PM Narendra Modi New Year 2017 eve address: Big cheer for common man, as new housing schemes with interest sops announced

By: | Updated: December 31, 2016 8:30 PM

PM Narendra Modi in his New Year's eve address gave a big boost and cheer to common man looking to buy houses in both urban and rural areas.

modi-llllIn rural areas, for people who are looking to build a new house or want to reconstruct and expand their existing homes, a 3% interest discount would be given up to borrowings of Rs 2 lakh. (ANI)

PM Narendra Modi in his New Year’s eve address gave a big boost and cheer to common man looking to buy houses in both urban and rural areas. PM Modi announced new housing schemes as a gift post the massive support for demonetisation. For urban areas, two housing schemes were announced. Under the first scheme, for a home loan up to Rs 9 lakh, the borrower will get 4% discount on interest. Under the second scheme, for home loans up to Rs 12 lakh a discount of 3% would be given on the interest.

In rural areas, for people who are looking to build a new house or want to reconstruct and expand their existing homes, a 3% interest discount would be given up to borrowings of Rs 2 lakh.

PM Modi called the massive demonetisation drive of his government a historic “shuddhi yagana”. Lauding the 125 crore Indians who supported the decision and felt the pain, but were ready to sacrifice, PM Modi said, “After Diwali, after this announcement, we saw that everyone was determined to sacrifice and bear pain to defeat ill forces in the economy.” “Kuch baat hai ki hasti mitati nahi humaari – this is what the countrymen have proven,” PM Modi said.

According to the Prime Minister, by bearing the pain, the countrymen have laid the foundation for a better future. “This yagana will decide the direction of the country in the coming years. The honest people of this country wanted freedom from corruption,” he said. “The country had mountains of black money. In the last few years, the 500 and 1000 notes were being used more and more in the parallel economy,” he said. Crediting people for their patience, PM Modi said, “I salute people’s effort. What we Indians have done is unmatched in the world as an example.”

Assuring people of better days ahead, PM Modi said that banks have been urged to focus on dealing with the problems that people are facing. “Banking people have been asked to ease the problems that people are facing, this is particularly for the rural areas, so that villagers and farmers don’t have to bear any more pain,” he said. PM Modi started his address by saying that the youth of India will welcome the New Year with new enthusiasm.

 

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