JNAC Pushes Banks To Expedite Home Loans For PMAY Beneficiaries

Deputy Municipal Commissioner Reviews Slow Progress Of Loan Approvals

Officials warn of escalation to higher authorities if banks fail to act promptly.

JAMSHEDPUR – The Jamshedpur Notified Area Committee (JNAC) held a review meeting to accelerate bank loan approvals for 9,592 housing units under construction in Birsanagar as part of the Pradhan Mantri Awas Yojana (PMAY)-Urban.

"We’re urging banks to speed up the home loan process for economically weaker beneficiaries," stated Krishna Kumar, JNAC Deputy Municipal Commissioner.

The Birsanagar project offers 30 square meter homes in G+8 buildings at Rs 6.81 lakh, with government subsidies of Rs 2.5 lakh.

Officials reviewed loan status reports, finding slow progress across multiple banks.

"Of 406 files sent to Canara Bank Bistupur, only 24 have been approved," reported Ritesh Raj from the PMAY CLTC Cell.

Kumar issued strict instructions to bank managers, demanding prompt loan sanctions.

Canara Bank was ordered to approve all 406 files within a month, while other banks face a one-week deadline.

"Failure to act will result in escalation to state-level banking officials," Kumar warned.

The meeting addressed the urgency of completing 644 houses in Blocks 8 and 23 by September 2024.

This initiative aims to make housing affordable for low-income residents in rapidly developing Jamshedpur.