In his speech on Independence Day in 2023, Prime Minister Narendra Modi shared some important news. He said that the Modi Government is planning to help people who live in rented homes in cities get cheaper loans to buy their own homes. This will be done through a new plan.
The Prime Minister said, “Many people who live in cities, especially those from weaker sections, face many challenges. Middle-class families also want to buy their own homes. In the coming years, we are introducing a new plan. This plan will be really helpful for families living in rented houses, slums, chawls, and unauthorized areas in cities.”
He continued, “If these families want to build their own houses, we will provide them support by reducing the interest rates on loans from banks. This will help them save a lot of money, maybe even lakhs of rupees.”
PM Modi also mentioned that if the amount of money a person can earn without paying taxes (income tax bracket) is increased from Rs 2 lakh to Rs 7 lakh, it will benefit the people who have jobs and the middle-class people the most. He also highlighted that before 2014, using the internet was very expensive in India. But now, India has the lowest-cost internet data in the world. This has helped families save money.
The Modi Government will share more details about this new plan very soon.