₹17,526.76 crore spent for LIFE project
A total amount of ₹17,526.76 crore has been spent on the State government’s Livelihood Inclusion and Financial Empowerment (LIFE) Housing project, ever since its launch in 2017.
Out of this, ₹2,081.69 crore was from the Union government’s allocations for Pradhan Mantri Awaz Yojana (rural and urban) schemes, while local bodies have pitched in with ₹5,153.73 crore from their funds, according to documents placed by Minister for Local Self Governments M.B.Rajesh in the Assembly.
The State government’s share till now, excluding the allocations through local bodies, is ₹5,274.80 crore. The government has also been availing loans from the Housing and Urban Development Corporation (HUDCO) to fund the housing project. Till date, an amount of ₹4,591.54 crore has been taken as loans from HUDCO. An additional ₹425 crore was taken as loan from the Ernakulam District Cooperative Bank in 2018-19, and has now been repaid.
The loan availed at 8.75% interest from HUDCO for the third phase of the LIFE project in urban areas is being repaid by making upfront deduction of the required amount from development grants of local bodies. The loan amount will be passed on by the Kerala Urban and Rural Development Finance Corporation Limited (KURDFC) to the LSGIs concerned as per the number of houses to be built in each local body based on the recommendation from the LIFE Mission. Along with the loan amount, the grant provided by the government and the own share of the respective local bodies will be added to provide the required funding for houses.
The government is repaying the principal for the loan availed by making upfront deduction of the required amount from the development grant set aside for local bodies in the State Budget. The deducted amount is made available to HUDCO through the KURDFC at the beginning of every financial year. The maximum tenure of the loan repayment is 15 years
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