On 17 June 2015, the Union government launched its ‘Housing for All by 2022’ mission and approved a substantial increase in interest relief on loan for the urban poor to promote affordable homes.
The Union Cabinet chaired by Prime Minister Narendra Modi accepted the recommendations of an Inter-Ministerial Committee to increase interest subvention to 6.5 per cent on housing loans to beneficiaries belonging to economic weaker section (EWS), including slum-dwellers and low income groups (LIGs).
The Cabinet’s decision benefits urban poor by an amount of ₹2.30 lakh each and as a result of this the monthly EMI would come down to ₹2,852 per month.
The Urban Housing Mission will be taken up in all the 4,041 cities and towns. Initially, focus would be on 500 cities and towns with a population of one lakh and above each, as they account for about 75 per cent of urban population.
Under the Housing Mission in urban areas, houses of up to 30 sq metre carpet area would be built with basic civic infrastructure like water, sewerage, roads, power and telephone lines and social infrastructure such as community centres, parks and play grounds, livelihood centres etc.
States/UTs have been given flexibility in this regard to make necessary changes as deemed appropriate by them in consultation with the Central Government.
Registration of houses built under the Mission would either be in the name of women or jointly in the name of wife and husband.