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Housing Loan Interest Subsidy Scheme

Introduction

Prime Minister of India Sh. Narendra Modi announced on 15th of August 2023 on the occasion of Independence Day to start housing scheme for poor and middle class people residing in Urban Area.

On 8th of October 2023, Prime Minister chaired a Cabinet Meeting and take a stock of the situation of implementation of this new housing scheme.

The name of new housing scheme of Indian Government will be “Housing Loan Interest Subsidy Scheme”

This scheme will also known by some other names like “Housing Subsidy Scheme for Urban Areas” or “Interest Subsidy Scheme on Housing Loan” or “Awas Rin par Subsidy Yojana”.

Now, the dream to own a house will get completed of many Indian Residents who doesn’t have their own.

Government of India will provide a Housing Loan up to Rs. 50,00,000/- under Housing Loan Interest Subsidy Scheme.

The loan amount provided under Housing Loan Interest Subsidy Scheme can utilised by beneficiaries to buy a new house or to construct a new house on their own land.

A Subsidy of 3% to 6% on Bank Interest Rate will also provided to all the beneficiaries.

Bank Subsidy under Housing Loan Scheme will directly provided in the bank account of beneficiary.

It is to be expected that this Housing Loan Interest Subsidy Scheme will going to launched on the auspicious occasion of Diwali.

Government of India expected that Rs. 60,000/- Crore will going to a expenditure on this housing loan scheme.

Basically, this Housing Loan Interest Subsidy Scheme targets the poor and middle class family group who resides in chawls, rented accommodation or in Kuccha House in Urban Area.

Final Draft of Housing Loan Interest Subsidy Scheme is ready and very soon the official guidelines and application procedure will be released.

As soon as we get any update regarding Indian Government’s Housing Loan Interest Subsidy Scheme, We will update it here.

Benefits of Scheme

Indian Government will provide the following benefits to Indian Residents under Housing Loan Interest Subsidy Scheme :-

Housing Loan up to Rs. 50,00,000/- will be Provided.

Subsidy of 3% to 6% will be provided on Housing Loan Interest.

Eligibility

Government of India sets the following Eligibility Conditions in order to avail the subsidy on interest of house loan under Housing Loan Interest Subsidy Scheme :-

Applicant should be an India Resident.

Applicant should be Residing in Urban Areas/

Applicant should be Residing in Chawls, Kuccha House or Rented Accommodation.

Remaining Eligibility Criteria will be released soon.

Documents Required

The below mentioned documents is expected to be required at the time of applying for housing loan under Housing Loan Interest Subsidy Scheme :-

  • Aadhar Card.
  • Mobile Number.
  • Caste Certificate. (If Applicable)
  • Income Certificate.
  • Land Documents. (If Applicable)

How to Apply

Housing Loan Interest Subsidy Scheme was announced by Prime Minister of India Shri Narendra Modi during his Independence Day 2023 speech.

On 8th of October 2023, Prime Minister Sh. Narendra Modi chaired the cabinet meeting and take the stock of announced schemes.

Officials told that Expenditure Financial Committee gave its nod on the proposal of Ministry of Housing and Urban Affairs to start Housing Loan Subsidy Scheme in the country.

Very Soon, the Official Guidelines with Application Procedure will released by the Government of India.

But as it is clear by the name of scheme that this is a Housing Loan Scheme, So the most probable chance of apply process of this scheme is through Bank and Financial Institutions.

As soon as we get any update regarding new Housing Loan Interest Subsidy Scheme of India Government, we will update it here.