Maharashtra government working on below 6% Rate of interest Home loans under Housing for all by 2020 Scheme. 6% interest rate scheme come under Subsidy scheme which is available for only lower class families only.
According to state govt senior officials, rate will be between 5.6% – 6.00% on certain portion of the total loan amount.
As per reports, in this scheme, banks to provide the loan at lower interest rate to borrowers who are not be able to pay high loan EMI & Rent. Govt may create a separate corpus or may ask the banks to provide loans and the subsidised amount will be paid to them. For this scheme govt have to seek permission from the central bank to disburse loan at lower interest rate.
On the other side, SBI welcomed the Government move for this scheme. It helps the lower income group people for affordable housing.