Indian PM Unveils Schemes for Housing Loans, Farmers & Pregnant Women

• PM Modi also announced a slew of sops for the poor, middle-class, farmers and senior citizens.

Highlights of the schemes:

• Home loans for poor and middle class people up to Rs 9 lakh will get 4 per cent subvention on interest and up to Rs 12 lakh will get 3 per cent subvention.
• For home loan in villages upto Rs 2 lakh for home renovation, banks will give loan with 3 per cent subvention on interest rate.
• Banks have been asked to raise cash credit limit to small business to 25 per cent from 20 per cent.
• All pregnant women will get Rs 6,000 in their bank accounts in an attempt to reduce child and woman mortality.
• Government to pay interest for 60 days on loans taken by farmers for Rabi season from district cooperative banks and societies.
• Credit guarantee for small traders to be raised to Rs 2 crore from existing limit of Rs 1 crore.
• In the next 3 months, 3 crore Kisan credit cards will be converted to RuPay cards which will enable them to buy/sell directly through the card and there will be no need to rush to banks.
• For small entrepreneurs, credit guarantee raised from 1 crore to 2 crore.
• Loans by non-banking financial companies will also be covered in this.
• On digital transactions, their tax will be calculated at 6 per cent, not  8.
• Senior citizens will be assured 8 per cent interest on their deposits up to Rs. 7.5 lakh.
   

By: Vishal