Mandeep Kaur asked the J&K Bank, as the Convenor of J&K UTLBC, to ensure that the Interest Subsidy Scheme (ISS) is thoroughly reviewed in the upcoming J&K UTLBC meeting. She also urged all financial institutions to actively participate in the scheme’s rollout and provide necessary support to beneficiaries.
The meeting was attended by the Managing Director, J&K Housing Board (Mission Director, PMAY-Urban 2.0), Director Finance, Housing & Urban Development Department; General Manager, J&K Bank Ltd.; Financial Advisor/ Chief Accounts Officer, J&K Housing Board; Assistant General Manager, National Housing Bank (NHB); Regional Chief, Housing & Urban Development Corporation (HUDCO); Chief Manager, State Bank of India (SBI); and other senior representatives from public and private sector banks.
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