In his Independence Day speech, Prime Minister Narendra Modi unveiled plans for two upcoming schemes aimed at improving housing prospects for urban middle-class families.
Affordable Housing for City-Dwelling Middle-Class Families
Prime Minister Modi addressed the challenges faced by middle-class families residing in cities without their own homes.
He acknowledged their dream of owning a house in urban areas and revealed a forthcoming scheme tailored to their needs.
Bank Loan Interest Relief for City Homeownership
Additionally, the Prime Minister outlined a scheme targeted at individuals aspiring to own homes in cities.
This scheme is designed to alleviate the burden of bank loan interest, offering financial relief to those wishing to fulfill their homeownership dreams.
During his speech from the historic Red Fort, PM Modi emphasized the struggles encountered by families from low-income and middle-class backgrounds who lack proper housing in urban areas.
He assured that the government is committed to assisting these families and shared plans to offer substantial aid in the form of bank loan interest relief.
Presently, the Pradhan Mantri Awas Yojana Urban (PMAY-U) scheme caters to urban underprivileged populations, aiming to provide well-equipped housing to eligible beneficiaries across the nation.
Initiated on June 25, 2015, the scheme has gained significant traction.
According to the Ministry of Housing and Urban Affairs, as of July 31, 2023, 118.90 lakh housing units have received approval through state and union territory project proposals.
Of these, 76.02 lakh units have either been completed or allocated to beneficiaries.
The PMAY-U’s credit-linked subsidy program, which grants an interest subsidy of 6.5%, has been instrumental in supporting economically weaker sections and low-income families, extending subsidies of up to Rs 2.67 lakh per household.
