1. Budget 2017: Post demonetisation, Modi government mulls new housing scheme with just 6-7% home loan interest rate

Budget 2017: Post demonetisation, Modi government mulls new housing scheme with just 6-7% home loan interest rate

Looking to boost the housing sector, the Modi government is mulling a new scheme to be announced in Budget 2017 that may use money from the demonetisation drive.

By: | Published: November 29, 2016 11:07 AM
demonetisation, demonetisation real estate, demonetisation housing for all, demonetisation budget 2017 The new housing scheme may be announced as early as the Union Budget 2017, which is expected to be presented on February 1.

Looking to boost the housing sector, the Modi government is mulling a new scheme that may use money from the demonetisation drive. According to an ET Now report, the government is keen to boost the housing sector via a new scheme and is already in discussion with the RBI. The new housing scheme may be announced as early as the Union Budget 2017, which is expected to be presented on February 1. The channel reported that the final contours of the housing scheme will be decided after the details of revenue earned from demonetisation emerge. The report went on to add that the government is eyeing an interest rate in the range of 6-7% for home loans up to Rs 50 lakh. This new lower interest rate option of 6-7% will be available to first time borrowers and is likely to provide a much needed impetus to the housing market.

The real estate sector has been under pressure for quite some time now, and with the government’s move to demonetise old Rs 500 and Rs 1000 notes, experts expect an initial slump in home sales. However, there are also chances that banks will find room to lower loan rates – a step that would encourage people to buy homes. ‘Housing For All’ is a dream project of the Modi government, and the new scheme that is being talked about appears to be a way to avoid demand for real estate from falling further. The proposed interest rate range of 6-7% for home loans up to Rs 50 lakh also suggests that the government is looking to make housing more affordable for all.

While rating agencies and analysts were skeptical of the impact of demonetisation on the real estate sector, some industry experts had welcomed the move, stating that it would benefit in the long-term. Nirmal Jain, Chairman of India Infoline had said that housing will no longer be a distant dream for people now. “This (demonetisation) is a very powerful measure to curb black money. PM Modi has kept his promise of taking stern measures against black money. It will have deflationary impact in general and more specifically on real estate prices and make homes affordable, and is indirectly a boon to honest tax payers,” he had said.

  1. A
    Ashish
    May 8, 2017 at 4:19 pm
    Today our BJP govt announce to give homes for each and every people of our nation. but i have one doubt, my monthly income is 12000 which is my ry and in my w life i planed to purchase flat in first time which amount 20 lakh near about but no one financial ltd companies gives me that much loans bcoz my ry is low how can i completed my aim my parents dream its really rediculous i have that much power to repay w EMI 17 to 18 thousand rs. but plz i need suggestion for my flat for my parents if any one like to give me that much amount i will repay him plz cooperate my contact no 9689780870 ..
    Reply
    1. W
      willian
      May 1, 2017 at 10:44 pm
      You Need a loan…..? Contact Johnson Willian, a private money lenders and also in real estate management. Here comes a good loan offer for all those who needs Financial istance at a low rate of 3 . With Red Cross loan Improvement, you can say goodbye to all your financial crisis and difficulties. We give out loans of any amount. We fight financial crisis and to give a room for bright future in our society as we do our business .If you are interested you should indicate your interest and we shall ist you in securing your loan. Apply with details. 1. Your names: 2. Amount Needed: 3. Your country: 4. Loan Duration: 5. Your address: 6. Phone Number: 7. Monthly Income: 8. VALID ID: (International or National) Contact Person: Mr johnson Willian E-mail: willianloanfirm6@gmail
      Reply
      1. M
        Michael Ben
        May 1, 2017 at 12:45 am
        My name is Micheal Ben and i live in USA California and i am a happy man today, I told my self that any Loan lender that could change my Life and that of my family, i will refer any person that is looking for loan to Them. If you are in need of loan and you are 100 sure to pay back the loan please contact them and please tell them that Micheal Ben referred you to them. donaldmarkloanfunding@gmail
        Reply
        1. J
          john
          Jan 12, 2017 at 1:30 pm
          Have you be denied of a loan from your bank or any Financial Firm? *Do you need a loan to pay off your bills or buy a home?* Do you need a loan to start up a business?. Make your dreams come through by contacting James Financial Loan Firm, we give out loan with an interest rate of 3% per annual, With the Minimum amount you can borrow is 2,000.00 to Maximum of 20.Million for more information regarding this loan do get back to us so that we can proceed further.Email:BURROWERS INFORMATION
          Reply
          1. L
            loansa
            Mar 16, 2017 at 5:31 am
            I read your article for home loan in lowest interest and how to procedure, but i had about for home, construction, property, housing, montgage all kinds of loans provider more information Get Easy Bank Loan
            Reply
            1. P
              Pramod Kumar
              Feb 15, 2017 at 7:10 pm
              Are you a business man or woman? Do you need funds to start up your own business? Do you need loan to settle your debt or pay off your bills or start a nice business? Do you need funds to finance your project? We Offers guaranteed loan services of any amount and to any part of the world for (Individuals, Companies, Realtor and Corporate Bodies) at our superb interest rate of 3%. For application and more information send replies to the following E-mail address: Thanks
              Reply
              1. P
                Pramod Kumar
                Feb 15, 2017 at 4:30 pm
                Are you a business man or woman? Do you need funds to start up your own business? Do you need loan to settle your debt or pay off your bills or start a nice business? Do you need funds to finance your project? We Offers guaranteed loan services of any amount and to any part of the world for (Individuals, Companies, Realtor and Corporate Bodies) at our superb interest rate of 3%. For application and more information send replies to the following E-mail address: Thanks,
                Reply
                1. B
                  Bakki Yadagiri
                  Nov 29, 2016 at 11:48 am
                  6-7%is not invitable. As the deposit rates are coming down,proportionately HL should come down .To boost the real estate means providing working days to millions of unorganized Labour. Govt sho uld minimise stamp duty,VAT.GST Etc,
                  Reply
                  1. B
                    Bakki Yadagiri
                    Nov 29, 2016 at 11:57 am
                    Waiving all kinds of taxes levied by centre &states are enough to boost real estate
                    Reply
                    1. S
                      sonali nikhil
                      Nov 29, 2016 at 6:44 am
                      Nice thought ,I am very Happy ,abki baar modi sarkar.
                      Reply
                      1. S
                        subrata
                        Nov 30, 2016 at 5:48 am
                        Govt should watch the development upto 31 st December then policy decisions can be thought of.Now the time is to concentrate on availability of curremcy at bank counter
                        Reply
                        1. S
                          Satheesh M
                          Dec 28, 2016 at 9:25 am
                          good but reduce below 5% is good for all
                          Reply
                          1. Load More Comments

                          Go to Top