On Independence Day, Prime Minister Narendra Modi announced the provision of Housing Loan to small urban dwellers who live in rented houses or colonies, in addition to PMAY. The announcement also included introducing a $7.2-billion subsidy, which is subject to be named, planned, and further implanted.
Prime Minister Narendra Modi, on August 15, announced, “We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorized colonies”.
In addition to the Pradhan Mantri Awas Yojana, PM Modi has introduced a subsidy program for the lower middle-income groups to aid in housing development. The subsidy scheme has been allocated a fund of $7.2 billion and is expected to be enforced shortly. The initiative aims to provide relief in the interest rate of Housing Loan, which will help families save money when purchasing a home.
The annual subsidy will account for 3-6.5 or up to 9 lakhs from the gross loan amount. In addition, a loan amounting to Rs 50 lakhs for a tenure of 20 years is subject to eligibility for the proposed subsidy scheme.
The government’s scheme aims to assist 2.5 million loan seekers from low-income groups living in urban slums or unsocial colonies. To identify eligible low-income borrowers, an eligibility criterion will be established, and surveys will be conducted to ensure the proper distribution of funds. This new scheme is an extension of the previous Pradhan Mantri Awas Yojana, which has been in effect since 2014 and requires minimal eligibility requirements to receive the subsidy.
The government is working tirelessly to improve citizens’ welfare by standardizing living conditions and providing basic necessities that have been missing since independence. The PM stated: “Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families who live in cities but are living in rented houses, slums, chains, and unauthorized colonies. If they want to build their own houses, we will assist them with relief in interest rates and loans from banks that will help them save lakhs of rupees.”
Thus, the scheme is in its final stage for approval in the cabinet and will be in effect soon. Additional details will be made public shortly. The scheme will contribute to India’s economic development until 2028, as PM Narendra Modi mentioned during the Independence Day program.
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