Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) has been designed for providing interest subsidy on housing urban poor to make the housing affordable and within the repaying capacity of EWS/LIG. The scheme encourages poor sections to avail of loan facilities through Commercial Banks for the purposes of construction of houses and avail 5% subsidy in interest payment for loans upto Rs. 1 lakh.
Loan will be available for construction of new houses. Loan repayment periods will be permissible generally ranging form 15-20 years. The subsidy will be 5% p.a. for EWS and LIG, admissible for a maximum loan amount of Rs. 1 lakh over the full period of the loan. Beneficiary borrowers may choose fixed or floating rates (the consequences clearly explained to the borrowers by PLIs).
Under the scheme, preference (subject to beneficiaries being from EWS/LIG segments) will be given to Scheduled Caste, Schedule Tribe, Minorities, Person with disabilities and women beneficiaries in accordance with their proportion in the total population of city/urban agglomerate during the 2001 census.
ISHUP Guidelines:
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