Ashraya Adhar Scheme

Description
"Ashraya Adhar Scheme" is a Loan Scheme by the Goa State Scheduled Tribes Finance and Development Corporation Limited, Department of Tribal Welfare, Government of Goa. This scheme is introduced to provide financial assistance in the form of loans to the members of Scheduled Tribes for the purpose of repair, renovation/reconstruction of houses. The corporation has come up with the idea to help the Scheduled Tribe Community by providing financial assistance for the repair, and renovation/reconstruction of houses. There are many members of the ST Community who are willing to, but due to the higher rate of interest offered by banks, they cannot afford to avail of the bank loan for repairs, renovation or reconstruction of houses.

Definitions
Family
Family means Husband, Wife, and Unmarried Children. The Father, Mother and unmarried brothers and sisters fully dependent and staying with the applicant shall also form part of the “family”.
(Source: https://www.goa.gov.in/wp-content/uploads/2020/02/Schemes-of-the-ST-Corporation.pdf)

Benefits
• ₹ 5,00,000/- advanced as financial assistance in the form of a loan @ 2% per annum.
• The loan amount shall be advanced in two instalments after the submission of the required documents is complete in all respect.
• ₹ 3,75,000/- immediately after sanctioning the loan.
• ₹ 1,25,000/- on utilization of the first instalment. The 2nd instalment is to be released on submission of utilization bills and on the basis of physical verification/inspection carried out by the officer of the Corporation.
• NOTE: Loanee shall commence the actual work within 03 months from the date of the sanctioned amount released.
• The beneficiary shall be insured for life and property with the Insurance Agency identified by the Corporation and the premium of such policies shall be borne by the loanee (unless and otherwise decided by the Corporation).

Eligibility Criteria
1. Any person belonging to Scheduled Tribe Community and having his/her house (which shall also include a mundcarial house) either owned individually or jointly will be eligible for financial assistance under this scheme.
2. In case the house is owned jointly and there are different family units in the same house residing separately, each such unit will be eligible for financial support.
3. The age of the applicant should not be more than 55 years as of the date of the loan application. However, the age of the applicant is relaxed up to 58 years in case the applicant is an employee of the State/ Central Government/ Government Corporation/ Board or aided Institute.

Application Process
Step 1: Step 1: Visit the Office of the Goa State Scheduled Tribes Finance and Development Corporation Limited, 2nd floor, Smruti Building, Swami Vivekanand Rd, Altinho, Panaji, Goa 403001.
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Step 1: Visit the Office of the Goa State Scheduled Tribes Finance and Development Corporation Limited, 2nd floor, Smruti Building, Swami Vivekanand Rd, Altinho, Panaji, Goa 403001.

Step 2: Step 2: Request a hard copy of the proforma of the application form for the scheme from the Concerned Officer of the Corporation.
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Step 2: Request a hard copy of the proforma of the application form for the scheme from the Concerned Officer of the Corporation.

Step 3: Step 3: In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across), and attach copies of all the mandatory documents (self-attest if required).
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Step 3: In the application form, fill in all the mandatory fields, paste the passport-sized photograph (signed across), and attach copies of all the mandatory documents (self-attest if required).

Step 4: Step 4: Submit the duly filled and signed application form along with the documents to the Concerned Officer.
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Step 4: Submit the duly filled and signed application form along with the documents to the Concerned Officer.

Step 5: Step 5: The loan application shall only be accepted after proper scrutiny. Acquire the receipt/acknowledgement of the successful submission of the application from the Concerned Officer.
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The District Social Welfare Officer (DSWO) can be contacted regarding the application status of the scheme.
The list of eligible applicants will be prepared and physical verification/inspection will be carried out by the officer of the Corporation.
The application form along with documents and inspection report will be placed before the sanctioning authority for appraisal and approval.

Required Documents
• Scheduled Tribe Certificate (Self-attested).
• Age proof of applicant (Birth Certificate / School Leaving Certificate / Driving License)(Self-attested).
• Self Affidavit on ₹ 50/- Stamp Paper duly notarized.
• The copy of the latest house tax receipt. (original/self-attested).
• N.O.C from Co-owner (if any) on ₹ 50/- Stamp Paper duly notarized.
• Income Proof of the applicant i.e. salary certificate/ Last 03 months' Pay slips along with Form 16 or last 06 months' Bank Statement.
• **NOTE:** In case the applicant is self-employed then the Last 3 years' I.T.R. along with the last 06 months' bank statement or income declaration cum affidavit on ₹50/- stamp paper duly notarized to be produced.
• 02 (Two) sureties with one passport photo of each surety, latest salary certificate or last three (03) months payslips along with last (06) months bank statement or Form 16, affidavit of surety on ₹ 50/- Stamp Paper duly notarized and ID proof of surety.
• **NOTE:** In case the applicant produces one surety working in the Government Department/ Corporation/ Board/Aided Institute, then 2nd Surety is not required. In case of the applicant is an employee of the State/ Central Government/Government Corporation/ Board or aided Institute no surety is required.
• Estimated Cost of Repair/Renovation/Reconstruction of the house (as per format).
• Photos of the house to be repaired/renovated/reconstructed.
• Aadhar Card copy applicant (Self-attested).
• Two passport-size photos of the applicant.
• Bank Mandate Form.

