Kalia Yojana is one of the most important schemes of the Government of India. The main objective of this scheme is to provide financial assistance to the poor and needy families. There are various other schemes launched by the government of India like Rurban Mission, Pradhan Mantri Awas Yojana etc. But this scheme has gained popularity among the masses due to its simplicity and affordability.
The benefits of this scheme are as follows:
1. No collateral required
2. Free of cost
3. No processing fee
4. No limit on loan amount
5. No repayment schedule
6. No prepayment penalty
7. Interest rate is fixed
8. Maximum loan amount is Rs. 50 Lakhs
9. Loan tenure is upto 30 years
10. Lenders can avail interest subsidy up to 5% of the total loan amount
11. There is no prepayment penalty
12. If the borrower is unable to repay the loan, the lender can foreclose
13. If the borrower dies, the property can be inherited by the surviving family members
14. If the borrower is convicted of any criminal offence, the property can be seized
15. The property cannot be mortgaged by the borrower
16. In case of default, the lender can take possession of the property
17. The borrower can surrender the property to the lender
18. The lender can sell the property in case of default
19. If the borrower does not repay the loan, the property can be sold in case of auction
20. If the borrower has a monthly income of less than Rs. 2,000, the interest subsidy will be paid
21. If the borrower has a monthly income of more than Rs. 2,000, the interest subsidy will be calculated on the basis of the income
22. The interest subsidy will be paid to the borrower for the entire loan period
23. If the borrower sells the property, he/she can claim back the interest subsidy
24. If the borrower is declared a bankrupt, he/she can reclaim the interest subsidy
25. If the borrower is declared a habitual offender, the interest subsidy will be cancelled
26. If the borrower is declared a debtor, the interest subsidy will be suspended
27. The interest subsidy will be paid at the rate of 3% for the first year, 2.5% for the second year and 2.25% for the third year
28. If the borrower dies, the interest subsidy will be paid to his/her spouse
29. If the borrower is declared a defaulter, the interest subsidy will be paid to the lender
30. The interest subsidy will be paid for the entire loan period
31. If the borrower is convicted of any criminal offence, the interest subsidy will be cancelled
32. The interest subsidy will be paid at the rate of 3% for the first year, 2.5% for the second year and 2.25% for the third year
