PM Modi announces 3-4 percent interest rebate in housing loans up to Rs 12 Lakh

Prime Minister Narendra Modi on Saturday announced a significant scheme to solve the monumental issue of lack of housing amongst the lower and middle-income groups in India. 

Addressing the nation at the end of demonetisation period on Saturday, PM Modi revealed that the government was bringing some new programmes for the people. 

Under the new scheme loans of up to 9 lakh rupees taken in 2017 will receive interest subvention of 4 per cent. While loans of up to 12 lakh rupees taken in 2017 will receive interest subvention of 3 per cent. 

Additionally, loans of up to 2 lakh rupees taken in 2017 for new housing, or extension of housing in rural areas will receive an interest subvention of 3 per cent. 

Furthermore, PM Modi also said that the number of houses being built for the poor, under the Pradhan Mantri Awaas Yojana in rural areas, is being increased by 33 per cent. 

The prime minister also announced a string of benefits for the elderly, farmers and pregnant women during his speech. (Read full story here)