There is a very good news for the home seekers, central
government has announced even more subsidy in home loan interest rates under
Pradhan Mantri Awas Yojana. Prime Minister Narendra Modi announced the interest
subsidy on housing loans taken under Pradhan Mantri Awas Yojana during his speech
to the nation on 31st December 2016.
The amount of home loan under the scheme has been increased
by double to 12 Lakh and the interest subsidy would now be up to 4%. Below is
the interest subsidy comparison of earlier PMAY scheme and revised scheme.
The increased loan amount under the PM Awas Yojana will
significantly reduce the monthly installments. The central government instead
of 6.5% subsidy on loans up to Rs. 6 Lakh, now providing 4% subsidy on loans up
to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh. The loans under PMAY can
be availed for a maximum tenure of 20 years (earlier 15). The government has
also introduced two new middle income group categories under the scheme.
At present, the home loans are available from banks and non
banking financing companies at interest rates of about 9%. After the interest
subvention of 4%, the effective interest rate would fall to 5% which will
result in significant reduction in EMI’s.
PMAY Home Loan Interest Rate Calculation
For example, if an individual takes loan of Rs 9 lakh for a
15 years, 4% lower interest rate would save him Rs. 2,011 in EMI every month as
his EMI will come down from Rs 9,128 to Rs 7,117. Similarly, on a loan of Rs 12
lakh will save Rs 2,044 in EMI on account of the 3 per cent lower interest
rate.
The central government is also providing interest subvention
of 3% on home loans taken in 2017 for new home construction or renovation under
PM Awas Yojana – Gramin. Find the complete details of PMAY-G home loan scheme
2017 announced by Narendra Modi.
No comments:
Post a Comment