The Finance Ministry is contemplating a proposal to allocate Rs 60,000 crore for making subsidised loans obtainable to consumers of small properties in cities over the following 5 years, a senior official stated.
Prime Minister Narendra Modi has already introduced the plan in his Independence Day speech from the ramparts of the Red Fort and work on implementing the scheme, which shall be put up for Cabinet clearance, is now underway, the official stated.
Home loans under Rs 50 lakh will come underneath the proposed scheme. The scheme is anticipated to supply an annual subsidy on curiosity of round 3-6 per cent on a mortgage of as much as Rs 9 lakh, in keeping with sources.
The scheme may gain advantage 25 lakh dwelling consumers in low-income teams in city areas.
PM Modi, in his speech on August 15, stated: “We are coming up with a new scheme that will benefit families that live in cities but are living in rented houses, or slums, or chawls and unauthorised colonies.”
The same scheme for low-income dwelling consumers was provided earlier as properly between 2017-2022 underneath which properties to 1.22 crore households had been authorised in cities corresponding to Delhi.
(With inputs from IANS)