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Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Tuesday launched `Jagananna Sampoorna Gruha Hakku', a One Time Settlement (OTS) scheme for poor borrowers of home loans.
After formally launching the scheme in Tanuku, the Chief Minister said the State government was waiving off the ₹10,000 crore outstanding housing loans taken by 40 lakh beneficiaries from the AP Housing Board Corporation since 2011. The beneficiaries will be given house documents with clear titles.
The Chief Minister distributed registered documents to 8.26 lakh people who have enrolled for OTS. Similarly, people who have constructed houses in the government allotted lands with their own money and don't have full rights can avail registration by paying just ₹10 and secure their property. For free registrations alone the government was spending ₹6,000 crore, he said.
The entire value of the assets would be around ₹1,58,000 crore, Reddy said adding that the beneficiaries could avail the scheme by paying nominal amounts of ₹10,000 in villages, ₹15,000 in municipalities, and ₹20,000 in municipal corporations. In case the loan amount is less than the stipulated amounts, the beneficiaries can then pay the outstanding loan amount and get complete rights on their property.
The scheme has been extended up to Ugadi (April 2,022), according to a release.
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