PM Narendra Modi Announces New Housing Schemes For The Poor

PM Narendra Modi announced subsidised loans for building or expanding homes in rural India.

Highlights

  • Subsidised loans for building or expanding homes in rural India: PM Modi
  • 4% interest benefit for loans up to 9 lakhs; 3% for up to 12 lakhs
  • Loan up to 2 lakhs with 3% interest relief for building homes in villages
New Delhi: In a special televised speech, Prime Minister Narendra Modi today announced new schemes to provide subsidised housing for the urban and rural poor. "To help the middle class and the poor buy or build homes, the government has brought two schemes under the Pradhan Mantri Awas Yojana," PM Modi said.

Subsidised loans will be made available for building or expanding homes in rural India, he said. Low-interest loans will be made available to the urban poor, he shared.

Housing for the rural poor will be increased by 33 per cent, he announced.

For home loans of up to 9 lakhs, the poorest and the most underprivileged will get a four per cent interest benefit. For home loans of up to 12 lakhs, they will get a three per cent interest benefit.

In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a three per cent interest relief.

Newsbeep

PM Modi made several announcements during his speech, delivered in Hindi and English, on New Year's Eve. This is his second address to the nation since November 8, when he suddenly announced a ban on 500 and 1,000-rupee notes, which took away 86 per cent of the cash in circulation.

The Prime Minister said never before had so much cash been deposited in banks in such a short time, and urged banks to prioritise the poor, the middle class and the lower middle class.

"The government's priority is to ensure help and protection for the honest," PM Modi said.