Rajiv Rinn Yojana (RRY) is an instrument to address the housing needs of the EWS/LIG segments in urban areas, through enhanced credit flow. It is also formulated to channelize institutional credit to the poorer segments of the society and increasing home ownership in the country along with addressing housing shortage. RRY has been formulated by modifying the Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) piloted in the 11th Plan period with enhanced scope and coverage. RRY is a Central Sector Scheme applicable in all the urban areas of the Country. RRY provides for interest subsidy of 5% (500 basis points) on loans granted to EWS and LIG categories to construct their houses or extend the existing ones. Loan upper limit Rs 5 lakh for EWS and 8 lakh for LIG; interest subsidy would, however, be limited to the first Rs 5 lakh of the loan amount, in case the loan exceeds this amount. Rajiv Rinn Yojana is a target driven scheme. The overall target for the 12th Plan period is 1 million (or 10 lakh) dwellings across country including slum and non-slum dwellers. The Targets for the States for the current Financial Year (2013-14) are periodically fixed and conveyed to the concerned department(s). Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been designated as the Central Nodal Agencies for the Scheme.