NEW DELHI/MUMBAI, Sept 25 - India is considering spending 600 billion rupees to provide subsidised loans for small urban housing over the next five years, two government sources told Reuters.
Indian Prime Minister Narendra Modi announced the plan in a speech in August to mark the country's Independence Day, but its details have not been previously reported. "The interest subvention will be credited upfront to the housing loan account of beneficiaries. The scheme proposed till 2028 is close to finalisation and will require approval of federal Cabinet," one government official said.
"We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorised colonies," Modi had said in his August speech.Mails sent by Reuters seeking a response from the Ministry of Housing and Urban Development and the Ministry of Finance remained unanswered.
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