New Home Loan Scheme: Narendra Modi Government Big Gift to People

Union Minister Hardeep Singh Puri on Friday said the upcoming home loan program for urban backward people is nearing completion. He revealed that all the details are now firmly established.

As Minister Hardeep Singh Puri said, the new home loan initiative for urban backward citizens is in its final stages and all the procedural elements have been firmly established. The government is all set to extend interest rate subsidies to help the urban backward class people.

The launch of this new home loan program for urban backward citizens will take place after approval from the Cabinet. This unique home loan program for the urban poor people is different from the earlier Credit Linked Subsidy Scheme (CLSS).

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Media reported that the Narendra Modi government is mulling a substantial home loan interest subsidy program totaling USD 7.2 billion. According to several media reports, banks are all set to introduce this program in the next few months.

The initiative is set to provide an annual interest subsidy of 3 to 5 percent on home loans up to Rs 9 lakh. Specifically, housing loans of less than Rs 50 lakh with a tenure of 20 years qualify for this proposed scheme. The report indicated that the interest rebate will be promptly credited to the home loan accounts of the beneficiaries.

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The project, which is slated to run till 2028, is in the final stages and is awaiting approval from the Cabinet. Prime Minister Narendra Modi had initially announced the program in his Independence Day speech on August 15. However, the complete details were not disclosed at that time.