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Budget 2017: Govt Plans Housing Scheme At 6-7% Home Loan Rates

New Delhi: In a bid to boost housing sector, the central government is mulling a new housing scheme that may use money from the demonetisation drive, reports ET NOW exclusively. According to sources, the government is already in discussion with the Reserve Bank of India (RBI) for the scheme. The new housing scheme might be announced in the Union Budget 2017, which is expected on February 1.

The final contours of the housing scheme will be decided after the details of revenue earned from demonetisation emerge. The interest rate stands between 6% and 7% for home loans up to Rs 50 lakh. The new lower interest rate option will be available to first-time borrowers.

R Vardarajan, Repco Home added the lower interest rates will be a boon for the real estate sector. He said, “Like Pradhan Mantri Awaas Yojana, a similar scheme will come up where there will be interest of subvention, where if the marginal cost of lending rate is higher, the difference will be met by the government.”

Sudhin Choksey of Gruh Finance said the move will benefit low-end income families and overall Indian realty.

Source: Times Now

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