The Union government in its Budget proposals has decided to invest a staggering sum of Rs.21,000 crore in the affordable housing segment. As a matter of fact, in its scheme of things, it has planned for building 5.1 million rural houses in the next financial year, apart from the 5.1 million being constructed this year under the Prime Minister Awas Yojana. The move in turn has opened up huge biz avenues for allied commodities products including cement, steel, paints, sanitary ware and electrical across the country. To achieve the laid down targets, the government will create a dedicated Affordable Housing Fund in National Housing Bank ensuring smooth flow of finances for the new and upcoming housing projects ensuring that the homeless gets a unit of their own under the on-going campaign Housing for all by 2022. Under the drive an interest subsidy of 3 percent for a 20-year loan component of up to Rs.2 lakh whereby the government will provide Rs.1.20 lakh as assistance to every unit in the plains and Rs. 75,000-Rs.1.30 lakh to those in hilly and difficult terrains. The proposed Affordable Housing Fund (AHF) will not only cater to refinancing of housing finance companies, but also banks engaged in the affordable housing segment, MD & CEO, National Housing Bank, Sriram Kalyanaraman said.
📅Published on:
09 February 2018
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