Prime minister Narendra Modi, in his national address on new year’s eve, announced a slew of measures, to provide homes for the poor and middle-class in both, rural and urban areas. Elaborating on the steps, the PM said that two new middle-income categories had been created, under the Pradhan Mantri Awaas Yojana in urban areas.
“Loans of up to Rs 9 lakhs taken in 2017, will receive interest subvention of 4%. Loans of up to Rs 12 lakhs taken in 2017, will receive interest subvention of 3%,” Modi said.
The number of houses being built for the poor in rural areas under the Pradhan Mantri Awaas Yojana is being increased by 33%, he added. “In addition to this, another scheme is being put in place for the neo-middle and middle-class in rural areas.
See also: Borrowers to get additional 90 days to repay home loans
“Loans of up to Rs 2 lakhs taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%,” he said.
“When black money increased in our economy, houses became out of reach of even the middle-class. The government has taken some major decisions to ensure housing for the poor, the neo middle-class and the middle-class,” he said.
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