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Tribal Plus Scheme Housing Finance Scheme for Tribal Areas of North East India

Tribal Plus scheme is a special housing finance scheme introduced by State Bank of India to provide financial assistance for all Tribal or Hill area people without any land mortgage. One can avail this loan for construction or purchase of new flat or house, purchase an old flat or house that is less than ten years old, to repair or expand or renovate the existing flat or house.

People residing in all the tribal/Hill areas located at northeast part of India including the areas surrounding Bhubaneswar, Patna, Lucknow, Bhopal and Chandigarh are eligible for this Tribal plus Scheme. They can avail this loan from any of the SBI branches available near to their area. Even if the applicant is not residing in this place, they can still go for this housing finance scheme for tribal areas, which should be deployed in their native village.

Individuals between the age group of 21 and 60 years who are permanent employees of State or Central or Public Sector Undertakings (PSU) or any renowned private sector units with a minimum of 5 years service as Class I Gazetted Officers or minimum 10 years of service for other grades.

The maximum loan amount, one can obtain through this loan is calculated depending on their net monthly income (NMI). It may be 24 times their NMI within the limit of 5 lakh. One can include their spouse income, is she is permanent employee of any Government/ Private Sector Unit/ PSU and is willing to provide guarantee to the loan.

Along with other usual documents, one should also submit an affidavit sworn by applicant that she/he is the owner of the proposed land, post-dated cheques denoting monthly installments may also be collected till the time loan gets liquidated. In special cases, they may also require an agreement to mortgage the land.

The processing fee for the loan will be collected at 0.25% of the loan amount, whereas a minimum margin of 25% is predicted. The loan can be repaid in about 10 years of time through Equated Monthly Installments (EMI). The repayment period will includes repayment or moratorium holiday with the beneficiary option, covering the period of construction or approximately 12 months from the disbursement of preliminary installment of the loan, whichever happens earlier.

Advantages of this loan housing finance schemes for tribal areas:

  • Lowest EMI
  • Lowest processing charges
  • No hidden or administrative charges
  • No security required and hence minimum documentation procedure
  • No prepayment penalties

This is a very attractive and highly beneficial loan for any hill resident.

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