NHB, the National Housing Bank recently said that they have provided an interest subsidy of 32.70 billion rupees that sums upto $463.3 million to more than 143,000 householders till Nov. 28 this year.
The subsidy is sanctioned for the first five months of the current fiscal year i.e. 2018-19 and is a part of PMAY [Pradhan Mantri Aawas Yojna] Scheme. This scheme was introduced by Narendra Modi-led Union Government in the year 2015 with the aim to offer housing units to people falling under economically weaker section and low-income group at an affordable price.
The national housing bank is responsible for the implementation of the Pradhan Mantri Aawas Yojna which is also popular amongst the aspiring home buyer with the name of CLSS [Credit-linked Subsidy Scheme], a Center –government initiative with the aim to offer housing for all by 2022.
Earlier this year, the head of NHB [National Housing Board] met with all leading developers and discussed ways to boost rural housing segment.
The Indian real estate market is captured by the top housing finance companies [HFC] as they hold nearly 90% of the market and thus talked with Dakshita Das, Additional Secretary, Finance. She is also the interim Managing Director and Chief Executive of the National Housing board and the meeting was called to discuss the challenges in rural housing and how demand can be boosted in this segment of the market.
Owned by the Reserve Bank of India, the National Housing Bank [NHB] stands responsible to administer the Indian housing finance companies.