Mon, Jan 16, 2017 | updated 04:26 PM IST

PM Modi announces exemptions on home loan interest under Pradhan Mantri Awas Yojna

Updated: Dec 31, 2016 20:48 IST

New Delhi [India], Dec. 31 (ANI): Prime Minister Narendra Modi on Saturday announced the exemptions on interest would be given to the poor and middle class on home loans under the 'Pradhan Mantri Awas Yojna' (PMAY).

"In 2017, poor and middle class people will get four percent exemption on interest, on home loans of upto Rs. 9 lakh and three percent exemption on interest, on home loans of upto Rs. 12 lakh under the Pradhan Mantri Awas Yojna," Prime Minister Modi said in a 43-minute address to the nation.

"The government is introducing some new schemes for the country. Many of India's poor don't have homes even now. Homes have gone out of the reach of even the middle class. We have taken some decisions," he added.

Saturday's address to the nation came a day after the expiry of 50-day deadline set by the government for people to deposit old high-value currency notes in banks and post offices.

This was Prime Minister Modi's second address to the nation. The first was on November 8 when he announced the scrapping of Rs. 1,000 and Rs. 500 notes.(ANI)