PM Modi announces new housing schemes

NEW DELHI: Prime Minister Narendra Modi on Saturday announced that the government would give the rebate of three and four percent on interest rates to the people who seek loans to build their houses in 2017. "To make the people of the middle class and the poor to buy or build their homes, the government has brought to schemes under the Pradhan Mantri Awas Yojana," Modi said in his address to the nation on New Year's Eve. He said a concession of four per cent will be given to those take a loan of up to Rs 9 lakh and three percent on Rs 12 lakh. The Prime Minister also said that the government would also build 33 per cent more houses in the villages under the Pradhan Mantri Grameen Awas Yojana. Modi also said that those who want to modify their building or houses, would get three per cent concession on loan of upto Rs 2 lakh.