Under the scheme, the Centre will provide Rs 3,995 crore over the next five years to provide “purchasability” to the urban poor and create an “enabling environment” in securing housing for them. The scheme will close in 2012.
“The case for interest subsidy on housing loans for the urban poor essentially rests on the grounds of enhancing affordability, leveraging funds and extending coverage to lower deciles of the income pyramid,” says the proposal seeking first-stage clearance from the Expenditure Finance Committee.
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