Overview
- The Home Department’s government resolution, issued Tuesday, authorizes the Maharashtra State Police Housing and Welfare Corporation to raise ₹1,768.08 crore for police housing through the Maharashtra State Co‑operative Bank at 7.85%.
- The loan will follow a principal equated monthly instalment structure, which spreads the principal into equal monthly payments to make borrowing more predictable for each borrower.
- The sanctioned amount covers 5,459 approved applicants who filed between September 2023 and December 2024 for house building and repair advances.
- The resolution requires the corporation to keep spending within sanctioned budgets and mandates loan or term insurance for every beneficiary to protect families and limit fiscal risk.
- The state notes it has already helped 9,781 personnel under a similar setup, and this step sits alongside larger efforts such as the Mumbai Police Housing Township now being planned under Iqbal Singh Chahal.