The Urban Development Minister Venkkaiah Naidu announced on Wednesday that the interest rates on home loans will be reduced. He marked by saying-“We will intervene and bring down the interest rates for housing a little. That will be my priority”.
Soon after Naidu took the responsibility of the bureau on Wednesday made a statement clearing that there is an immediate necessity to reduce the rate of interest for the housing segment as it is the stable way to achieve housing for all.
The reporters were informed that Naidu took the housing as a top priority area and also said that the matter will undergo a discussion with the finance minister (Arun Jaitley).
He also mentioned that throughout the National Democratic Alliance rule under Mr. Atal Bihari Vajpayee the housing was on topmost priority. During that course of time the housing interest rate was reduced from a straight figure of 11 to 7 percent.
According to the current panorama of the housing segment in the real estate sector the housing interest rates have gone up nearly 10 to 11 percent.
He also made it very clear that the goal of achieving housing for all which is targeted by 2020 is achievable only when there is a fair reduction in the interest rate of the houses under this segment. He also marked that there is a serious need of interest intrusion.
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