PM Modi unveils urban housing loan relief scheme

17 Aug 2023 CW Team

Prime Minister Narendra Modi announced plans for a scheme to alleviate interest on bank loans for urban dwellers aspiring to own a house. Speaking on the 77th Independence Day, Modi revealed the forthcoming scheme, targeting middle-class families in cities without homes.

Modi acknowledged the struggles of city-dwellers without housing, emphasizing the difficulties faced by the poor.

"We're introducing a scheme to provide relief in bank loan interest, offering substantial financial aid to families residing in rented accommodations, unauthorized colonies, and slums within cities. This will enable them to construct their own houses," stated Modi from the Red Fort.

The existing housing scheme, Pradhan Mantri Awas Yojana Urban (PMAY-U), aims to support the urban poor by providing proper housing with essential facilities. Launched on June 25, 2015, the initiative has sanctioned 11.8. Million houses as of July 31, 2023, with 7.6 million units already completed or handed over to beneficiaries.

PMAY-U operates through four pathways—beneficiary-led construction, affordable housing in partnership, in-situ slum redevelopment, and credit-linked subsidy scheme—based on eligibility criteria. The scheme's deadline was extended to December 31, 2024, for completing sanctioned houses without altering funding patterns and implementation methods, except for the credit-linked subsidy scheme vertical.

The Central government contributes Rs 0.1 million for in-situ slum redevelopment and Rs 0.15 million for affordable housing in partnership and beneficiary-led construction. The credit-linked subsidy scheme provides an interest subsidy of 6.5%, amounting to Rs 0. 267 million per house, for economically weaker sections and low-income groups.

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