According to Union Housing and Urban Affairs Minister Hardeep Singh Puri on Friday, the federal government will soon introduce an interest subsidy program for mortgage loans. “We are currently finalizing the specifics of a new home subsidy program. As the prime minister has stated, it will be a significant program that offers some sort of interest subsidy. Puri informed reporters at a media briefing here that we would soon release the plan’s final details.
The program was initially introduced by Prime Minister Narendra Modi in his speech on August 15 for Independence Day. He had stated that his administration would introduce a new program for housing loans that would help urban poor residents. PM Modi noted that urban residents who are economically disadvantaged face numerous challenges and promised that the government would create a new program to assist families who reside in rented homes, slums or chawls, and unofficial colonies.
“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,” PM Modi had said in his August 15 speech.
Meanwhile, at the press conference today, Puri also delved into rising global crude oil prices and its possible spillover on the retail side.