New Modi Govt scheme 2023 :-
New Modi Govt scheme to offer home loan interest subsidy on up to Rs 9 lakh Scheme Details :-
New Modi Govt Home Loan Subsidy Scheme: The Union Government is reportedly planning to introduce a new home loan subsidy scheme for small home buyers.
New Modi Govt Home Loan Subsidy Scheme: The Union Government is planning to introduce a new home loan subsidy scheme for small homebuyers, according to a report by news agency Reuters. The scheme is likely to benefit around 25 lakh home loan applicants in low-income groups in urban areas. However, the the quantum of subsidy will depend on the demand for such homes, officials told the news agency.
The Following are 5 key points to know about the said scheme : –
- Total expenditure ?
- When will the scheme be rolled out ?
- Announced in Independence Day speech ?
- Expected interest ?
- Subsidy Eligibility ?
Total Expenditure : –Â
- The scheme would entail spending of around Rs 60,000 crore (approx $7.2 billion over the next 5 years
When Will The Scheme be Rolled Out : –Â
- As per the report, the scheme may be rolled out in the next couple of months.
Announced in Independence Day Speech : –Â
- During the Independence Day 2023 speech, Prime Minister Narendra Modi announced that the Government will provide cheaper home loans to those living in rented houses in cities through a new scheme. He had said that his Government was coming up with a new scheme that would benefit those families that lie in cities but are living in rented houses, slums or chawls and unauthorised colonies
- However, official details of the scheme are not yet available.
Expected Interest Subsidy : –Â
- According to Reuters, an annual interest subsidy between 3-6.5% on up to Rs 9 lakh of the loan amount may be provided under the new scheme.
Eligibility : –
- This subsidy may be available on home loans below Rs 50 lakh availed for a tenure of 20 years, the report says.
- The interest subvention is likely to be credited to the home loan account of beneficiaries. The scheme is reportedly close to finalisation and will require approval of the Union Cabinet chaired by the Prime Minister.
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