Bhubaneswar Civic Body Teams Up with Bank for Affordable Home Loans for Urban Poor, ETRealty

BHUBANESWAR: In a bid to facilitate beneficiaries of affordable housing projects to avail easy home loans, the Bhubaneswar Municipal Corporation (BMC) has partnered with a prominent private sector bank.

A meeting was held recently to discuss the roles the bank and the civic body would play respectively in the partnership to roll out a pilot project. The move is made to help the beneficiaries, who are basically urban poor, understand the complex banking norms.

The pilot project involves 600 beneficiaries who have been allotted dwelling units in different affordable housing projects in Bhubaneswar but are having difficulties in contributing their share for the houses. The projects are executed under Pradhan Mantri Awas Yojana (Urban) 2.0.

There are three stakeholders in the affordable housing projects under PMAY-U 2.0 — the state, Centre and the beneficiaries. The three contribute their shares in each dwelling unit in the ratio of 40:40:20. The beneficiary pays an average of Rs 1.5 lakh for a house.