Good news now under Pradhan Mantri Awas Yojana if you taking your first home under 20-year home loan than you can get benefit of 2.4 lakh. Pradhan Mamtri Awas Yojana is a ambitious housing scheme launched by our former prime minister – “Narendra Modi ji” with an aim to build up to 2 crore housing units for the needy people upto 2022.
Highlights of the news under Pradhan Mantri Awas Yojana
•Limit of subsidy on intrest of home loan expanded Under Pradhan Mantri Awas Yojana.
• Now People who are earning 18 lakh annual will also get benefit under Pradhan Mantri Awas Yojana Subsidy scheme .
• Government has distributed subsidies based on income of the individual fixed rate.
That means if your annual income is up to Rs 18 lakh and you are going to buy the first house you will benefit 2.4 million because the government will subsidize the interest on your home loan. Now just 6 lakh annual income of government subsidies only to those responding. Government to speed up the real estate market and by 2022 to meet the target of providing pucca houses to all subsidies made two slabs. Both slabs replace the existing 15-year home loans now will apply for a period of 20 years.
Prime Minister under Pradhan Mantri Awas Yojana (PMAY) announced the two subsidy schemes, Details of these schemes is as follows. Under the new scheme the subsidy rates has been divided as per the income of the indivisual. If your annual income is less than Rs 6 lakh to Rs 18 lakh than you will get loan interest subsidy at the rate of 6.5%.
Note that no matter the amount of your loan, the subsidy you will get up to Rs 6 lakh on the principal will not be more than that amount. If you have an interest rate of 9% to Rs 20 lakh to Rs 6 lakh home loan, you will pay interest at a rate of just 2.5%. The remaining 14 million will be paid interest at 9%.
- if you are earning 12 lakh , government will provide 4% subsidy under home loan of Rs 9 Lakh .
- if you are earning 18 lakh , government will provide 3% subsidy under home loan of Rs 12 Lakh.
- If you apply for loan at a interest of 9%, than from the subsidy of all three categories on home loan of Rs 20 lakh you will get a total benefit of Rs 2.4 lakh(Two lakh forty thousand rupees ) and repayment of the loan will reduce the monthly installment of Rs 2,200.
The good thing is that under the Prime Minister’s residence to get home loan interest subsidy is in addition to the income tax. If you earn more than Rs 10 lakh per annum on the total home loan (interest subsidies and tax exemptions res) could benefit up to Rs 61,800.