A bill aimed at guaranteeing housing for low-income families has been registered in parliament, proposing access to homes through subsidised loans.
Under the proposal, eligible citizens would make an initial advance payment of Rs 500,000, followed by monthly instalments of Rs 11,000 for a period of up to 15 years.
Proposed housing loan terms
The bill sets out a payment arrangement intended to make home access more affordable for low-income families. Its proposed terms include:
- An initial advance payment of Rs 500,000
- Monthly instalments of Rs 11,000
- A repayment period of up to 15 years
The measures are proposals in a bill registered in parliament.
Separate legislation also in preparation
The government is also preparing new legislation that would provide advance payment and simplified instalment facilities for home construction.
