Govt’s housing scheme subsidy for middle class extended till March 2019 | Latest News India - Hindustan Times
close_game
close_game

Govt’s housing scheme subsidy for middle class extended till March 2019

Hindustan Times, New Delhi | By
Sep 23, 2017 07:57 AM IST

Last December, PM Modi announced two new components of credit-linked subsidy to help the middle class.

With an eye on the 2019 Lok Sabha election, the Centre on Friday decided to extend interest subsidy of Rs2.60 lakh on home loans for the Middle Income Group (MIG) up to March 2019 under the NDA government’s flagship ‘Housing for All’ programme.

Initially the scheme was available for beneficiaries under the “middle class” category till December 2017 only.(HT File Photo)
Initially the scheme was available for beneficiaries under the “middle class” category till December 2017 only.(HT File Photo)

Under the new scheme, those with an annual income of up to Rs12 lakh can avail a 4% interest subsidy on a loan of Rs9 lakh while those with an income up to Rs18 lakh will get an interest subsidy of 3% on a loan of Rs18 lakh.

Hindustan Times - your fastest source for breaking news! Read now.

Last December, Prime Minister Narendra Modi announced two new components of credit-linked subsidy to help the middle class, who till then were not included in the NDA government’s flagship housing programme.

Initially the scheme was available for beneficiaries under the “middle class” category till December 2017 only. The Union finance ministry had allocated Rs1,000 crore under the programme. The ministry intends to target 50,000 people under the scheme in 2017-18.

DS Mishra, Union housing and urban affairs secretary, announced the government’s decision to give interest subsidy benefit to MIG in cities till March 2019. The assistance works out to between Rs1.98 lakh to Rs2.50 lakh per beneficiary. Only those who do not own a ‘pucca’ house will be eligible for the scheme.

Unveiling 'Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch Now!

Get Current Updates on India News, Narendra Modi Live Updates along with Latest News and Top Headlines from India and around the world
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, March 04, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On