The government will launch the new interest subsidy scheme for home loans for urban poor and middle class next month. Top housing ministry officials said the modalities are being finalised.
Prime Minister Narendra Modi had announced this scheme in his Independence Day speech. “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 unauthorised colonies. 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 had said.
Sources said the new scheme would be the extension of PM Awas Yojna and the eligibility to get interest subsidy would be increased in the new scheme.
Ministry officials also said that the government will start deploying electric buses for urban transport across 100 cities in the next six months. The Cabinet recently approved deployment of 10,000 e-buses.