This scheme was launched in 2012 to aid Rajiv Awas Yojana (RAY).The key principle of the CRGF Scheme is that the lender shall secure the housing construction/ upgradation loan purely on the assets financed, without any other collateral.
The guarantee cover available under the CRGF Scheme is to the extent of 90% of the amount in default subject to the ceiling of 90% of the sanctioned housing loan amount for a loan amount of upto Rs.2 lakh and 85% of the amount in default subject to the ceiling of 85% of sanctioned housing loan amount for loan amounts above Rs.2 lakh and upto Rs.5 lakh.
