Central Govt New Scheme: Home Loan up to Rs 50 lakh with just 3 percent interest
The central government is coming up with a new housing scheme for the urban middle class. Under this, people will be given a huge relief in interest on borrowing from banks.
In order to control inflation ahead of the Lok Sabha elections, the central government has cut the price of a domestic LPG cylinder by Rs 200. Now preparations are underway to give a new gift to the middle class.
The central government is coming up with a new housing scheme for the urban middle class. Under this, people will be given a huge relief in interest on borrowing from banks. For this, the government is considering spending 600 billion rupees ($7.2 billion) over the next 5 years.
On August 15, Prime Minister Narendra Modi announced the project from the Red Fort. Under this scheme, Rs 9 lakh loans are likely to offer an annual interest subsidy of between 3 to 6.5 percent. Home loans of less than Rs 50 lakh taken for a period of 20 years will be eligible for the proposed scheme, sources said.
A government official said that the interest subsidy will be credited to the beneficiary’s home loan account in advance. This plan can be implemented till 2028. The scheme will benefit 2.5 million loan applicants from low income groups in urban areas, the official said.
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However, the Ministry of Housing and Urban Development and the Ministry of Finance have not given any response in this regard. Lenders are likely to hold meetings with government officials soon regarding the scheme, two bank officials said. Banks have reportedly started identifying beneficiaries.
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