Middle Income Groups are to Avail Preferences in Home Loan EMIs under Pradhan Mantri Awas Yojna

Apr 04, 2017 Share

With the Prime Minister Narendra Modi coming up with a new set of EMI guidelines for the middle income groups, the home buyers have now seemed to find a new ray of hope to boost their cause. Under the norms of Pradhan Mantri Awas Yojna, people having an annual income of above Rs. 6 Lakh and Rs. 18 Lakh are now entitled for certain interest subsidy for their first home buy.

 When the scheme has been named as Credit Linked Subsidy Scheme for the Middle Income Groups, some eligibility criteria have also been decided for them to avail the right cause for the right reason. As for instance, when the people looking for new flats in Pune and having approved house loans can be eligible for the scheme, the home buyers taking a loan of up to Rs 9 Lakhs and having an annual revenue of Rs 12 Lakh can be entitled for an interest subsidy of four percent on the loan. Also, the people having a profit of Rs 18 Lakh per year can be qualified for a three percent subsidy on a loan amount of up to Rs 12 Lakh.

The scheme which was earlier declared by Narendra Modi in the new year’s eve is now finally going to be implemented. All the unsanctioned home loans are now under consideration since 1st January and now permitted for certain interest subsidy under the norms of Credit Linked Subsidy Scheme. Nevertheless, the norm is only applicable for those beneficiaries who don’t own a property in his/her name. Also, the total term of the loan has been specified to be maximum twenty years. The entire subvention accumulating on the loans will be remunerated to the legatees at the same time, thereby trimming down their burden of EMI.

Moreover, the total subsidy comes around Rs. 2.30 Lakh on Rs. 9 Lakh to Rs. 12 Lakh. At a deduction rate of 9 per cent, the value of the interest subsidy will be offered to the heritors over the term of  20 year loan.

However, women are now supposed to get extra preference, which has made them elate over the source yet more. From the single working women and widows to the persons belonging to several backward classes and transgender race, everyone will be granted some special preference except for the normal principles announced in the scheme. Added to this, HUDCO and NHB will give the interest subsidy back to the lenders, thereby charging no extra processing fee from them. Last but not the least; several financial companies like commercial banks, regional rural banks, urban cooperative banks can also help the middle income people borrow under this scheme.

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