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.