Friday, 6 January 2017

Get upto Rs. 12 Lakh Home Loan Under PM Awas Yojana Urban

New Slabs for home loan under Pradhan Mantri Awas Yojana has been for providing affordable houses to middle income group and lower income group and weaker sections of the society. Prime Minister Narendra Modi had on Saturday doubled the quantum of loan amount that can qualify for interest benefit under the Pradhan Mantri Awas Yojana (PMAY) for Urban areas in 2017.

In addition to this, he also announced a 3 per cent interest subvention for loans of up to Rs 2 lakh in the rural areas, taken for either new home or extention of housing.

The plan, at first propelled by the Prime Minister in June 2015 to give 'Housing for All by 2022', offered recipients an intrigue appropriation at the rate of 6.5 for every penny for an advance measure of up to Rs 6 lakh. The extent of the plan has now been upgraded to credits of up to Rs 12 lakh with intrigue subvention of up to 4 for each penny.

“Two new center salary classifications have been made under the Pradhan Mantri Awaas Yojana in urban territories. Advances of up to Rs 9 lakh taken in 2017, will get intrigue subvention of 4 for each penny. Credits of up to Rs 12 lakh taken in 2017, will get intrigue subvention of 3 for every penny," the Prime Minister said in his discourse on Saturday. He additionally included that for the provincial regions, "Credits of up to Rs 2 lakh taken in 2017, for new lodging, or expansion of lodging in rustic regions, will get an intrigue subvention of 3 for every penny."

While the financing cost on home advances presently remains at around 9 for each penny, an intrigue sponsorship of 4 for every penny on credits of up to Rs 9 lakh implies the compelling rate of intrigue would be 5 for every penny and, in this manner, significant reserve funds on EMI for people. Illustratively: An individual taking a 15-year credit of Rs 9 lakh would spare Rs 2,011 in EMI consistently by virtue of 4 for each penny bring down financing cost as his EMI will descend from Rs 9,128 to Rs 7,117. So also, an individual taking a credit of Rs 12 lakh under the plan will spare Rs 2,044 in EMI by virtue of the 3 for each penny bring down financing cost.
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