In order to extend the benefits of the interest subsidy under the Pradhan Mantri Awaas Yojana to more and more home buyers, the scope of it in terms of the properties' location such as in villages, special development authorities and industrial belts.
The scheme shall also be extended to coastal cities which fall under port development authorities.
The development is likely to be effected as many loan applicants have been turned down after the property they have sought out loan for has been under question.
At present the benefit under the PMAY is extended to home buyers making their first house purchase in urban areas. For loan amount upto Rs. 9 lakh, individuals earning income in the range of Rs. 6 lakh and Rs. 12 lakh will be eligible for an interest subsidy of 4% while those earning between Rs. 12 lakh and Rs. 18 lakh can avail subsidy of 3%.
The scheme is aimed at boosting investment in the real estate sector by all those earning a substantial income.