In a major boost for thousands of police families across Maharashtra, the state government has approved a Rs 1,768 crore housing loan arrangement for police officers and personnel under the Police Housing Advance Scheme.
The funding will be provided through the Maharashtra State Co-operative Bank Ltd., which emerged as the successful bidder after competing against several private, nationalised and cooperative banks. According to sources, leading lenders including State Bank of India, Bank of India, Bank of Maharashtra and HDFC Bank were among the final contenders in the bidding process.
MSC Bank secured the project by offering the lowest interest rate of 7.85 percent along with attractive lending terms and conditions.
Calling it a landmark achievement, MSC Bank Administrative Board Chairman Vidyadhar Anaskar said the development reflects the Maharashtra government’s continued focus on police welfare and highlights the growing financial strength of the cooperative banking sector.
The decision, approved by the Maharashtra Home Department, will benefit 5,459 additional police personnel whose housing loan proposals were received till December 31, 2024. Earlier, financial assistance had already been sanctioned for 9,781 police officers and staff under the scheme.
The loans will be routed through Maharashtra State Police Housing and Welfare Corporation to help police personnel construct or purchase homes.