Chhattisgarh Launches Housing Loan Interest Subsidy Scheme for Journalists Following CM’s Announcement
- Journalists Eligible for up to 5% Monthly Interest Subsidy on Housing Loans
- Scheme Applies to Houses Purchased After April 1, 2023
- Chhattisgarh Media Freedom, Protection, and Promotion Committee Formed
TFP Bureau, Raipur, Oct 07 2023: The Chhattisgarh Public Relations Department has swiftly acted on Chief Minister Shri Bhupesh Baghel’s budget announcement for the fiscal year 2023-24 by initiating applications for the ‘Shri Lalit Surjan Sanchar Pratinidhi Housing Loan Interest Subsidy Scheme.’ This scheme offers a substantial 5 percent monthly interest subsidy for housing loans up to Rs 30 lakh, with the benefit extending for five years. Effective from house purchases made after April 1, 2023, this initiative aims to make affordable housing a reality for journalists across the state.
Under the scheme’s guidelines, the subsidy is applicable solely to residential loans, and the property being purchased must be within Chhattisgarh’s borders. Eligible journalists will receive a 5 percent monthly interest subsidy for five years on housing loans acquired from nationalized banks, financial institutions recognized by the Reserve Bank of India, and cooperative banks.
To qualify for this program, journalists must have resided in Chhattisgarh for at least five years, working as full-time or part-time communication representatives in the editorial branches of registered news agencies. Editors of news portals and independent journalists who meet the specified preference rules are also eligible for the scheme, provided they fulfill the criteria.
Joint Housing Loan with Spouse Required
A crucial condition for eligibility under this scheme is that the communication representative must obtain the housing loan in either their name or their spouse’s name, jointly. The program applies to one housing loan only, and if a journalist transfers ownership of their existing house to a minor or adult child after the scheme’s implementation and subsequently acquires a new residence, they will not qualify for scheme benefits.
If a journalist secures a new home loan by repaying an already sanctioned home loan, they will not be eligible for the scheme’s benefits. Journalists must also ensure regular payments of loan installments to remain eligible. In cases of default, eligibility for scheme benefits will automatically cease.
Affidavit and Bank Certificate Requirements
Applicants must provide an affidavit confirming that neither they nor their spouse, dependent son, or daughter have ownership of another residential building. Additionally, certified loan approval and distribution records from registered banks or financial institutions must be submitted alongside the application in the prescribed format to the Directorate of Public Relations.
Regular Payments Monitored
To qualify for the scheme, communication representatives must consistently make monthly loan installments. Banks are required to submit certificates confirming the regular payment of both principal and interest on the loan to the Public Relations Directorate. The interest subsidy, calculated at 5 percent per month, will be deposited into the respective journalists’ bank accounts.
Calculation of Interest Subsidy
Interest subsidies will be reimbursed quarterly, not in a lump sum. The interest subsidy calculation will follow this method: The interest payable to the bank during the financial year will be multiplied by the 5 percent interest subsidy rate. The resulting figure will be divided by the bank’s interest rate.
For housing loans exceeding Rs 30 lakh, the interest subsidy will be calculated in two stages. In the first phase, interest will be calculated on a maximum amount of Rs 30 lakh. In this calculation, the maximum amount under the scheme (Rs 30 lakh) will be multiplied by the interest payable on the loan sanctioned during the financial year. The result will be divided by the sanctioned home loan amount. In the second phase, the interest subsidy amount will be calculated using the interest amount determined in the first phase, multiplied by the 5 percent interest subsidy rate. The resulting figure will be divided by the bank’s interest percentage rate.
Committee for Recommendations
A committee consisting of senior officers in the Directorate will consider and recommend interest subsidy approvals for the first time. This committee will include the Commissioner/Director of the Public Relations Directorate, Additional Director (Journalist Welfare), Additional Director (News), and Deputy Director/Joint Director (Finance).
Qualifying Conditions Apply
In approving or rejecting interest subsidies, the committee will also consider the qualifying conditions of communication institutes and communication representatives as stipulated in the prevailing preference rules. The Commissioner/Director of Public Relations will have the authority to approve or reject interest subsidies.
In a separate development, the Chhattisgarh government has established the “Chhattisgarh Media Freedom, Protection, and Promotion Committee” under the Chhattisgarh Protection of Media Persons Act, 2023. The committee will be chaired by Shri Dinesh Kumar Shrivastava, a retired Indian Administrative Service (IAS) officer. Other members include journalists representing various media outlets, ensuring the protection and promotion of media freedom in the state.
For more information on the ‘Shri Lalit Surjan Sanchar Pratinidhi Housing Loan Interest Subsidy Scheme,’ interested journalists can visit the Public Relation
Department’s website at https://dprcg.gov.in/
