Modi announces new housing schemes, rebate to people seeking home loans

Rebates on interest rate for people seeking loans to build houses in 2017

Prime Minister Narendra Modi on Saturday announced the government would give rebates of three and four per cent on interest rates to the people who would seek loans to build their houses in 2017.

"To help the middle class and the poor buy or build their homes, the government has brought two schemes under the Pradhan Mantri Awas Yojana," Modi said in his address to the nation on New Year's Eve.

He said a concession of four per cent will be given to those taking a loan of up to Rs 9 lakh and three per cent on Rs 12 lakh.

The Prime Minister also said that the government would build 33 per cent more houses in villages under the Pradhan Mantri Grameen Awas Yojana.

Modi also said those who wanted to modify their building or houses, would get three per cent concession on loan of up to Rs 2 lakh.