Affordable housing projects will be encouraged in Tamil Nadu
The Tamil Nadu Government has decided to waive a portion of the interest on home loans for borrowers from housing co-operatives societies. The government took this decision to make housing affordable for people in the low and middle-income group.
To increase the supply of affordable housing in Chennai for people in the low and middle income category, real estate developers will be allowed to construct larger buildings in a given land area without additional charge.
The government is also planning to introduce a scheme providing for an interest waiver of 50-75 per cent for low income group borrowers, 29-50 per cent for those in the middle income group and 10-25 per cent for borrowers in the high income group.
To increase the supply of housing space in the affordable segment the Government will allow a higher Floor Space Index without charging any premium. So the cost of house construction will be cheaper for the low and middle income group housing.
New residential apartment in Chennai
Source: The Hindu Business Line
