Indo Asian News Service | Updated On: May 28, 2014 14:10 (IST) | NDTV Profit
The government will reduce interest rates on home loans, Urban Development Minister Venkaiah Naidu said on Wednesday.
Soon after taking charge of the ministry, Mr Naidu said that interest rate reduction is necessary if housing for all has to be achieved.
“Housing is our top priority area and I will be taking up this matter with my colleague (Arun Jaitley) who is the finance minister,” he told reporters.
“We will intervene and bring down the interest rates for housing a little. That will be my priority.”
During the previous National Democratic Alliance (NDA) rule under Atal Bihari Vajpayee housing was top priority, Mr Naidu pointed out.
“Then the interest rate was reduced from 11 percent to 7 percent,” he said.
“Today again the interest rate for housing has gone up to 10-11 percent.”
“If you want to achieve housing for all by 2020, you need to have interest reduction, you need to have interest invention,” he said.
Source : http://goo.gl/84Vsrj