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

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.

Share Your Comment 0 Comments

Investment Opportunities

  • ₹ 66.72 L - ₹ 73.27 L
    nyati-elysia-ii
    Nyati Elysia II, New launch residential project at Kharadi, Pune. Developed by Nyati Group offering 2 BHK flats in Kharadi Pune. T...
  • Vascon and Clover Builders brings to you Forest County spacious 2 bhk and 3 bhk new launching apartments in Kharadi, An 18 acres l...
  • Duville Riverdale Heights, by Duville Estates, presents an array of 1 bhk & 2 bhk new launch flats at Kharadi, Pune. An ideal...
  • Price on Request
    purva-silversands
    Purvankara presents Purva Silversands 1, 2, 3 and 4 bhk apartments project in Keshav nagar, Pune which is a project spread across...
  • ₹ 65 L - ₹ 85 L
    godrej-rejuve
    Godrej Properties Launching Pune’s first community dedicated to Healthy living, Godrej Rejuve at Keshavnagar. A remarkable p...
  • Price on Request
    vascon-forest-edge
    Vascon Forest Edge developed by the Vascon Group, the under construction residential apartments in kharadi with wide range of amen...
  • Price on Request
    goel-ganga-platino-iii
    Ganga Platino III , by Goel Ganga Developments presenting premium 2 & 3 BHK XL Residences in Kharadi, Pune. Luxurious livin...
  • ₹ 62.6 L - ₹ 98.06 L
    geras-misty-waters
  • Price on Request
    forest-county
    Vascon and Clover Builders brings to you Forest County 2 bhk and 3.5 bhk under construction apartments in kharadi, An 18 acres lu...
Disclaimer - The particulars contained on the mentions details of the Projects/developments undertaken by the Company including depicting banners/posters of the Project. The contents are being modified in terms of the stipulations / recommendations under the Real Estate Regulation Act, 2016 and Rules made thereunder ("RERA") and accordingly may not be fully in line thereof as of date. You are therefore required to verify all the details, including area, amenities, services, terms of sales and payments and other relevant terms independently. FourrWalls does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the information contained herein. You are advised to conduct an independent verification before entering into any transaction.
Read More...