Karnataka to waive interest on housing loan of poor families

The interest waiver is applicable to beneficiaries who had occupied these houses by March 31 this year, as per a Cabinet decision today.State law minister S Suresh Kumar said 22 lakh families had benefited from various housing schemes.

The total outstanding loan amount is Rs 2590 crore, including Rs 1100 crore of interest component.

Officials said while lakhs of houses have been built and distributed to the poor, the ownership of those houses has not yet been transferred. This has hindered the process of availing institutional finance to further upgrade such houses.

It has therefore been decided to launch a scheme "Nanna Mane Nanna Swathu", in which ownership certificates would be given to the eligible beneficiaries.

Meanwhile, the Cabinet also decided to allot 100 acres of land near Thipsandra village in Ramanagara district to establish a Sanskrit University.

It also cleared a proposal to provide 1500 weavers with two power-looms each and decided to sanction Rs 10 crore in the first phase. Fifty per cent grant would be provided to purchase power loom valued at Rs one lakh each.