Ever since the NDA government came into power, affordable housing has been the prime topic in the Indian Real Estate Market. Many policies were launched and regulations were formulated to support the people in buying their dream homes. Another important step has been recently taken in this direction. The housing ministry intimated that it would increase the interest subsidy on the homes meant for the low income group and the Economically Weaker Section (EWS).
According to the reports of the Economic Times, an informal group of minister suggested this change while they were contemplating over the ‘Housing for All’ scheme one more time. It is also believed that one of the ministers from the group also suggested zero percent subsidy on these houses. The committee also said that the homes for EWS category should not be worth more than 5 lakh rupees. This will help people from all sections of the society in buying a dream home for themselves.
Modi’s affordable housing scheme is an ambitious scheme and is directed at providing a roof over the head of people belonging to all financial sections of the society. Under the scheme, the housing ministry has decided to build two crore homes in the affordable category exclusively meant for the lower income group. They would also be provided with subvention scheme so that the government can share some of their interest burden. All these moves are directed at meeting the need for homes in urban India.