Home Loan Interest Subsidy Scheme, launched by the Gujarat Labour Welfare Board, is aimed at providing financial relief to organized sector workers by offering a 3% interest subsidy on home loans. This scheme encourages homeownership among workers and reduces the financial burden of interest deductions on home loans.
Benefits
- Interest Subsidy:
- 3% subsidy on home loan interest.
- Maximum loan amount eligible: ₹15 lakhs or 3% of the actual loan interest, whichever is less.
- Direct Benefit Transfer (DBT):
- Subsidy credited directly to the beneficiary’s bank account.
Eligibility Criteria
- Employment:
- Must be employed in the organized sector in Gujarat.
- Continuous employment with the same factory/company/organization for at least 1 year.
- Labour Welfare Fund:
- The applicant’s Labour Welfare Fund must have been deposited with the Gujarat Labour Welfare Board.
- House Purchase:
- The maximum purchase price of the house should not exceed ₹30 lakhs.
- Loan Details:
- Loan tenure must be 15 years or more.
- Home loan must be taken from a Nationalized Bank, Scheduled Bank, or NBFC.
- Application Deadline:
- Application must be submitted within 1 year of the purchase document date.
Application Process
Online Steps:
- Visit the Sanman Portal:
- Go to Sanman Portal.
- Registration:
- Click ‘Please Register Here’ under the Citizen Login tab.
- Enter your Aadhaar number, user type, and Labour Welfare Fund Account Number.
- Details Verification:
- Click ‘Fetch’ to verify your details.
- Login Creation:
- Enter user details, create a password, and register.
- Application:
- Login using your User ID and Password.
- Select the scheme, read the instructions, and complete the application form.
- Upload all required documents.
- Submit:
- Agree to the terms and submit the application form.
- A confirmation email with the application number will be sent to the registered email ID.
Documents Required
- Passport-sized photograph.
- Identity card issued by the contractor or employer.
- Aadhaar card.
- Labour Welfare Fund Account Number.
- Loan sanction letter as proof of loan.
- Annual loan statement or interest certificate.
- Self-declaration.
- Bonafide certificate.
- Bank account details or passbook copy.
- Any additional documents as required by the board.
Note: If the Labour Welfare Fund Account Number is unavailable, contact the respective factory/organization official.
Frequently Asked Questions (FAQs)
- Who launched the scheme?
- The scheme was launched by the Gujarat Labour Welfare Board under the Labour, Skill Development & Employment Department.
- What is the percentage of interest subsidy provided?
- A 3% interest subsidy is provided.
- What is the maximum loan amount eligible?
- The maximum loan amount eligible for subsidy is ₹15 lakhs.
- What is the maximum house purchase price under the scheme?
- The purchase price of the house should not exceed ₹30 lakhs.
- What is the minimum loan tenure required?
- The home loan must have a minimum tenure of 15 years.
- Who is eligible?
- Organized sector workers in Gujarat with continuous employment of at least one year and a valid Labour Welfare Fund Account.
- Can workers from any sector apply?
- No, only workers from the organized sector in Gujarat are eligible.
- What is the application deadline?
- Applications must be submitted within 1 year of the house purchase document date.
- How is the subsidy amount disbursed?
- The subsidy is directly credited to the beneficiary’s bank account via DBT.
- Which financial institutions are eligible for home loans under the scheme?
- Loans must be taken from Nationalized Banks, Scheduled Banks, or NBFCs.
Contact Information
For more details, visit the Sanman Portal: sanman.gujarat.gov.in.