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Subsidised Housing Loan Scheme

Modi Govt Plans : The Modi Government plans to allocate Rs 60,000 crore over the next five years for a subsidized housing loan scheme, offering a 3-6.5% annual interest subsidy on loans up to 0.9 million rupees. Aimed at assisting 2.5 million low-income urban loan applicants, the initiative aligns strategically with key state elections and the mid-2024 general elections. The scheme aims to stimulate demand, promote homeownership, and boost the real estate sector’s growth with below-market interest rates. Measures to prevent misuse include strict eligibility criteria and technology-driven monitoring. The application process involves document verification and borrower profile assessment, benefiting low-income urban areas for affordable homeownership, contributing to economic stability, and sectoral growth. Note: Details are based on existing subvention schemes; the proposed scheme may vary.

Disclaimer: Content taken from The Economic Times e-news paper

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