Newdelhi(Agency)8/3/17;Venkaiah Naidu, Union Minister of Urban Development, Housing and Urban Poverty Alleviation said, “We are focussing on the upliftment of classes and allocating resources accordingly so that the poor can move to the lower middle class, then to the middle class….”
India has been on the development path for the last few years but unfortunately, the reality is that the poor were becoming poorer while the rich richer, said Naidu. To correct this imbalance, the country saw concessions for the housing sector. Particularly, the interest subvention of three and four per cent for people with annual incomes of up to Rs 18 lakh and Rs 10-12 lakh, respectively.
Naidu told Magicbricks, “Even before the Budget 2017, my ministry had announced interest subvention of six and a half per cent for the economically weaker section.” He further explained that as of now there are three categories of interest subventions:
Category based on income Interest subvention given
Economically weaker section 6.5%
Up to 18L annual income 3%
Rs 10-12L annual income 4%