Prime Minister Narendra Modi recently chaired a meeting to review preparations for the implementation of various proposals made during his Independence Day speech. One of the key proposals discussed was the interest rate subsidy scheme for home loans aimed at the disadvantaged and the middle class in urban areas. The Prime Minister highlighted the need for affordable credit and mentioned it during his Independence Day speech.
In the meeting, Housing and Urban Affairs Secretary of India, Manoj Joshi, presented the interest rate subsidy scheme for home loans in detail. Principal Secretary to the Prime Minister PK Mishra, Cabinet Secretary Rajiv Gauba, Advisor to the Prime Minister Tarun Kapoor and Finance and Expenditure Secretary TV Somananthan were also present.
This review meeting comes after the Economic and Financial Committee (EFC) approved the proposal to provide assistance of Rs 60,000 crore over the next five years. The scheme is expected to provide interest subsidies ranging from 3% to 5% annually for loans up to Rs 9 lakh over a tenure of 20 years, benefitting around 25 lakh new home buyers. The aim is to help families living in rented accommodation, deprived areas and unauthorized colonies to build their own homes through reduced interest rates and bank loans.
In addition to the interest rate subsidy scheme, Prime Minister Modi also reviewed preparations to ensure solar power to households. Details of these preparations have not been disclosed, but it demonstrates the government’s commitment to promoting renewable energy and providing sustainable energy solutions.
The final form of the schemes will be determined after the Prime Minister’s meeting and will be submitted to the Cabinet for approval. The scheme is expected to be included on the Cabinet agenda in the coming weeks.
Sources :
– PMO Statement
– Presentation by Secretary of Housing and Urban Affairs, Manoj Joshi
2023-10-08 23:15:25
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