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MUMBAI: Homebuyers in affordable and low cost housing segment have a reason to cheer with the government’s decision to provide interest subvention of 3% and 4% for loans of up to Rs 12 lakh and Rs 9 lakh, respectively, under Prime Minister Awas Yojana (PMAY).

Prime Minister Narendra Modi, in his speech on New Year’s eve, announced measures including financial assistance for urban and rural poor for buying and building homes, a move aimed at fulfilling the government’s promise of housing for all. The decision is expected to bolster low income housing pin peripheral localities of urban areas as demand for such housing projects is likely to improve.

In addition to this relief, a 3% subvention will be given for loans of up to Rs 2 lakh to build and expand existing houses in rural areas. The government has also decided to increase the number of homes to be built in rural areas under PMAY by 33%, Modi said in his speech.

“This will provide a strong boost to mass housing in peripheral areas of all eight metro cities. Localities like Bhiwadi, Nimrana, Daruhera around Noida extension and Yamuna Expressway in the NCR region will see good demand for housing as average loan size for houses is between Rs 10 and 12 lakh.

This will kick-start markets on the outskirts of Mumbai, Pune, Hyderabad, Bangalore, Ahmadabad and Chennai,” said Getamber Anand, President – CREDAI National.

Under the PM’s vision of ‘Housing For All by 2022’, the government has already announced various benefits including interest subsidy of up to Rs 2.2 lakh for homebuyers.

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