Hyderabad, Nov 1 (UNI) Andhra Pradesh Chief Minister Y S Rajasekhara Reddy would provide Rs 466 crore for completion of houses sanctioned to Scheduled Caste (SC) and Scheduled Tribe (ST) beneficiaries.
The Chief Minister, who reviewed the implementation of the 'INDIRAMMA' programme, also announced upper-limits on equated monthly instalment for housing loans to Rs 300 in rural areas and Rs 500 in urban areas and limited loan tenure to seven years, subject to prompt repayment, an official release said here.
It was decided at the meeting to maintain Rs 400 crore per month till March 2009 and provide interest subsidy for refinancing to Regional Rural Banks from the National Housing Board, which had agreed to provide Rs 1200 crore till March 2009.
The Banks agreed to finance the construction 60,000 houses. Loan would be taken for construction of one lakh houses from the Housing and Urban Development Corporation.
Dr Reddy was explained that under Phase I, 12.53 lakh houses were completed and under phase II about 5.04 lakh houses would be completed.
Average expenditure per month for the gigantic project was Rs 370 crore, the release added.
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