Home Loan Subsidy Scheme: The Central Government is coming up with a new Home Loan Subsidy Scheme for people living on rent in cities, which will provide the benefit of higher interest subvention on home loans.
Home Loan Subsidy Scheme: The Central Government is planning to start a new Home Loan Subsidy Scheme for small families. Under this scheme, 25 lakh low income group people are likely to get benefits. It is not decided to what extent its subsidy will be, because the amount of subsidy will depend on the demand of the households.
According to Reuters report, under this scheme, Modi Government will spend about Rs 60,000 crore (about 7.2 billion dollars) in five years. Under this, 25 lakh home loan applicants will be given benefits. Modi government plans to start this scheme in a few months. Although its date is not confirmed.
Who will get the benefit?Â
During the Independence Day 2023 speech, Prime Minister Narendra Modi had announced that the government will provide cheap home loans to those living in rented houses in cities through a new scheme. The Prime Minister had said that this scheme of his government will benefit the people living in rented houses, slums or chawls and unauthorized colonies.
How much interest subsidy and loan amountÂ
Official details of this scheme have not been revealed yet. According to Reuters report, under the new scheme, loan amount up to Rs 9 lakh can be given and annual interest subsidy between 3-6.5 percent can be given on it.
What should be the qualification?
It has been said in the report that this subsidy can be available on home loans of less than Rs 50 lakh for a period of 20 years. The interest subvention is likely to be credited to the home loan account of the beneficiaries. Cabinet approval for this may come soon.
