Are you looking for home loan under Modi government housing subsidy scheme? If yes, then its a good news for you because, Central government has declared even more subsidy in home loan interest rates under Pradhan Mantri Awas Yojana. Narendra Modi, the Prime Minister of India, announced the interest subsidy on housing loans taken under Pradhan Mantri Awas Yojana on 31 Dec 2016.
The amount under the Pradhan Mantri Awas Yojana Home Loan Scheme has been increased by double to 12 lakh and interest subsidy rate for the amount would be upto 4%. New interest rates / revised interest rates comparison with earlier PMAY is scheme is given below.
The increase loan amount under PM Awas Yojana will affect the monthly installment which would be reduced. In the started of the scheme, central government offered 6.5% subsidy on the loan up to Rs. 6 lakh while now, 4% subsidy on loans up to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh is being provided to the beneficiaries of the scheme.
The applicants can avail the loan under PMAY for maximum tenure of 20 year while earlier, the loan period was only 15 years. Apart from this, the government has also introduced two new middle income group categories under PMAY home loan scheme.
Home loans are available from banks and non banking financing companies at the present interest rates of about 9%. And after availing the benefits of Home Loan under PM Awas Yojana, the interest rate would be fall to 5% due to the effect of interest subvention of the scheme. It also reduces the EMIs of home loan.
Similarly, you will save Rs 2,044 in monthly EMI if you take a loan of Rs 12 lakh. This would be result due to subvention of 3 per cent lower interest rate.
Online Applications for Pradhan Mantri Awas Yojana – Urban are being invited through CSC’s and official website at pmaymis.gov.in.
Under Pradhan Mantri Awas Yojana - Gramin, the central government is providing, interest subsidy of 3% on home loans taken in 2017 for renovation and new home construction.
In Hindi -प्रधानमंत्री आवास योजना – होम लोन ब्याज दरों पर सब्सिडी 2017
The amount under the Pradhan Mantri Awas Yojana Home Loan Scheme has been increased by double to 12 lakh and interest subsidy rate for the amount would be upto 4%. New interest rates / revised interest rates comparison with earlier PMAY is scheme is given below.
PMAY Home Loans Interest Rates/Subsidy for 2017
Subsidies Explained | Earlier Scheme (2015) – CLSS for EWS/LIG | Revised Scheme (2017) – CLSS for MIG | |
---|---|---|---|
Loan Amount | Up to Rs. 6 Lakh | Up to Rs. 9 Lakh | Up to Rs. 12 Lakh |
Eligibility Criteria | EWS (Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh per annum). Women to be the co-owner along with the beneficiary. | MIG 1 – Up to Rs. 12 Lakh per annum | MIG 2 – Up to Rs. 18 Lakh per annum |
Subsidy Calculation for a loan tenure of up to 15 years | 6.5% | 4% | 3% |
Subsidy Amount | Rs. 2.2 Lakh for a loan of 6 lakh | Rs. 2.35 Lakh for a loan of Rs 9 Lakh | Rs. 2.3 Lakh for a loan of Rs. 12 Lakh |
Interest Rates and Subsidy | |||
Interest Rate | 10.5% | 8.5% | |
Loan Amount | Rs. 12 Lakh | Rs. 9 Lakh or More | Rs. 12 Lakh or More |
Amount Eligible for Subsidy | Rs. 6 Lakh | Rs. 9 Lakh | Rs. 12 Lakh |
Subsidy Rate | 6.5% | 4% | 3% |
Subsidy Amount | 2.2 Lakh | 2.35 Lakh | 2.3 Lakh |
The increase loan amount under PM Awas Yojana will affect the monthly installment which would be reduced. In the started of the scheme, central government offered 6.5% subsidy on the loan up to Rs. 6 lakh while now, 4% subsidy on loans up to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh is being provided to the beneficiaries of the scheme.
The applicants can avail the loan under PMAY for maximum tenure of 20 year while earlier, the loan period was only 15 years. Apart from this, the government has also introduced two new middle income group categories under PMAY home loan scheme.
Home loans are available from banks and non banking financing companies at the present interest rates of about 9%. And after availing the benefits of Home Loan under PM Awas Yojana, the interest rate would be fall to 5% due to the effect of interest subvention of the scheme. It also reduces the EMIs of home loan.
PMAY Home Loan Interest Rate Calculation
For example, if any individual opt a loan of Rs. 9 lakh for 15 years, 4% lower interest rate would save him Rs. 2,011 in EMI every month. As a result, the monthly EMI would be of Rs 9,128 while he/she will have to Rs 7,117 after interest subvention.Similarly, you will save Rs 2,044 in monthly EMI if you take a loan of Rs 12 lakh. This would be result due to subvention of 3 per cent lower interest rate.
Online Applications for Pradhan Mantri Awas Yojana – Urban are being invited through CSC’s and official website at pmaymis.gov.in.
Under Pradhan Mantri Awas Yojana - Gramin, the central government is providing, interest subsidy of 3% on home loans taken in 2017 for renovation and new home construction.
In Hindi -प्रधानमंत्री आवास योजना – होम लोन ब्याज दरों पर सब्सिडी 2017
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