Central government is working on a new scheme to provide subsidy on home loan interest, relief will be available on loans up to Rs 9 lakh.

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The central government has been bringing many schemes for small home buyers. In this series, the Central Government is thinking of bringing another scheme. According to a report by news agency Reuters, the central government is working on a plan to launch a new home loan subsidy scheme for small home buyers.

It is believed that this scheme of the Central Government can benefit about 25 lakh home loan applicants from low income group in urban areas. However, who will get the subsidy and not others may depend on the number of houses.

It is believed that the Central Government is preparing to spend approximately Rs 7000 crore on this scheme in the next 5 years. By the way, let us tell you that till now this scheme has not been launched by the Central Government. It is expected that this scheme may be launched in the next few months.

It is noteworthy that while giving a speech from the Red Fort on Independence Day 2023, Prime Minister Narendra Modi had announced that the government will launch a new scheme under which cheap home loans will be given to people living in rented houses in cities. During this, he had said that his government will come up with a new scheme which will benefit those families who live in cities but are forced to live in rented houses or slums.

It is believed that subsidy of 3 to 6.50 percent can be given. This subsidy can be given on a loan of Rs 9 lakh. More information related to this scheme has not been revealed yet. If reports related to this loan scheme are to be believed, this subsidy can be available on home loans of less than Rs 50 lakh taken for a period of 20 years. The interest subvention is likely to be credited to the home loan account of the beneficiaries. The plan is reportedly nearing finalization and is yet to get approval from the Union Cabinet chaired by the Prime Minister.

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