AMARAVATI: Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Thursday disbursed a total of nearly Rs 47 crore in interest reimbursement to more than four lakh beneficiaries who availed housing loans.
The interest reimbursement is under the Navaratnalu-Pedalandariki Illu scheme, which is disbursed twice a year.
“Interest reimbursement over and above three per cent on a bank loan of Rs 35,000 each helps the beneficiaries pay only 25 paisa interest on housing loans for houses constructed in Jagananna Colonies,” Reddy said, addressing the beneficiaries and officials from his camp office.
As banks are providing housing loans at nine to 11 per cent interest rates, the state government has decided to reimburse interest over and above three per cent to reduce the financial burden of the beneficiaries.
Until now, bank loans worth about Rs 4,500 crore have been provided to nearly 13 lakh beneficiaries under this scheme, he said.
