Top priority for Naidu- Reducing home loan rates
The new urban development and housing minister Venkaiah Naidu and member of the Prime Minister Narendra Modi’s Cabinet, stated that he wants to see the dream of ‘’House for all by 2020’’ come true. He is pushing to bring down the home loan rates and focusing on developing 100 smart cities so that the burden on the metros is reduced. Jawaharlal Nehru National Urban Renewal Mission (JNNURM) which was the former government’s (UPA) modernisation programme which ended in March will get a new lease of life with the measures taken by Naidu.
After taking the charge of his ministries, he stated that he will be speaking with the finance minister regarding lowering of the housing loan rates and making it a top priority instrument for all the banks. He also mentioned that the previous BJP-led government under Atal Bihari Vajpayee had mainly focused on reducing the home loan rates. Due to his measures the interest rates were brought down to around 7.5 % from 11%. Today again the interest rates are hovering above 10%. If we have to ensure housing for all, we need to reduce interests and grant money from the government to safeguard the interests of the banks too.
Naidu mentioned that the 100 smart cities will be technologically advanced, safe, environment-friendly, well connected and will ensure better living for the people. The focus will be on developing twin cities and satellite towns.
In line with the PM’s vision, this mission will be based on the concept of planned cities like we have in the west. There will be emphasis on efficient and integrated solid and liquid waste management, and least usage of non-renewable resources in these cities making them green cities. The government will provide special incentives to this public private partnership (PPP) to fulfil this vision. Naidu also mentioned that enhancement of the public transport system and integrating the existing cities with identified satellite and twin cities will be a few of the top priorities for this government.
Source- Economic Times
BJP led government, Fall in home loan rates, Home Loan Interest rate, Jawaharlal Nehru National Urban Renewal Mission, JNNURM, Reducing home loan rates, Venkaiah Naidu
