India considering Rs 60,000 crore housing loan interest subsidy scheme
Banks are likely to roll out the scheme in a couple of months, ahead of key state elections later this year and general elections due in mid-2024. Last month, the South Asian country cut cooking gas prices for households by about 18% to rein in inflation ahead of elections.
Indian Prime Minister Narendra Modi announced the plan in a speech in August to mark the country's Independence Day, but its details have not been previously reported.
The scheme will offer an annual interest subsidy of between 3-6.5% on up to 0.9 million rupees of the loan amount.
Housing loans below five million rupees availed for a tenure of 20 years will be eligible for the proposed scheme, the sources said. «The interest subvention will be credited upfront to the housing loan account of beneficiaries.
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