Jain International Trade Organisation (JITO) plans to provide housing assistance of Rs 3 lakh to Rs 8 lakh to nearly 10,000 needy Jain families across India over the next seven years, with the scheme expected to begin within three months.
The programme, being prepared for a larger launch from Ahmedabad, will support families currently living in rented accommodation through either direct financial assistance or an interest subsidy on home loans. JITO Apex president Himanshu Shah said the initiative would target families below specified annual income thresholds and would be supported through donations from JITO members.
JITO began the effort in 2019 by handing over 36 apartments to needy Jain families in Ahmedabad. Shah said the model was based on combining support from JITO, government housing assistance, beneficiary contributions and bank loans. In one example cited by him, an Rs 18 lakh flat received Rs 3 lakh from JITO and Rs 2.7 lakh through the PM Awas Yojana, while the beneficiary paid Rs 1.5 lakh. The remaining amount was covered through a loan, with the monthly instalment reported to be lower than the family’s rent.
According to Shah, JITO has so far supported around 1,500 flats for families in multiple cities. The organisation now intends to expand the programme to approximately 10,000 homes over seven years, although the detailed scheme is still being finalised.
JITO will invite applications for the programme. Selection is expected to take place through a lucky draw, while applicants will have to meet eligibility and affordability conditions under consideration by the organisation. These may include living in a rented home for at least three years, remaining below specified income limits and demonstrating that the proposed home-loan instalment falls within an acceptable proportion of household income.
Priority is expected to be given to widows, physically challenged applicants and families living with their parents. The proposed scheme will also define minimum and maximum limits for home sizes and prices. JITO Apex chairman Sanjay Dangi said the organisation would establish boundaries based on the number of square feet and the cost of the homes.
The homes are expected to be priced between Rs 20 lakh and Rs 35 lakh. The final assistance structure, application process, income thresholds, affordability norms and city-wise allocation have not yet been announced. JITO said the broader initiative would be launched after the scheme is finalised, with the first applications expected within three months.
