NEW DELHI: Prime Minister Narendra Modi on Saturday announced that the government would give the rebate of three and four percent on interest rates to the people who seek loans to build their houses in 2017. "To make the people of the middle class and the poor to buy or build their homes, the government has brought to schemes under the Pradhan Mantri Awas Yojana," Modi said in his address to the nation on New Year's Eve. He said a concession of four per cent will be given to those take a loan of up to Rs 9 lakh and three percent on Rs 12 lakh.
The Prime Minister also said that the government would also build 33 per cent more houses in the villages under the Pradhan Mantri Grameen Awas Yojana. Modi also said that those who want to modify their building or houses, would get three per cent concession on loan of upto Rs 2 lakh.
Here are the key highlights of his speech:
- Home loans for poor and middle class people upto Rs 9 lakh will get 4 per cent subvention on interest and upto Rs 12 lakh will get 3 per cent subvention.
- For home loan in villages upto Rs 2 lakh for home renovation, banks will give loan with 3 per cent subvention on interest rate.
- Banks have been asked to raise cash credit limit to small business to 25 per cent from 20 per cent.
- All pregnant women will get Rs 6,000 in their bank accounts in an attempt to reduce child and woman mortality.
- Government to pay interest for 60 days on loans taken by farmers for Rabi season from district cooperative banks and societies.
- Credit guarantee for small traders to be raised to Rs 2 crore from existing limit of Rs 1 crore.
- In the next 3 months, 3 crore Kisan credit cards will be converted to RuPay cards which will enable them to buy/sell directly through the card and there will be no need to rush to banks.
Source : Economics Times
The Prime Minister also said that the government would also build 33 per cent more houses in the villages under the Pradhan Mantri Grameen Awas Yojana. Modi also said that those who want to modify their building or houses, would get three per cent concession on loan of upto Rs 2 lakh.
Here are the key highlights of his speech:
- Home loans for poor and middle class people upto Rs 9 lakh will get 4 per cent subvention on interest and upto Rs 12 lakh will get 3 per cent subvention.
- For home loan in villages upto Rs 2 lakh for home renovation, banks will give loan with 3 per cent subvention on interest rate.
- Banks have been asked to raise cash credit limit to small business to 25 per cent from 20 per cent.
- All pregnant women will get Rs 6,000 in their bank accounts in an attempt to reduce child and woman mortality.
- Government to pay interest for 60 days on loans taken by farmers for Rabi season from district cooperative banks and societies.
- Credit guarantee for small traders to be raised to Rs 2 crore from existing limit of Rs 1 crore.
- In the next 3 months, 3 crore Kisan credit cards will be converted to RuPay cards which will enable them to buy/sell directly through the card and there will be no need to rush to banks.
Source : Economics Times
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