FPCE Calls for Home Loan Interest Subsidy in Government Budget

The Forum For People's Collective Efforts (FPCE) urged the government to provide an interest subsidy on home loans for affordable and mid-income housing in the upcoming budget. This initiative aims to bridge the gap in housing for the middle class and stimulate demand for non-luxury developments.

The Forum For People's Collective Efforts (FPCE) has called on the government to include an interest subsidy on home loans for affordable and mid-income housing in the forthcoming budget.

FPCE President Abhay Upadhyay emphasized the need to refocus on affordable and mid-segment housing, as the real estate sector increasingly favors luxury housing, creating an imbalance. The FPCE suggests that government subsidies should incentivize timely EMI payments and include clear guidelines defining what constitutes affordable and mid-segment housing.

The FPCE also recommends developing these housing projects in semi-urban areas to alleviate congestion in major cities and towns. Additionally, the association has asked for a reduction in the tax burden on Resident Welfare Associations (RWAs).

(With inputs from agencies.)