Announcing the decision on the social media platform X, Chief Minister Devendra Fadnavis said the government is committed to ensuring a secure and dignified future for police personnel who work round the clock to maintain public safety.
According to a Government Resolution issued by the Home Department, the Maharashtra State Police Housing and Welfare Corporation will arrange a loan of INR 1,768.08 crore from the Maharashtra State Co-operative Bank to implement the housing scheme.
The loan will be provided at an interest rate of 7.85% under the principal equal monthly instalment (PEMI) system.
While approving the scheme, the state government has imposed several conditions to ensure financial discipline. The corporation has been directed to ensure that all expenditure remains within the approved budget and available funds. It has also been made mandatory that all beneficiaries under the scheme are covered under loan insurance or term insurance to safeguard financial risks. Officials said proper financial planning must be maintained to ensure that spending does not exceed sanctioned limits.
Earlier, under a similar arrangement, the corporation had provided financial assistance for housing to 9,781 police personnel across the state. The government said the current approval continues the same model of supporting police housing through structured financial arrangements, ensuring affordable home ownership for serving personnel.
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