Everyone dreams of having their own home. But in a country like India, where the population has been constantly rising and people are forced to live in cramped places, it becomes quite difficult to own a house of their own. Many who migrate from smaller towns to metropolitan cities face the major problem of buying their own house. Most of these people live in rented places.
Now, the government of India is going to introduce a new scheme that will help urban middle-class people who live in rented accommodations but have aspirations of owning a home. It has been reported that the new scheme will soon start in the month of September.
Union Housing and Urban Affairs Minister Hardeep Singh Puri gave an update regarding the scheme in a press conference. He said that it will be introduced in the month of September that will offer relief in interest rates on home loans to people who are dreaming of buying their own houses in the cities.
Earlier, Prime Minister Narendra Modi also talked about this new scheme during his speech at the Red Fort on Independence Day. He said, “The middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families who live in cities but are living in rented houses, slums, chawls and unauthorised colonies. If they want to build their own houses, we will help them with relief in interest rates and loans from banks that make them save lakhs of rupees.”
The Union Housing and Urban Affairs Ministry has already been carrying out the Pradhan Mantri Awas Yojana (Urban). The scheme was established in 2015 and aims to develop affordable housing in urban India. One of the four verticals under the system was a credit-linked subsidy scheme (CLSS). In the CLSS, beneficiaries were provided an interest subsidy on house loans under that vertical of PMAY-U. However, it is still unclear whether the new scheme that was mentioned by PM Modi is the same or an extension of CLSS in the Pradhan Mantri Awas Yojana.