Government Introduces No Home Loan Interest Scheme for Buying Property in Cities

03 Sep, 2023 Author: Ayushee Joshi

If you ever want to buy your own house in the big cities, but are stopped by the hefty interest on loans, worry not, homebuyers will be much relieved by the Central Government’s big gift to the people. According to Union Housing and Urban Affairs Minister Hardeep Singh Puri, those who want to purchase homes in cities won’t have to pay interest on their home loans anymore. You read it right. This scheme will be implemented by the central government from September.

0% Interest on Home Loans

The government is working on a new scheme that would enable urban families who desire their own homes to get loans from the government at reasonable interest rates. Minister for Housing and Urban Affairs of the Union Hardeep Singh Puri has stated that the parameters of a new program will be introduced the following month, in September. In his 77th Independence Day Speech at Red Fort, Prime Minister Narendra Modi announced that under the plan, such middle-class families residing in cities who do not own a home can now easily purchase one. Along with this, people will simply have to pay the loan amount and no interest.