Ashraya Adhar Scheme

Categories: Social welfare & Empowerment, Banking,Financial Services and Insurance

Sub-categories: Loan, Banking and money, Citizen empowerment

Target beneficiaries: Individual

Tags: House, Loan, Scheduled Tribe, Social Welfare, ST

• ₹5 00 000/- advanced as financial assistance in the form of a loan @ 2% per annum. Mode of Advance The loan amount shall be advanced in two instalments after the submission of the required documents is complete in all respect. ₹3 75 000/- immediately after sanctioning the loan. ₹1 25 000/- on utilization of the first instalment. The 2nd instalment is to be released on submission of utilization bills and on the basis of physical verification/inspection carried out by the officer of the Corporation. NOTE: Loanee shall commence the actual work within 03 months from the date of the sanctioned amount released. Insurance The beneficiary shall be insured for life and property with the Insurance Agency identified by the Corporation and the premium of such policies shall be borne by the loanee (unless and otherwise decided by the Corporation)

What Is The Purpose Of The Moratorium Period In The Loan Repayment Process

The moratorium period, which lasts for three months, serves as a grace period before the repayment of the loan starts. During this time, interest will accrue on the loan, but no penal interest will be charged. This period allows borrowers to adjust financially before beginning their regular equated monthly installments (EMIs).

Can I Repay The Loan Before The End Of The Moratorium Period

Yes, you have the option to repay the loan immediately after the disbursement of the first installment, even before the end of the moratorium period. This can help you save on interest costs and shorten the overall loan tenure.

How Is The Loan Repayment Period Determined For Applicants Above 50 Years Of Age

If you are above 50 years of age, the repayment period for the loan will be extended until you reach 60 years of age. This extension takes into consideration your age and provides you with a suitable repayment timeframe.

What Happens If I'm Employed By A Government Entity And Plan To Retire During The Loan Repayment Period

If you are an employee of State/Central Government/Government Corporation/Board or an aided Institute and you plan to retire during the loan repayment period, your repayment period will be re-fixed. It will be extended until your retirement age, plus an additional six months from the date of retirement. This ensures that your loan repayment aligns with your retirement plans.

What Is The Penalty For Defaulting On An EMI Repayment

In case of default in repaying any installment, an interest rate of 2% will be charged on the overdue installment amount. It's important to stick to the repayment schedule to avoid accruing additional costs due to default.

Can I Transfer My Loan To Another Financial Institution For House Reconstruction During The Repayment Period

Yes, you can transfer your loan to another financial institution for house reconstruction. However, in this case, you will need to repay the outstanding loan balance to the Corporation in one lump sum. Once the loan is fully repaid, you will be issued a no-due certificate to facilitate the loan transfer.

What Happens If I'm Unable To Repay The Loan As Per The Schedule

If the loan is not repaid as per the scheduled scheme, the Corporation will initiate recovery proceedings as arrears under the Goa Daman and Diu Land Revenue Code. It's essential to communicate with the Corporation in case of financial difficulties to explore possible solutions.

Who Has The Authority To Sanction Loans Under The Ashraya Adhar Scheme

The Chairman of the Corporation, along with any two Directors, will approve the loan applications under the scheme. Following this approval, the Managing Director of the Corporation will officially sanction the loan.

Is There A Provision To Modify The Scheme If Needed

Yes, the scheme can be modified to address new challenges or requirements that may arise. The scheme will be implemented for five years from the date of issue, and if necessary, it may be adjusted to better achieve its objectives.

What If I Provide Incorrect Or Fraudulent Information To Avail Benefits Under The Scheme

Providing false or fraudulent information can result in criminal breach of trust. It's important to provide accurate and truthful details to avoid legal consequences.

Can I Prepay A Portion Of My Loan During The Repayment Period

Yes, partial prepayment of the loan is generally allowed. However, you should check with the Corporation for their specific policies on partial prepayment. It's important to understand any prepayment charges or conditions that might apply.

What Happens If I Miss A Few EMIs Due To Unforeseen Circumstances

If you miss a few EMIs due to unforeseen circumstances, you might incur penalties in the form of the 2% interest on overdue amounts. It's advisable to promptly communicate with the Corporation if you anticipate difficulties in making payments.

Can I Change My Repayment Schedule After The Loan Is Sanctioned

The repayment schedule is typically fixed upon loan sanction. However, if you have valid reasons for seeking a change, you should approach the Corporation and discuss the possibility of adjusting the repayment schedule. Changes might be considered based on your circumstances and the Corporation's policies.

Are There Any Tax Benefits Associated With This Loan Repayment

Tax benefits might be available based on local regulations and the purpose of the loan. Generally, home loan repayments can offer tax deductions on the interest paid, but you should consult with a tax professional or financial advisor to understand the specific tax implications.

Can I Apply For A Loan Extension Beyond The Specified Tenure

Loan extensions beyond the specified tenure might be considered on a case-by-case basis. You would need to communicate your reasons to the Corporation and follow their procedures for seeking an extension.

Is There A Penalty For Repaying The Loan Earlier Than The Scheduled Tenure

It's important to check the terms of the loan agreement to understand if there are any prepayment penalties. Some loans might have prepayment penalties, while others allow early repayment without penalties.

• Family

• https://www.myscheme.gov.in/schemes/aas
• https://www.goa.gov.in/wp-content/uploads/2020/02/Schemes-of-the-ST-Corporation.pdf
• https://www.goa.gov.in/wp-content/uploads/2022/05/Citizen-Charter-2022-tribal-welfare.pdf

• Guidelines
• Citizen's Charter (2022)