Interest rate subsidies to fuel housing for all by 2022

The Narendra Modi led government has been in power for more than one year now. Many are busy taking a jab at the government for failing to deliver but a major chunk of Indians are in BJPs corner, well atleast for now. In its short span of helming the nation’s reins, BJP has introduced many reforms but it’s most appreciated and anticipated move undoubtedly is to provide housing for one and all by the 2022.

interest_ratesThe government is going all out to fulfill its mission in as seamless a manner as possible. In one such instance, in a bid to ensure that there is a permanent and sturdy roof above the head of every Indian by the year 2022, the all important housing ministry is gung ho about extending gigantic interest rate subsidies for all the apartments which will be sold under the lower income group and economically weaker sections group schemes. This might very well be just the fuel which was required to ensure success of this highly noble mission.

As per plenty of highly reliable sources, the decision to offer these subsidies was taken based on the suggestion and recommendations made by an informal group of high ranking government officials and authorities. This committee sort of looked into the housing for all by 2022 scheme to determine the best possible way of achieving the same. Therefore a detailed report is expected to be filed pretty soon by the concerned authorities to the decision making panel.

Amongst a plethora of amendments which are being mulled over, some of them include making interest rates chargeable to 0% for such houses which come under the EWS category and keeping the price of such houses which are built in urban areas should be strategically kept under a highly affordable 5 Lakh rupees so that people from all strata and walks of life can afford to buy these homes. A torrent of such proposals is being considered and a final decision will be taken soon enough.

One of the most crucial and important aspect of this scheme is the government’s intention of building atleast 2 crore affordable homes in the urban regions of the country. Majority of the population living in rural areas aspires to stay in urban cities and therefore such a movement is taking place at a fiery pace. Thus building of homes is necessary in urban cities of India. The price of such homes is being expected to fall in the 6.5 to 7.5 Lakh rupees. Thus to lower the burden and make these homes even more affordable, interest rate subsidies, waiver or subvention might be in the works, which might be the need of the hour.

So India is all set to Rise and Shine and it is your turn to grow along with it.

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