Subsidies for the First Time Home Buyers

subsidies-for-the-first-time-home-buyers
Feb 10, 2017 Share

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.

Share Your Comment 0 Comments

Investment Opportunities

  • 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...
  • Duville Riverdale Heights, by Duville Estates, presents an array of 1 bhk & 2 bhk new launch flats at Kharadi, Pune. An ideal...
  • Vascon and Clover Builders brings to you Forest County spacious 2 bhk and 3 bhk new launching apartments in Kharadi, An 18 acres l...
  • 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...
  • ₹ 62.6 L - ₹ 98.06 L
    geras-misty-waters
    Overview Gera’s Misty Waters by Gera Developments Pvt. Ltd., is a residential venture that consists of 2 BHK and 2.5 BHK...
  • 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...
  • ₹ 66.72 L - ₹ 73.27 L
    nyati-elysia-ii
    Overview Nyati Elysia II, a presidential project by Nyati Group offes 2 BHK premium homes in Kharadi, Pune. Experience the harm...
  • 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...