Govt Launches ₹60,000 Crore ‘Cheap Housing Loan’ Scheme For Urban Poor
Usually, the govt helps poor people who live in villages or small towns. But now, they are also focusing on the urban poor to provide them cheap housing loans.
The Finance Ministry has approved a program worth Rs 60,000 crore to support housing initiatives in urban areas. The program aims to promote affordable housing for the urban poor.
The proposal has been forwarded to the Cabinet for further evaluation and is expected to receive approval soon.
Once approved, a new home loan scheme will be launched to provide benefits to the urban poor and middle-income groups.
Under the proposed scheme, if you’re eligible, you can receive an interest subsidy of 3% to 6% on their home loans.
This subsidy will be applicable to home loans up to Rs 50 lakh, expanding the assistance beyond the existing Credit-Linked Subsidy Scheme.
The new scheme will offer more flexibility in terms of the size and area of flats or houses. It will provide you a wider range of housing options to beneficiaries.
The Credit-Linked Subsidy Scheme primarily targets economically weaker sections of the population. The scheme is part of the Prime Minister Awas Yojana. It seems that the government is trying to address housing needs across different income segments.
To improve access to institutional credit for housing needs, the program will use a credit-linked subsidy component.
The National Housing Bank, Housing and Urban Development Corporation, and the State Bank of India have been designated as Central Nodal Agencies.
They will distribute the subsidy and oversee its implementation. Beneficiaries can only avail benefits from one specific component under this program.
The government is launching a new scheme that is likely to make housing loans more affordable for urban poor people. They’re planning to spend a whopping Rs 60,000 crores on this over the next five years.
With this scheme, we can get home loans with a super low annual interest rate. It could be as low as 3-6.5%. And even if our loan is below Rs 50 lakhs and we plan to pay it off over 20 years, we’re eligible for this awesome deal.
You know how tough it is to find a place in cities. But now, the government is stepping up to help people like us who dream of having our own homes.
They want to make it easier for us to save money and build our own houses. It’s a ray of hope for many of us, and we would definitely explore this opportunity when it’s available!Govt Launches ₹60,000 Crore ‘Cheap Housing Loan’ Scheme For Urban PoorGovt Launches ₹60,000 Crore ‘Cheap Housing Loan’ Scheme For Urban Poor