Government promises a house for all by 2022

Finance Minister Arun Jaitley while presenting the Union Budget in Parliament on Thursday said that the government is committed to have housing for all by 2022.

It extended additional tax incentive on home loans to encourage people, especially the young, to own houses.

The government has also proposed to set up a Mission on Low Cost Affordable Housing to be anchored in the National Housing Bank.

The Finance Minister informed the Lok Sabha that a sum of Rs 4,000 crore (Rs 40 billion) has been earmarked for National Housing Bank with a view to increase the flow of cheaper credit for affordable housing to the urban poor/EWS/LIG segment.

He added that government has already outlined some other incentives such as easier flow of foreign direct investment in this sector and is willing to examine other positive suggestions.

He also informed the inclusion of slum development in the list of corporate social responsibility activities to encourage the private sector to contribute more towards this activity.

Jaitley informed that the Rural Housing Scheme has benefited a large percentage of rural population who have availed credit through Rural Housing Fund.

In the light of the above, enhanced allocations to the tune of Rs 8,000 crore (Rs 80 billion) has been made for National Housing Bank for the year 2014-15 to expand a nd support Rural Housing in the country.

Text: PIB