With the Government coming with new subsidies for the home buyers, it has spurred the real estate market to a significant extent. The chunks will be effective for a term of up to 20 years instead of 15 years as it was before. Although there are different rates announced for the subsidies, still this emphatic move is expected to be nothing but a gala news for the home buyers.
As per the new announcement, the buyers having an income of up to 18 Lakh per year will get a subsidy of about Rs 2.4 Lakh on buying their first home. At present, the subvention is valid only for those earning 6 Lakh per annum and the new subsidies are yet to be implemented. And, once these new subsidies are put into action, the government is expecting the buyers to achieve housing by 2022. When the charm over SBI home loan of up to 75 Lakh being available at 8.6% instead of 9.1% has not waned yet, the new commencement of these subsidies has really turned out to be a toast for the home buyers.
The declaration states that people earning less than 6 Lakh a year will enjoy a subvention of 6.5 percentages on the principal amount of 6 Lakh. Also, any sum borrowed at an interest of 9% will have to be allied with an interest rate of 2.5% on the principal, while the rest will be levied on the remainder.
On the other hand, people having an income of up to 12 Lakh per annum will get an interest grant of 4 percentages points on the principal amount 9 Lakh, while the people belonging to the highest income category and earning up to 18 Lakh per year will get a subvention of 3 percentage points. Also, the people being in a home loan tenure of over 20 years can enjoy a reduction of 2.4 Lakh on their first buy and a monthly deduction of interest up to Rs. 2200/-. HUDCO and National Housing Bank (NHB) are to implement the schemes which are expected to bring in a huge relief to the home buyers.