Housing finance stocks in demand, gain up to 4.4%

Shares of housing finance companies surged up to 4.4 per cent, after the government gave its approval to the launch of 'Housing for All by 2022' scheme.
LIC Housing Finance rose by 3.69 per cent, Dewan Housing Finance Corporation gained 2.96 per cent on BSE.
Among others GIC Housing Finance gained 4.40 per cent, Indiabulls Housing Finance advanced 2.81 per cent and Housing Development Finance Corporation was up 0.85 per cent.
The Union Cabinet accepted the recommendations of an Inter-Ministerial Committee to increase interest subvention to 6.50 per cent on housing loans to beneficiaries belonging to economic weaker section (EWS), including slum-dwellers and low-income groups (LIGs).

The Cabinet's decision will benefit the urban poor by an amount of nearly Rs 2.30 lakh each and as a result, the monthly EMI will come down by nearly Rs 2,852 per month.
NDA's flagship scheme will be formally launched on June 25 when the government will bring out guidelines for its implementation.
Meanwhile, in the stock market, the BSE key index Sensex settled at 27,115.83, a gain of 283.17 points.