Interest Subvention Scheme For Home Loans Will Be Launched Soon: Centre

Union Housing and Urban Affairs Minister Hardeep Singh Puri has revealed that the central government is on the verge of launching an interest subvention scheme aimed at home loans. He made this announcement during a media briefing indicating that the scheme is currently in the finalization stage, with comprehensive details to be disclosed shortly.

The scheme was originally introduced by Prime Minister Narendra Modi in his Independence Day address on August 15. During his speech, PM Modi emphasized the government’s commitment to creating a housing loan program that would specifically benefit underprivileged urban residents.

PM Modi pointed out the challenges faced by economically disadvantaged families residing in urban areas including those living in rented accommodations, slums, chawls, and unauthorized colonies. He affirmed that the forthcoming scheme would offer interest rate relief and facilitate access to bank loans for individuals aspiring to construct their own homes, potentially resulting in substantial savings for them.

In addition to discussing the housing subvention scheme, Union Minister Puri also addressed the escalating global crude oil prices and their potential ramifications on retail prices. He acknowledged the mounting challenges due to crude oil prices reaching up to $96 per barrel, leading to under-recoveries in both petrol and diesel prices. He emphasized the government’s commitment to addressing these issues, citing past instances when India reduced excise duties to counter price fluctuations.

Furthermore, the minister scrutinized non-Bharatiya Janata Party (BJP) states, specifically targeting the West Bengal government led by the Trinamool Congress, for maintaining higher energy prices compared to BJP-ruled states. He questioned the significant disparity, pointing out that non-BJP states, like West Bengal, have petrol prices that are Rs 11.80 higher than their BJP-ruled counterparts. Puri called for uniformity in pricing policies, highlighting the importance of coordinated efforts among states and the central government to manage fuel prices effectively.

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