Those who are economically backward in urban areas will have to pay Rs 1.5 lakh. The scheme will be utilized for upgradation of existing premises or new works.
The beneficiary is taking the initiative and building the housing: Financial Weak Diseases (EWs) in cities not covered by other three schemes will be given an amount of Rs 1.5 lakh if the house is built or purchased.
In addition to public sector banks, co-operative banks, urban cooperative banks, small financial institutions and housing finance corporations will be covered under the project.
Government subsidy will be released once in three months in order to facilitate the loanee.
To get the central grant, the government may take up houses for housing units or government agencies like housing boards. Except the interest payments, the scheme will be implemented as a sponsored project.
There is a need for some improvements in land availability in the urban sector. Allow the house to be together only in the name of the householder or the man and his wife.
The objective is to build 2 crore houses within seven years. Interest rates for 4041 towns in the country would be initiated. Accordingly, within two years, they will have two crore houses.
Initially 500 'class one' will focus on cities. The project will be implemented in 100 cities from 2015 to 17 in 200 cities from 2017 to 19 and then in other cities. The Union ministry will amend the proposal from the States to select cities.
Everything is technically covered under the Home Plan. This is for modern house construction, new technologies, environmental friendly approach and exchange of best manufacturing systems in the states.
