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New Regulations – PM Modi Announces Special Housing Schemes for Poor !

housing loan new regulations for poor

In a series of announcements, the Prime Minister of India  Mr. Narendra Modi today announced two new housing schemes to encourage the ownership of homes among the urban and rural poor. Both the schemes are brought under Pradhan Mantri Awas Yojana. The schemes were introduced when Hon’ble PM addressed the nation at 7.30 PM earlier in the evening today.

The schemes, designed for poor & underprivileged, will let them avail home loan of upto Rs. 9 lakhs at 4 percent lower interest rate. While loans of upto Rs. 12 lakhs will attract 3 percent lower interest rate. The loan of upto 2 lakhs to renovate and extend the house will come at 3 percent lower interest rate.

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  • Home Loan Interest Rates September 2020
    Axis Bank7.75% - 8.55%
    Bank of Baroda7.00% - 8.40%
    Citibank8.20%
    HDFC6.95% - 8.00%
    ICICI Bank6.95% - 8.05%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank7.20% - 9.30%
    LIC Housing6.90% - 7.90%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.60% - 9.45%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital9.20% - 9.35%