Monday, Nov 24, 2003
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By Our Staff Reporter
Disclosing the decision taken by the board of directors of the HUDCO in this regard last week, the Union Minister of State for Urban Development, B. Dattatreya, told reporters here on Sunday that the rate of interest in respect of economically weaker sections housing, low cost sanitation, Valmiki Ambedkar Awas Yojana (VAMBAY) and Integrated Development of Small and Marginal Towns has come down from 9.25 to 8 per cent.
The same holds good in the case of individual housing under HUDCO Niwas scheme. The loanees under the scheme can repay the principal amount in 25 years at 8.25 per cent interest.
Mr. Dattatreya also said that the loans borrowed by Government and semi-Government institutions for infrastructure development like laying roads, construction of parks and implementing drinking water, sewerage and drainage schemes, which were charged at 9.5 to 10 per cent interest, are now rated at 8.5 to 9 per cent.
The rate has come down from 9.5 to 8 per cent in the case of the `two million housing scheme' of the Central Government which envisages construction of 20 lakh houses throughout the country every year.
The Minister said the loans already borrowed would be treated under the current package.
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