Context

The Odisha government launched a new programme called Mo Ghara (My Home), a credit-linked housing programme for the state's rural poor with the goal of converting all kutcha house into pucca ones.

About

• Under the scheme, a beneficiary can avail housing loan of up to Rs 3 lakh that can be repaid in 10 years in easy instalments excluding one year moratorium period.
• The state government will release capital subsidy to the loan account of the beneficiaries on completion of the house.
• There will be four slabs of loan amount. The rates of the subsidy will be Rs 30,000 for a Rs 1 lakh loan, Rs 45,000 for Rs.1.5 lakh loan, and Rs.60, 000 for a loan amount of Rs 2 lakh and Rs 3 lakh.
• The subsidy will be Rs.10, 000 more across slabs for those belonging to the SC/ST category and for the differently abled, said official sources.
• The capital subsidy released to the loan accounts of the beneficiaries will result in a significant reduction in EMI for repayment and thus make the repayment more affordable.
• A family staying in a kutcha house or one pucca room with a concrete roof is eligible to get the loan under this scheme.

Additional Information:

• In addition to the Mo Ghara scheme, the state government has also approved a significant plan to revamp the Veer Surendra Sai University of Technology (VSSUT).
• This renowned engineering institution, established in 1956 and located in Sambalpur district, will undergo a comprehensive transformation under a budget of Rs 2,000 crore.
• The aim is to enhance the infrastructure and facilities of the university, further promoting quality education and research in the field of technology.