Govt working on credit guarantee for urban poor

The government is likely to announce a slew of measures to enable the urban poor fulfill their dream of owning a house.

In the Budget 2013, the government may broad base its 5 per cent interest subsidy scheme on home loans by hiking the loan size, said top officials. Also, the Cabinet is likely to approve a proposal by month-end where the government will step in as guarantor for home loans up to Rs 5 lakh for urban poor.

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