The Tripura Building and Other Construction Workers Welfare Board (TBOCWWB), under the Labour Department, Government of Tripura, has introduced the Scheme for Loan and Advances to the Beneficiary to Build a House which is a significant housing assistance program.
The scheme is designed to assist registered construction workers to own their own house by providing an interest subsidy that is pegged on credit, which will make housing affordable and easily available to families in the state with weak economies.
This guide has all the guidelines to the eligibility, main benefits, procedure to be followed in application and documents to be filled, so that by the time you apply, you are well informed.
Overview of the Scheme
The scheme has offered financial aid in the shape of interest subsidy of 6.5 percent of housing loans borrowed by eligible construction workers. The subsidy is automatically transferred to the account of the beneficiary as a loan which not only makes the loan outstanding smaller but also makes the burden of the EMI lighter.
Key Benefits
- Credit-linked interest subsidy at 6.5% for eligible housing loans.
- Loan amount up to ₹6 lakh, which can be repaid over a maximum period of 20 years.
- Direct credit of subsidy to the loan account, reducing the financial pressure on the beneficiary.
- Designed specifically for registered construction workers belonging to the Economically Weaker Section (EWS).
- Supports safe and secure housing for families with no existing pucca house.
Eligibility Criteria
The applicant should satisfy the following criteria to be eligible to Tripura Scheme of Loan and Advances to Construct Houses:
- Should have been a registered and working BOC worker with the Tripura Building and Other Construction Workers Welfare Board.
- Should have worked as a registered construction worker at least five years.
- Must have a minimum of 20 years left before retirement.
- Neither should he own a pucca house in India.
- Should have a minimum land of 30 square metres in which to build a house.
- The applicant/ family should not have received any housing through Central or State Government schemes.
- Annual household income must not exceed ₹3,00,000.
- The worker must belong to the Economically Weaker Section (EWS) category.
Application Process
The workers who are eligible can make application through Common Service centres (CSCs). Follow the steps below:
Step 1: Prepare the Necessary Documents
Prepare all the necessary documents to avoid being delayed when submitting them.
Step 2: Visit the Nearest CSC
Visit the nearest Common Service Centre and undergo the biometric check up.
Step 3: Fill in the Application Form
Make sure that the CSC operator completes all the required fields and attaches scanned copies of your documents appropriately.
Step 4: Obtain Receipt or Acknowledgement
Ask to be provided with a receipt of submission with the date, time, and application reference number (where applicable). This will assist in keeping track of your application.
Documents Required
Applicants must submit the following documents:
- BOC Worker Registration Card
- Aadhaar Number or Aadhaar Enrolment ID
- Self-Certified Income Certificate / Affidavit
- Identity and Address Proof (PAN, Voter ID, Driving Licence)
- Proof of Minority Status (if applicable)
- Nationality Proof
- EWS/LIG/MIG Certificate (as applicable)
- Salary Slips
- IT Return Documents
- Property Valuation Certificate
- Bank Account Details and Statement
- Affidavit stating the applicant does not own a pucca house
- Affidavit confirming construction of a home under this scheme
Frequently Asked Questions
What is the purpose of the scheme?
The scheme is expected to offer affordable housing to registered construction workers in form of subsidised housing loan.
What subsidy is offered under this scheme?
The loan interest rate is subsidized at 6.5 percent on loans of up to ₹6 lakh.
Who is eligible?
Registered construction workers under the Tripura BOC Welfare board and who fulfill all the given criteria.
What is the loan tenure?
The loan can be paid in a maximum of 20 years.
Can the loan be used to purchase an existing house?
No. The scheme is specifically for new house construction.
Is the interest subsidy applied to the entire loan amount?
The subsidy is applicable for loans up to ₹6,00,000.
Who approves the loan application?
Loan applications are assessed and approved by banks and other financial institutions according to the instructions.
What is the role of the bank?
Banks approve loan, charge the interest subsidy according to norms, and credit the subsidy obtained.
Can non-residents of Tripura apply?
No. The workers who are registered under the Tripura BOC Welfare Board are only eligible.
How can I apply?
You may do online through CSCs with the completion of biometric verification and document submissions.
Will the subsidy be credited upfront?
Yes, the amount of subsidy is debited into the loan account.
What if my loan application is rejected?
You can reapply after solving the problems that were raised or go to another bank, which provides the scheme.
Are there income restrictions?
Yes. The household income of the applicant should not surpass 3 lakh per annum.
How do I check my application status?
The reference number used in the submission was on the acknowledgement receipt.
