Central Government To Soon Launch Interest Subvention for Home Loans

Union Housing and Urban Affairs Minister Hardeep Singh Puri on Friday revealed that the central government is on the verge of unveiling a new interest subvention scheme for home loans.

During a press conference with reporters, Puri shared, "We are in the process of finalizing the details of a new home subvention scheme." 

He informed, "As the Prime Minister has said that it will be a major scheme, which will provide some form of interest subvention. We will come with the final detail of the scheme very soon.”

On August 15, Prime Minister Narendra Modi first introduced this scheme. 

During his Independence Day speech, he declared his government's intention to introduce a new housing loan initiative designed to specifically aid the disadvantaged urban population.

PM Modi highlighted the challenges faced by economically vulnerable urban dwellers. 

He made it clear that the government was developing a fresh scheme to extend its support to families residing in rented homes, slum areas, chawls, and unauthorized colonies in urban areas, with the aim of addressing their specific needs and challenges.

In his August 15 address, Modi declared, "If they want to build their own houses, we will assist them with a relief in interest rates and loans from banks that will help them save lakhs of rupees.”

During today's press conference, Minister Puri also elaborated on the surging global crude oil prices and how they could potentially impact retail prices in the near future.

The Union Minister also directed his criticism towards non-BJP states, especially the Trinamool Congress-led government in West Bengal, for maintaining higher energy prices as compared to BJP-ruled states.

He questioned, "Why do non-BJP-ruled states like West Bengal have a petrol price of Rs 11.80 more higher than BJP-ruled states? " 

"That is the real question. We can’t have a situation where the central government reduces the excise and BJP-ruled states bring down the VAT and the non-BJP states do not take action on it,” he added.

 

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