Nowadays every person needs a house in the urban and rural area. To make this dream come true, some plans in the Budget were presented recently under Union Budget 2017. These schemes were introduced by the central government, Here in this article I am going to tell you how can you get benefit under these schemes, what is the condition and direction of these schemes in addition.
This will give all answers of your questions.
• 18 million limit applies to the entire family income. Accordingly, the members of each income earner in the household will be added. Gross income will be counted in terms of earnings. You and your family throughout the year, which means it will count earnings.
• Government subsidies now only an annual income of up to Rs 6 lakh only to those responding. The limit is also raised in union budget.
• Government subsidies have created two slabs. Both slabs replace the existing 15-year home loans up to now the 20-year period will apply.
• Prime Minister Housing Scheme (PMAY) two subsidy schemes under the new scheme based on their income home buyers subsidy rate.
• If the annual income is less than Rs 6 lakh than up to Rs 6 lakh loan interest subsidy at the rate of 6.5%.
• How have the loan amount, the interest on the principal amount of the subsidy to Rs 6 lakh will not have more money?
• For example, if 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%. Rs 14 lakh will have to pay interest on the remaining 9%.
• Similarly, If you have an annual income of Rs 12 lakh than Rs 9 lakh as interest you can get home loans up to Rs 18 lakh, while the government would provide a subsidy of up to 4% of those with an annual income of Rs 12 lakh home loan at 3% interest the exemption.
• If you take the loan at an interest rate subsidy of 9% than of up to 20 years loan under three different category you will get a general benefit of Rs 2 lakh 40 thousand and repayment of the loan will reduce the monthly installment of Rs 2,200. The good thing is that under the Prime Minister’s Housing scheme 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.
Benefits of Buying Your First Home
Government is planning to provide affordable housing for the last 2 years has been working on creating an atmosphere. Cheap loan scheme shall come into force on 1 January 2017.