Before the festival, the central government will give a big gift to the common people, home buyers will get relief in loan interest

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The central government is going to give a big gift to the common people before the festivals. Union Housing and Urban Affairs Minister Hardeep Singh Puri has said that a scheme will be brought in the next month i.e. September to give relief in interest on home loans to people dreaming of buying their own homes in cities. Puri said in a press conference on Thursday that the modalities of this scheme are being worked out right now.

PM Modi had announced

Union Ministry of Housing and Urban Affairs Secretary Manoj Joshi said that a scheme will be introduced in September to provide relief in interest on loans to people dreaming of buying homes in cities. Prime Minister Narendra Modi in his speech on Independence Day had announced the scheme for such middle class families living in cities who do not have their own house. PM Modi had said in his address at the Red Fort that middle class families dream of their own homes in the cities. We will soon come up with a plan for this. He had said that we have decided to give interest relief on bank loans to the families living in rented houses, unauthorized settlements and slums to build their own houses.

Homes became costlier in 43 cities in the first quarter, prices declined in seven

Houses have become costlier in the first quarter of 2023-24 in 43 cities of the country, while the prices of residential units have decreased in seven cities. National Housing Bank (NHB) gave this information on Wednesday. The regulator of housing finance companies said that according to the NHB Housing Price Index, housing loan rates are still lower than pre-pandemic levels. Property prices in Ahmedabad increased by 9.1 per cent during this period. Bengaluru saw an increase of 8.9 per cent and Kolkata by 7.8 per cent. According to the House Price Index, house prices increased by 1.1 per cent in Chennai, 0.8 per cent in Delhi, 6.9 per cent in Hyderabad, 2.9 per cent in Mumbai and 6.1 per cent in Pune. The HPI of 50 cities, based on the assessed value of properties collected from banks and housing finance companies, showed an annual growth of 4.8 per cent during the first quarter of 2023-24. The figure was seven per cent a year ago. During this period, the maximum increase of 20.1 per cent was in Gurugram, while the maximum decline was seen in Ludhiana (19.4 per cent).

Monthly installment on home loan increased by 20 percent in two years

According to a report, sales of mid-segment homes priced above Rs 50 lakh have increased. At the same time, it is being told that due to the increase in the interest rate on housing loan, the monthly installment of the customers buying property worth less than Rs 40 lakh has increased by 20 percent in the last two years. Real estate consultant Anarock has presented this assessment. According to Anarock, the Covid-19 pandemic has hit the affordable housing segment the most and has not recovered from the blow in the last two years.

Continuously increased interest on home loan

According to real estate consultants, the monthly installments of affordable home buyers have gone up by nearly 20 per cent in the last two years. Interest rates on home loans up to Rs 30 lakh have been variable, rising from 6.7 per cent in mid-2021 to around 9.15 per cent now. Prashant Thakur, head of research at Anarock, said that the customers who took home loans were paying monthly installments of around Rs 22,700 in July 2021. They are now paying around Rs 27,300. In this way, his installment has increased by Rs 4,600 per month. Due to a 20 percent jump in the monthly installment, the total interest payable on the loan increased by about Rs 11 lakh. It was around Rs 24.5 lakh in 2021, which is Rs 35.5 lakh today. He said that the total interest payable on a loan of Rs 30 lakh over a period of 20 years has already exceeded the original loan amount. Anarock said that the share of affordable homes in total home sales has also come down to 20 per cent in the first half of the year 2023. The share of this segment in seven major cities of the country came down to 18 per cent in the first half as against 23 per cent in the same period last year.

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