Even after working day and night at office for many years if an individual is not able to buy his dream home then it shows either he has failed in his attempt or the government of India has failed to take up its responsibility to help its citizens in buying their dream homes. The recent announcement made by Pranab Mukherjee that the government of India would give 1 per cent subsidy on home loan interest rates for the first year has dawn many complaints. This plan is valid only for home loans which cost between Rs. 10 lakh and Rs. 20 lakh.

This home loan subsidy scheme attracts individuals belonging to the lower and mid-income groups. Moreover, this scheme will hardly be accessed by the working people in tier I cities: Delhi, Mumbai and Bangalore. The reason is that houses costing within the range of Rs. 10 lakh-20 lakh are not available in such renowned metropolitan cities.

Property critics are even commenting that even it is quite difficult to buy homes with this piece tag in tier II cities like Jaipur, Indore, Pune, Hyderabad and Chennai. Rs. 20 lakh house unit is only available in tier III cities and smaller towns. In most of the metropolitan cities the realty companies only develop luxury apartments which are focused on the individuals with higher annual income. Talking on the announcement made by the Govt of India it does not seem that it will solve the housing problems faced by a majority of Indians.

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