New Govt scheme to provide low-cost housing for 7 cr families
The Union Government’s Mission of Low-Cost Affordable Housing aims to support the construction of residential units for 7 crore families.
For the actualization of the new scheme, the Government plans to make loans available at lower rates of interest. The Government is hopeful that the interest rates for realty developers will decline, due to the fact that inflation is moderating.
On Friday, Finance Minister Arun Jaitley fielded question in Lok Sabha with regard to the Government’s affordable housing scheme. Jaitley said that out of 7 crore families that will benefit from the scheme, 31 percent will be in urban areas and the remaining will be in rural areas.
Jaitley also asserted that the Government plans to ensure availability of loans from a number of sources, in order to support the construction of low-cost affordable houses in urban as well as rural areas.
In response to a question related to interest rates, Jaitley pointed out that the current situation of high inflation has forced the Reserve Bank to keep a high repo rate — that is, rate on which banks determines normal rate of interest. Jaitley also added: “But if inflation is controlled, for which we see some possibility, naturally the interest rate is expected to come down in coming days.”
Source – The Hindu Business Line
finance minister Arun Jaitley, low-cost affordable houses, Low-cost housing, New Govt scheme, Union government
