The ministry of housing and urban poverty alleviation will provide heavy interest subsidy for housing loans to encourage the poor and slum dwellers to buy flats or houses. It will also help them to get houses and flats at cheaper rates. The ministry has signed a memorandum of agreement with 17 nationalised banks and six financing institutions, which will provide an interest subsidy of 5% on loans up to Rs1 lakh to people from the economically weaker section (EWS) and lower income group (LIG). The loan can be repaid in 15-20 years. Households with a monthly income of Rs 3,300 come in the EWS group and those with a monthly income of Rs 3,300 to Rs 7,300 in the LIG. A ministry official said preference will be given to SC, ST, minorities, persons with disabilities, and women. While agreeing that the subsidy on Rs. 1 lakh may not be sufficient for the poor to build or buy flats in cities, HUPA ministty says that this is not the only answer but one of the options to prevent the growth of future slums. Bureau report NMTV News.
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