Bank loans

AP: OTS recipients can now take out bank loans, says Jagan

Chief Minister YS Jagan Mohan Reddy said the granting of the loans would further benefit the beneficiaries of the Single Settlement (OTS) and handed over the checks to the beneficiaries within the limits of the Guntur Municipal Corporation.

Mr. Jagan Mohan Reddy launched the loan facility for OTS beneficiaries on Monday and held a review meeting with Jagananna Sampoorna Gruha Hakku program officials.

During the review meeting, Mr. Jagan Mohan Reddy said that Chaitanya Godavari Grameena Bank (CGGB), which operates in Guntur, Krishna, East Godavari and West Godavari districts, has provided loans ranging from 1, ₹5 lakh to ₹3 lakh to OTS recipients.

“These beneficiaries of Guntur’s OTS scheme paid ₹20,000 and got clear titles for their property without any litigation and they re-mortgaged the property and got a loan of ₹3 lakh. This money will help their families prosper more. It is a clear example that the Jagananna Sampoorna Gruha Hakku program is benefiting people,” said Mr. Jagan Mohan Reddy.

He said each beneficiary received a benefit of ₹15,000 with full waiver of registration fee and stamp duty. He said ₹10,000 crore of debt was canceled through the OTS program and a further ₹1,600 crore through stamp duty exemptions. He asked officials to take steps to complete the registration process of OTS beneficiaries within the stipulated time.

Meanwhile, CGGB Chairman T. Kameswara Rao hailed the state government’s OTS initiative.

Head of the state bankers committee, V. Brahmananda Reddy, said the state government has provided clear titles under the Jagananna Sampoorna Gruha Hakku scheme in addition to facilitating loans to small traders , sellers and freelancers.

He said the chief minister’s idea of ​​registering and providing clear titles to OTS recipients has benefited many poor people across the state.

He recalled that granting loans was difficult in the past due to the lack of proper documents or collateral for the loans and added that such scenarios have been changed and resolved.