Govt of­fers in­ter­est sub­ven­tion on home loans for poor sec­tions

Accommodation Times - - Front Page - By Staff Re­porter

The gov­ern­ment with an aim to con­quer its tar­get of Hous­ing for All by 2020, said it will of­fer in­ter­est sub­ven­tion on hous­ing loans to make it more af­ford­able for the poorer sec­tions of the so­ci­ety to own a house. "We are com­ing out with an in­ter­est sub­ven­tion scheme for the hous­ing sec­tor for the eco­nom­i­cally weaker sec­tion and lower in­come group peo­ple," said Hous­ing and Ur­ban Poverty Alle­vi­a­tion Min­is­ter M. Venka­iah Naidu at the event. Ac­cord­ing to the data pro­vided by gov­ern­ment, the hous­ing short­fall is 18.78 mil­lion out of which more than 90 per­cent is in the LIG seg­ment. The hous­ing short­age of 30 mil­lion units is as­sumed by 2022, the gov­ern­ment re­quires fund­ing of Rs.22.50 lakh crore in over­com­ing the

hous­ing short­age.

“We are com­ing out with an in­ter­est sub­ven­tion scheme for the hous­ing sec­tor for the eco­nom­i­cally weaker sec­tion and lower in­come group peo­ple,” said Hous­ing and Ur­ban Poverty Alle­vi­a­tion Min­is­ter M. Venka­iah Naidu.

While ad­dress­ing the ninth con­clave of the con­fed­er­a­tion of real es­tate de­vel­op­ers as­so­ci­a­tion of In­dia (CREDAI), Naidu fur­ther added, that the gov­ern­ment has in­cor­po­rated all the in­puts from builders, con­sumers and other stake hold­ers in the new real es­tate reg­u­la­tion and de­vel­op­ment bill. "We have taken the views of var­i­ous stake­hold­ers in­clud­ing real es­tate sec­tor. Then we will go to the cab­i­net shortly. Once the cab­i­net ap­proves, I am hop­ing we will get early clear­ance," Naidu said re­gard­ing the ap­proval pro­ce­dure of the new bill. "If not this ses­sion, at least by the bud­get ses­sion the real es­tate de­vel­op­ment and reg­u­la­tion bill will be a re­al­ity." C. Shekar Reddy, Na­tional Pres­i­dent, CREDAI rec­om­mended to the gov­ern­ment that units un­der the area of 40 sq mts be treated as na­tional in­fra­struc­ture. El­lab­o­rat­ing the topic Reddy fur­ther added, that hous­ing is the only sec­tor that at­tracts mul­ti­ple tax­a­tion. The to­tal tax to be paid is 30-40 per­cent. The sta­tus of pri­or­ity sec­tor lend­ing to the af­ford­able hous­ing seg­ment is an im­por­tant decision.

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