PM unveils new government scheme offering home loans at reduced interest rates.

During his Independence Day Speech in 2023, Prime Minister Narendra Modi unveiled a significant initiative aimed at providing more accessible home loans to urban residents living in rented accommodations. Addressing the challenges faced by weaker sections and middle-class families residing in cities, the Prime Minister highlighted the aspiration of many to own their own homes. To address this, he introduced a forthcoming scheme designed to benefit families currently residing in rented houses, slums, chawls, and unauthorized colonies within urban areas.

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Emphasizing the government’s commitment, PM Modi indicated that those individuals desiring to construct their own houses would receive substantial assistance in the form of reduced interest rates and loans from banks. This support is expected to translate into substantial savings amounting to lakhs of rupees for the beneficiaries.

The Prime Minister also underscored the significance of raising the income tax bracket for middle-class families from Rs 2 lakh to Rs 7 lakh. This change primarily benefits salaried and middle-class individuals, thus facilitating financial relief for this segment. He pointed out the transformative change in the affordability of internet data, highlighting that India has achieved the status of having the world’s most economical internet data, resulting in financial savings for every household.

While the precise details of the new home loan scheme are yet to be disclosed, the Government is anticipated to unveil this information in the near future. Praising the Hon’ble Prime Minister’s announcement, Pradeep Aggarwal, Founder & Chairman of Signature Global (India) Ltd, lauded the move, predicting that it would empower lower and mid-income groups to realize their dreams of owning homes. The scheme is expected to particularly benefit the affordable and mid-segment housing sectors.

In addition to the home loan scheme, PM Modi highlighted the government’s commitment to fostering women’s self-help groups with the objective of creating a base of 2 crore “Lakhpati Didis.” With a focus on women-led development, the Prime Minister expressed pride in the current involvement of 10 crore women in such self-help groups. These groups have become instrumental in various community activities, including banking services and healthcare distribution. The Prime Minister’s vision is to expand this movement, creating a base of 2 crore successful women entrepreneurs (“Lakhpati Didis”) within villages, thereby further empowering women across the country.

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