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This scheme by the Manipur Building and Other Construction Workers' Welfare Board offers loans to registered construction Read More... workers for building their own homes, with amounts varying by skill level. Read less

Details

Building your own home is a dream for many. If you're a construction worker in Manipur, this government scheme might be your stepping stone to making that dream a reality.

What Is This Scheme?

The "Loans and Advances for Construction of a House" scheme is designed to provide financial assistance to registered construction workers in Manipur. It's managed by the Manipur Building and Other Construction Workers' Welfare Board and aims to help workers construct their own houses.

Who Can Benefit From This Scheme?

The scheme is specifically for building and construction workers who are registered with the Manipur Building and Other Construction Workers' Welfare Board and hold an active labor card. The loan amount you can receive depends on your skill level – whether you're unskilled, semi-skilled, or skilled.

Why This Scheme Is Important

Many construction workers dedicate their lives to building infrastructure for others but often struggle to build their own homes. This scheme offers a tangible way to support them by providing affordable loans with a low-interest rate and a manageable repayment period, helping them secure a home for their families.

Objective

This scheme by the Manipur Building and Other Construction Workers' Welfare Board offers loans to registered construction workers for building their own homes, with amounts varying by skill level.

Benefits

Fellowship:Monthly stipend based on the academic status of the fellow:

₹58,000/- for candidates who have submitted their Ph.D. thesis but await the degree.

₹61,000/- for candidates holding a Ph.D. degree.

₹67,000/- for external applicants with a Ph.D. and at least two years of research experience.

Academic Allowance:One-time academic allowance of ₹ 10,000/- during the fellowship.

Accommodation:Fellows may receive PRL accommodation or HRA in lieu of accommodation as per PRL norms.

Sources and references

Guidelines

Eligibility Criteria

You must be registered with the Manipur Building and Other Construction Workers' Welfare Board.
You need to possess an active labor card.
You will be required to execute a surety bond as part of the loan process.

How To Apply

To apply for this scheme, you need to submit a completed application form along with a surety bond to the Manipur Building and Other Construction Workers' Welfare Board. Ensure you have all the necessary documents ready before applying.

Documents Required

Certificate of your Registration with the Board.
Receipt of your Last Contribution payment.
An Estimate Cost Copy for the proposed house construction.
Sanction Order Copy (related to subsidy up to 25% of the loan/advance received).
Your Aadhaar Card.
Aadhaar Card of the construction worker (if different from the applicant).
First Page of your Bank Passbook.

FAQ’s

What's the highest loan amount I can get for building my house?

You can get a loan of up to ₹2,00,000. The exact amount depends on whether you are classified as unskilled, semi-skilled, or skilled labour.

How much interest do I have to pay on this loan?

The loan comes with a very reasonable simple interest rate of 5% per annum.

Who is eligible to apply for this house construction loan?

The scheme is for construction workers who are already registered with the Manipur Building and Other Construction Workers' Welfare Board and have an active labor card. You'll also need to provide a surety bond.

How long do I have to repay the loan?

You have a period of 5 years to repay the loan amount through monthly installments.

What if I can't submit the house completion certificate on time?

It's important to submit the completion certificate within six months of receiving the loan. Failure to do so might lead to legal consequences as determined by the Board.

What are the required documents to apply for this loan?

You'll generally need your Registration Certificate, proof of your last contribution payment, a house construction cost estimate, the sanction order for any subsidy you might receive, your Aadhaar card, and a copy of the first page of your bank passbook.

How is the loan amount decided for me?

The loan amount is determined based on your skill level. Unskilled workers can get up to ₹1,00,000, semi-skilled up to ₹1,50,000, and skilled workers up to ₹2,00,000.

What is the purpose of the surety bond required for the loan?

The surety bond is a legal document that guarantees your commitment to repay the loan according to the terms and conditions set by the Board.

When does the repayment of the loan start after I receive it?

Repayment will begin according to the installment schedule that the Board will specify after the loan is approved and disbursed.

Can I get a subsidy along with this loan?

Yes, the scheme mentions a Sanction Order Copy for a subsidy of up to 25% of the loan or advance amount received, which you might need to provide.

What happens if I miss my loan repayments?

If you do not follow the loan conditions, including timely repayment, the Board may take legal action against you.