National Housing Bank provides $463 million subsidy to low income home buyers

The National Housing Bank (NHB) said on Wednesday that it had provided an interest subsidy of 32.70 billion rupees ($463.3 million) to more than 143,000 households up to Nov. 28 this year.

The subsidy, which was given for the first five months of 2018-2019 financial year, is part of a government initiative aimed at offering affordable mortgage loans to middle and lower income groups, including economically weaker sections.

NHB is an agency that implements credit-linked subsidy scheme, a government initiative aimed at providing "housing for all", which is known as the Pradhan Mantri Awas Yojana.

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NHB, which is wholly-owned by the Reserve Bank of India, follows July-June period as its fiscal year.
($1 = 70.5800 Indian rupees)