New Delhi: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a new scheme for promotion of Rural Housing in the country. The Government would provide interest subsidy under the scheme. Interest subsidy would be available to every rural household who is not covered under the Pradhan Mantri Aawas Yojana (Grameen), PMAY(G).
The scheme would enable people in rural areas to construct new houses or add to their existing pucca houses to improve their dwelling units. The beneficiary who takes a loan under the scheme would be provided interest subsidy for loan amount upto Rs. 2 Lakhs.
National Housing Bank would implement the scheme. The Government would provide net present value of the interest subsidy of 3 percent to the National Housing Bank upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.). As a result the equated monthly installment (EMI) for the beneficiary would be reduced.
Under the scheme, the Government would also take necessary steps for proper convergence with PMAY-G including technical support to beneficiary through existing arrangements. The new scheme is expected to improve housing stock in the rural areas, as well as create employment opportunities in rural housing sector.
You may also like to read our latest analysed news:
- Garden radio ISRO is designed by Studio Moniker in Amsterdam
- Supreme Court has passed an emergency verdict 10-Year Jail Term For Attack On Christians is fake
- To Target PM Modi on Ganga, Congress uses 2009 photo of Ganga river
- Video: Congress Leader Sanjay Nirupum compares Modi to Mahisasur
Note: If you like being among the first to know about latest news, trending hoaxes, fake news etc, consider giving us a like on facebook or follow us on twitter (@myayupp)