Union Minister Hardeep Singh Puri announced that a future housing loan scheme for urban impoverished people is almost finished, with all the specifics now firmly set.
The new house loan program for urban residents who face financial hardship is in its final phases, according to Minister Hardeep Singh Puri, and all the procedures have been fully defined. To help those living in urban poverty, the government plans to increase interest rate subsidies.
Shortly after getting Cabinet approval, this new house loan program for urban residents in need of assistance will be launched. The new urban poor housing loan program will be different from the existing CLSS program.
Earlier, sources claimed that the Modi government is considering a significant home loan interest subsidy program that would cost USD 7.2 billion, according to official sources.
In the next months, banks are expected to roll out this scheme, according to many media sources. On house loans up to Rs 9 lakh, the program is expected to offer an annual interest rebate ranging from 3 to 5 per cent. Housing loans under Rs 50 lakh with a 20-year term would be eligible for this proposed plan, specifically.
The report also said that the recipients’ home loan accounts will get the interest subvention soon. The program, which is expected to last through 2028, is almost finished and is awaiting Cabinet clearance.
The initiative was first introduced by Prime Minister Narendra Modi in his Independence Day speech on August 15, although the full specifics weren’t made public at that time.