New Modi Govt Scheme to Provide Home Loans at Lower Interest Rates – What PM Said

financialexpress.com:

In his Independence Day Speech 2023, Prime Minister Narendra Modi said the Government will provide cheaper home loans to those living in rented houses in cities through a new scheme.

“The weaker sections who live in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorized colonies,” PM Modi said.

“If they want to build their own houses, we will assist them with a relief in interest rates and loans from banks that will help them save lakhs of rupees,” he added.

The Prime Minister further said that if the income tax bracket for middle-class families is raised from Rs 2 lakh to Rs 7 lakh, it benefits the salaried class, the middle class the most. Internet data was very expensive before 2014. Now India has the world’s cheapest internet data. Every family’s money is being saved.

Details of the new scheme are expected to be announced by the Government soon.

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“Hon’ble Prime Minister’s announcement from Red Fort to provide some kind of relief on home loan interest is indeed a laudable step. The move will enable lower and mid-income people to buy their dream homes. Affordable and mid-segment housing is expected to benefit from it,” Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd said while commenting on PM Modi’s announcement.

The Prime Minister also said that with the aim of creating a base of 2 crore Lakhpati Didis, the Government is working on women self-help groups. “We, while