The Kerala State Housing Board functions as the nodal department in the housing sector that is involved in the coordination of several housing schemes across the state. For those looking to relocate in Kerala, looking at home loan eligibility and comparing policies through a home loan EMI calculator will be useful when enough housing schemes are taken into consideration to find a suitable property to buy. Hence, some of the projects under the Kerala State Housing Board relevant to whether or not one should opt for a home loan are as follows.
- M.N. Laksham Veedu Punarnirmana Padhathi: As per this scheme, financial assistance will be provided for the reconstruction of single units from dilapidated twin houses. The Government subsidy for this scheme is ₹75,000 for General Category, ₹1,00,000 for SC Category, and ₹1,25,000. Any remaining amount needed to build a home can be taken in the form of a home loan.
- Revenue Tower, Ernakulam: For those looking to construct office spaces via a home loan, this project could make a fine alternative. The Revenue Tower is a fourteen-story building constructed in the Ernakulam district (Kanayannoor Taluk) with an overall area of 16.139.92 meters square. The basement of this building is supposed to house forty-one shop rooms, with eleven separate shops on the ground floor as well and a parking space as well. Floors four to twelve are intended for office space, while floors one through three will have shops and restaurants.
- Suraksha Housing Scheme: The scheme under the Kerala State Housing Board is meant to offer financial protection to the homeless EWS in both rural and urban areas. Under this particular scheme, assistance will be provided to those who own at least two cents of land where they can construct a house themselves. Even NGOs and Voluntary Agencies will have the option to associate themselves and assist in the construction of houses under this scheme. From the state government, the capital subsidy per house will be ₹9000 with the voluntary contribution being capped at ₹2000. For a construction loan where the building costs around ₹30,000, the loan amount will be ₹19,000.
- Innovative Housing Scheme: This scheme also impacts the need for home loans. It was proposed with the goal of constructing residential flats with four to six stories on government land, particularly for the displaced laborers that reside in the economically weaker section of Kerala’s urban areas.
- New Suraksha Housing Scheme: A new financial pattern was approved for the Suraksha HS. As per the New Suraksha Housing Scheme, the cost to construct a house having a plinth area of 30 meters square will be taken as ₹1,00,000 per house against the current amount of ₹30,000. Government subsidy has also been increased from its original value of ₹9000 to ₹25,000.
Hence, if you are looking to relocate to Kerala, these are important factors to keep in mind. It could save you time and make the process smoother.