For all housing loans, much of the initial repayment must be paid to the interest component. Since the state has offered to pay the interest, the bank has provided in the agreement that, on the last payment of the loan, the interest quota will be withheld and, as soon as the State pays the loan amount, it will be returned to the beneficiary with interest. On the model of Thrissur, other Panchayats are in talks with cooperatives and banks planned to raise money. Mr. P. Varghese, president of Mazhuvannur panchayat in Ernakulam district and president of the Association of Presidents of the Ernakulam district of Panchayat, said that agreements will be signed soon with cooperative district banks. Mr Ramanunny, Managing Director of the District Co-operative Bank, Thrissur, said: «Already 7,105 people in 51 village panchayats in the district have signed contracts. The total amount allocated under the scheme is Rs 35.35.» Kalyani is one of some 150 people in the village who, through a housing program – the EMS housing program, named after the state`s communist prime minister, E.M.S. Namboodiripad – were launched last year by the Kerala government, where urban and rural communities borrow from banks and then lend to families living below the poverty line. These plans can be registered in the local property tax register. To find out if your property is under an EMS, we advise you to contact your local council. Panchayats` loans in Kerala range from 50,000 to 1,000 per beneficiary and the state government will pay part of the interest from local authorities in state revenues, local government officials said. Following the Minister`s response, Parliament adopted applications for grants amounting to 613.90 ru Applications for grants for state legislation, elections, stamps and registration, the Treasury and accounts, pensions and various, various economic services, information and advertising, compensation and allowances and various credits and advances were guillotined.
The houses would generally be owned by the local administrative authority until the loan is paid, with the government paying half the interest and the beneficiary the other half, said T. K. Jose, secretary of the local government department of the state government. In Delhi, the authorities of the Ministry of Trade Unions insisted that housing for 24 million people be filled – almost all low-income groups – closely monitor Kerala`s experience. A senior official from the Ministry of Housing and Anti-Poverty said the model was interesting and, if it worked, could be emulated throughout India. In response to the debate on applications for grants for panchayat, social security and welfare, the Minister stated that the implementation of the program was not very effective. Only 10,000 of the lakh candidates without land were able to be supplied with houses. The money was also used to build second floors in buildings. However, the scheme would be maintained until the extension of the deadline (March 2012). Under the scheme, the State government had allowed local self-management institutions to borrow from county cooperative banks or primary cooperative banks for this purpose.