The government has formulated a scheme for providing interest subsidy on housing for the Urban poor. Under the scheme the poor sections of society will be able to get 5 per cent subsidy in the interest payment up to 1 lakh rupees for loans for construction of new house .Households with monthly income up to 33 hundred rupees under the Economic Weaker Section and income up to 73 hundred under the Lower Income Groups will be eligible for the benefit of this scheme. The loan can be taken from commercial banks and HUDCO. The loan repayment period will be in the range of 15 to 20 years. Preference will be given to scheduled cast and scheduled tribe people, Minorities, Persons with disabilities and women. According to an official release there will be no collateral security or third party guarantee for loans up to 1 lakh rupees.