Frequently Asked Questions
Q: What Is The Purpose Of The Moratorium Period In The Loan Repayment Process
A: The moratorium period, which lasts for three months, serves as a grace period before the repayment of the loan starts. During this time, interest will accrue on the loan, but no penal interest will be charged. This period allows borrowers to adjust financially before beginning their regular equated monthly installments (EMIs).

Q: Can I Repay The Loan Before The End Of The Moratorium Period
A: Yes, you have the option to repay the loan immediately after the disbursement of the first installment, even before the end of the moratorium period. This can help you save on interest costs and shorten the overall loan tenure.

Q: How Is The Loan Repayment Period Determined For Applicants Above 50 Years Of Age
A: If you are above 50 years of age, the repayment period for the loan will be extended until you reach 60 years of age. This extension takes into consideration your age and provides you with a suitable repayment timeframe.

Q: What Happens If I'm Employed By A Government Entity And Plan To Retire During The Loan Repayment Period
A: If you are an employee of State/Central Government/Government Corporation/Board or an aided Institute and you plan to retire during the loan repayment period, your repayment period will be re-fixed. It will be extended until your retirement age, plus an additional six months from the date of retirement. This ensures that your loan repayment aligns with your retirement plans.

Q: What Is The Penalty For Defaulting On An EMI Repayment
A: In case of default in repaying any installment, an interest rate of 2% will be charged on the overdue installment amount. It's important to stick to the repayment schedule to avoid accruing additional costs due to default.

Q: Can I Transfer My Loan To Another Financial Institution For House Reconstruction During The Repayment Period
A: Yes, you can transfer your loan to another financial institution for house reconstruction. However, in this case, you will need to repay the outstanding loan balance to the Corporation in one lump sum. Once the loan is fully repaid, you will be issued a no-due certificate to facilitate the loan transfer.

Q: What Happens If I'm Unable To Repay The Loan As Per The Schedule
A: If the loan is not repaid as per the scheduled scheme, the Corporation will initiate recovery proceedings as arrears under the Goa Daman and Diu Land Revenue Code. It's essential to communicate with the Corporation in case of financial difficulties to explore possible solutions.

Q: Who Has The Authority To Sanction Loans Under The Ashraya Adhar Scheme
A: The Chairman of the Corporation, along with any two Directors, will approve the loan applications under the scheme. Following this approval, the Managing Director of the Corporation will officially sanction the loan.

Q: Is There A Provision To Modify The Scheme If Needed
A: Yes, the scheme can be modified to address new challenges or requirements that may arise. The scheme will be implemented for five years from the date of issue, and if necessary, it may be adjusted to better achieve its objectives.

Q: What If I Provide Incorrect Or Fraudulent Information To Avail Benefits Under The Scheme
A: Providing false or fraudulent information can result in criminal breach of trust. It's important to provide accurate and truthful details to avoid legal consequences.

Q: Can I Prepay A Portion Of My Loan During The Repayment Period
A: Yes, partial prepayment of the loan is generally allowed. However, you should check with the Corporation for their specific policies on partial prepayment. It's important to understand any prepayment charges or conditions that might apply.

Q: What Happens If I Miss A Few EMIs Due To Unforeseen Circumstances
A: If you miss a few EMIs due to unforeseen circumstances, you might incur penalties in the form of the 2% interest on overdue amounts. It's advisable to promptly communicate with the Corporation if you anticipate difficulties in making payments.

Q: Can I Change My Repayment Schedule After The Loan Is Sanctioned
A: The repayment schedule is typically fixed upon loan sanction. However, if you have valid reasons for seeking a change, you should approach the Corporation and discuss the possibility of adjusting the repayment schedule. Changes might be considered based on your circumstances and the Corporation's policies.

Q: Are There Any Tax Benefits Associated With This Loan Repayment
A: Tax benefits might be available based on local regulations and the purpose of the loan. Generally, home loan repayments can offer tax deductions on the interest paid, but you should consult with a tax professional or financial advisor to understand the specific tax implications.

Q: Can I Apply For A Loan Extension Beyond The Specified Tenure
A: Loan extensions beyond the specified tenure might be considered on a case-by-case basis. You would need to communicate your reasons to the Corporation and follow their procedures for seeking an extension.

Q: Is There A Penalty For Repaying The Loan Earlier Than The Scheduled Tenure
A: It's important to check the terms of the loan agreement to understand if there are any prepayment penalties. Some loans might have prepayment penalties, while others allow early repayment without penalties.