AP Govt waives home loans from poor borrowers
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy on Tuesday launched “Jagananna Sampoorna Gruha Hakku”, a Single Settlement Program (OTS) for poor mortgage borrowers.
After officially launching the program in Tanuku, the chief minister said the state government was waiving outstanding 10,000 crore home loans taken out by 40 lakh beneficiaries of the AP Housing Board Corporation since 2011. The beneficiaries will receive house documents with clear titles.
The Chief Minister distributed registered documents to 8.26 lakh people who registered with OTS. Likewise, people who have built houses in the government with their own money and do not have all the rights can register by paying only 10 and securing their property. The government was spending 6,000 crore on free registrations alone, he said.
The total value of assets would be around 1,58,000 crore, Reddy said, adding that beneficiaries could benefit from the program by paying nominal amounts of 10,000 in villages, 15,000 in municipalities and 20,000 in municipal corporations. . In the event that the loan amount is less than the stipulated amounts, then the beneficiaries can pay the remaining loan amount and get all the rights to their property.
The program has been extended to Ugadi (April 2.022), according to a statement.