In the election environment, Modi government can give a special gift to the urban lower middle class. This gift can help them fulfill their dream of owning their own house. If everything goes well, then you can get a rebate of up to Rs 9 lakh in interest on loans up to Rs 50 lakh. Read this news…
The dream of lower middle class people of buying their own house in cities may soon come true. Before the assembly elections in many states and then the Lok Sabha elections, the Modi government has planned to bring a housing loan subsidy. If this actually changes, then people can get a maximum rebate of up to Rs 9 lakh in interest on home loans less than Rs 50 lakh.
Modi government is planning to spend Rs 60,000 crore on housing loan subsidy. Small urban housing will be at the center of this scheme, on which the government will offer interest subvention on home loans for the next 5 years. About 25 lakh home loan customers are likely to get the benefit of this scheme.
This is how you will get the benefit of interest rebate on home loan
The agency has reported quoting sources that banks can start this scheme in the coming few months. Under this scheme, only if a person takes a home loan of Rs 50 lakh or less for a period of 20 years, he can avail its benefit. Under the scheme, people will get rebate on the annual interest charged on home loan. It can be from 3 to 6.5 percent and maximum up to Rs 9 lakh.
Sources informed that the amount of rebate given by the government will be deposited in advance in the home loan account of the beneficiary. This is yet to be approved by the Cabinet. This scheme may remain in force till 2028.
Relief from inflation in election environment
Recently, due to continuous increase in repo rate by RBI, home loan EMI has become expensive. In such a situation, the government can announce this home loan interest subsidy scheme before the elections. Only last month, the government has reduced the prices of LPG in the country. Now everyone is being given a subsidy of Rs 200 on LPG cylinder, whereas for the beneficiaries of Ujjwala scheme, this discount has become Rs 400.
