Mumbai: The state government has sanctioned ₹1,768.08 crore towards providing housing for 5,459 police personnel who submitted housing advance applications between September 2023 and December 2024.
Announcing the decision on social media platform X, chief minister Devendra Fadnavis said on Tuesday, “The state government is committed towards a safe and respectable future for police who work day and night for the safety of people.”
According to the government resolution issued by the home department headed by Fadnavis on Tuesday, the Maharashtra State Police Housing and Welfare Corporation will arrange for a loan worth ₹1,768.08 crore from the Maharashtra State Co-operative Bank to implement the housing scheme. The loan will be arranged on principal equated monthly instalment (PEMI) basis, at an interest rate of 7.85%.
The state government has imposed several conditions while granting approval. The Maharashtra State Police Housing and Welfare Corporation has been instructed to ensure that expenditure under the scheme remains within the limits of the available funds and approved budgetary provisions. Additionally, the government has directed that all beneficiaries availing loans under the scheme must be covered under loan insurance or term insurance.
Tuesday’s GR was issued in pursuance with GRs allowing police personnel in the state to avail housing construction advances through loans arranged by the Maharashtra State Police Housing and Welfare Corporation. The corporation had earlier extended financial assistance for housing to 9,781 police personnel under a similar arrangement.
Tuesday’s GR mentions several conditions that the Maharashtra State Police Housing and Welfare Corporation must abide by – such as ensuring that expenditure remains within limits of available funds and approved budgetary provisions, and all beneficiaries availing loans are covered under loan insurance or term insurance. The corporation has also been directed to undertake proper financial planning, so that spending remains within the sanctioned expenditure ceiling.