PM Modi unveils urban housing loan relief scheme
Real Estate

PM Modi unveils urban housing loan relief scheme

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement