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- The Ministry of Housing and Urban Poverty Alleviation (MHUPA), Government of India revised the Interest Subsidy Scheme and renamed it as Rajiv Rinn Yojana (RRY), as an additional instrument for addressing the housing needs of EWS/LIG segments in urban areas with increase in limit of eligible housing loans from 1 lakh to 5 lakh. Rajiv Rinn Yojana is effective from 01-10-2013. Under RRY, the amount of loan has been revised up to 5 lakh for EWS and 8 lakh for LIG beneficiaries. However, the interest subsidy is made available for a maximum 5 lakh for both categories of beneficiaries.
- The eligible lending institutions under the Scheme are SCBs, HFCs and RRBs. NHB and HUDCO are the 2 nodal agencies under the Scheme. An Interest Subsidy of 5% (500 bps) will be provided to the eligible borrowers availing housing loans from the financial institutions, on quarterly basis for the loan tenure of 15-20 years. Income of the borrowers will be certified by State Level Nodal Agencies as per the Guidelines of MHUPA. NHB received an Office Memorandum F No. 14013/9/2014-H/FTS-11839 dated 16-04-2015 from MHUPA, GOI wherein it was informed that the Scheme of Rajiv Rinn Yojana (RRY) ceased to exist now.
