Union Cabinet approved for launch of Housing for All by 2022 for urban areas. Central grant of Rs 1 lakh per house will be available under the slum rehabilitation programme. Interest subsidy of 6.5 percent on housing loans availed for 15 years will be provided. Central assistance at the rate of Rs 1.5 lakh per house will be provided under affordable housing. State Government or Housing Boards can take up project of affordable housing to avail the Central grant.
The scheme will cover entire urban area consisting of 4041 statutory towns with initial focus on 500 Class I cities and it will be implemented in three phases. Phase-I will cover 100 cities to be selected from States/UTs, phase – II will cover 200 cities and phase-III will cover remaining cities. Credit linked subsidy would be implemented in all towns from the beginning. The mission will provide technical and financial support in accordance with the guidelines to the States to meet the challenge of urban housing. The Mission will also develop a platform to obtain suggestions and inputs on house design, materials, technologies and other elements of urban housing.