What is financial assistance as interest subsidy on home loan scheme? Here’s how to apply

Kendriya Sainik Board (KSB), in a bid to provide modest financial relief to the members of armed forces, had introduced the Financial Assistance as Interest Subsidy on Home Loan scheme. The initiative,, under the department of Ex-servicemen welfare, ministry of defence, targets war-bereaved families, war-disabled personnel and attributable peacetime casualties across all ranks.

Under the scheme, eligible beneficiaries can receive reimbursement of 50% of the interest paid on a home loan, capped at Rs 1 lakh for a maximum period of five years.

The scheme is open to war widows, members of war-bereaved families, war-disabled personnel, or attributable peacetime casualties (all ranks). The applicant must have obtained a home loan from a bank, a government or public sector undertaking, LIC, GIC, or HUDCO.

However, the subsidy will be calculated on a maximum loan amount of Rs 1,00,000, irrespective of the total loan availed.

Here's how you can apply for the scheme:

1. Go to the portal and choose the Register option.
2. Enter the required personal details, including name, Aadhaar number, email ID, mobile number and bank information.
3. Set a secure password to complete the sign-up process.
4. Once registration is successful, keep the issued User ID and password safe.
5. Sign in to the portal using these login credentials.
6. Open New Application and pick the relevant scheme.
7. Carefully fill out the full application form.
8. Upload all mandatory documents such as photograph, caste certificate, residence proof and bank passbook.
9. Click Save & Forward, then download and print the completed form.
10. Submit the printed form along with the required documents to the District Sainik Board.