Prime Minister Modi Unveils Affordable Home Loan Scheme for Urban Renters

On Independence Day 2023, Prime Minister Narendra Modi made a significant announcement that has the potential to transform the lives of urban renters in India. The Prime Minister revealed a new scheme aimed at providing more accessible and cheaper home loans to individuals living in rented houses in cities.

Key Highlights of the Scheme

The scheme, which is set to be launched in September 2023, is designed to ease the financial burden on middle-class families residing in urban areas who aspire to own their own homes. Here are the key highlights of this groundbreaking initiative:

Launch Date Beneficiaries Objective
September 2023 Middle-class families living in rented houses Provide relief in bank loan interest for home ownership

Government’s Commitment to Middle-Class Families

During his Independence Day speech, Prime Minister Modi expressed empathy for middle-class families in urban areas who have long harbored the dream of owning their own homes. He stated, “Middle-class families are dreaming of their own house in cities. We will soon launch a scheme for them.”

“We have decided to give relief in bank loan interest by providing help of lakhs of rupees to families living in rented houses, unauthorized colonies, and shanties in cities, to build their own houses,”

With these words, the Prime Minister articulated the government’s commitment to making homeownership a reality for countless families currently residing in rented accommodations, unauthorized colonies, and shanty towns within cities.

Working Out the Details

While the scheme’s broad objectives have been outlined, Union Housing and Urban Affairs Ministry Secretary Manoj Joshi shared that the modalities of the program are still being worked out. This attention to detail demonstrates the government’s commitment to ensuring that the scheme is implemented effectively and efficiently.

Minister Puri’s Announcement

Addressing a press conference, Minister Hardeep Singh Puri confirmed the impending launch of the scheme in September 2023. He emphasized that the government aims to provide relief in interest on bank loans to make it more feasible for individuals and families to realize their dream of homeownership in urban areas.


Prime Minister Modi’s announcement of the new scheme for cheaper home loans in cities is a testament to the government’s dedication to improving the lives of middle-class families. By reducing the burden of bank loan interest, this initiative has the potential to empower countless urban renters to take a significant step towards fulfilling their homeownership aspirations.

As the scheme’s launch date approaches in September 2023, more details will undoubtedly emerge, providing greater clarity on how eligible individuals can benefit from this transformative program.

We will continue to monitor developments related to this scheme and provide updates as they become available.

(With Inputs From PTI)

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