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New Delhi: The Centre will unveil an interest subvention scheme for urban housing in September, said housing and urban affairs minister Hardeep Singh Puri.
“We are fleshing out the details of the scheme and then it will be in public. We are almost ready. The scheme will be announced in full details in September,” Puri said at a press conference.
The statement comes after Prime Minister Narendra Modi had announced in his Independence Day speech that the government would come up with a scheme to provide relief in home loans to the urban power and middle-class population.
The new scheme will “benefit families living in cities but living in rented houses, slums, or chawls and unauthorized colonies. If they want to build their own houses, we will assist them with relief in interest rates and loans from banks that will help them save lakhs of rupees,” Modi had said.
The upcoming scheme would be in line with the credit-linked subsidy scheme (CLSS) for economically weaker section (EWS) or lower income group (LIG) which ended in March 2022. The Pradhan Mantri Awas Yojana (Urban), which has other verticals, apart from CLSS, including in-situ slum redevelopment, beneficiary-Led construction (BLC), affordable housing in partnership, would end in December 2024. The scheme was extended to complete the houses sanctioned till March 31, 2022.
Under CLSS, the government used to provide benefit of up to ₹2.67 lakh through interest subsidy of 3-6.5%.
According to the update provided by the ministry on Thursday, out of the 1.12 crore houses sanctioned under PMAY(U), 76.25 lakh houses have been completed. The CLSS scheme supported 25 lakh home buyers, showed the latest update. PMAY(U) provides central assistance to the implementing agencies through states and union territories and central nodal agencies for providing houses to all eligible families or beneficiaries against the validated demand for houses.
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Updated: 31 Aug 2023, 05:59 PM IST
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