PMAY: Government will now get a loan for a big house, get 2.3 lakh subsidy
The Central Government will now provide a loan for a larger house under the PM housing scheme. Not only this, the government itself will also get the subsidy of 2.3 lakhs on this loan amount.
Those who live in non metro cities get benefit
If your annual income is more than Rs 18 lakhs, then you can easily take loan for 2100 square feet 3/4 BHK flat. The Urban Development Ministry has given its approval to the proposal to increase the carpet area. With this, now people will be able to purchase a house of 33 percent larger size. The effect of this decision of the government will be to see the impact of non-metro cities. The prices of houses in major cities such as Delhi, Mumbai are similar to the same, so the prospect of getting the benefit here is very low.
Subsidy now comes in two categories
Now under PMAY, two categories get loan. The first category includes Rs 6 lakh to 12 lakh rupees and the second category includes Rs 12 lakh to 18 lakh rupees. First, where the house of 120 sq m was found in the first category, which has been increased to 160 square meters (1722 sq ft). On the other hand, the first 150 square meter house was available in the second category, which has been increased to 200 square meters (2153 sq feet).
Will get loan
Where the annual income of a person purchasing a home is less than six lakh rupees, then interest of loans up to Rs 6 lakh will be given at 6.5 per cent subsidy. Whatever the amount of loan, the subsidy will be available only on the principal up to Rs. 6 lakhs, no more than the amount.
Suppose you have taken a loan of Rs 20 lakh, then interest rate of 9 per cent will be Rs 14 lakh and interest will be charged at 2.5 per cent for the remaining Rs 6 lakh.
This subsidy will be available at home loan of Rs 9 lakh on the amount of Rs 12 lakh
If you have 12 lakh rupees annually and if you take home loan through this scheme, then the government will give you 4 percent subsidy on interest. Those earning up to 18 lakhs will get 3 per cent subsidy on home loans upto Rs 12 lakhs.
On the 20-year loan, there will be a profit of 2 lakh 40 thousand rupees and the monthly installment of loan repayment will be less than Rs. 2,200. Under this scheme, the subsidy on home loan interest is in addition to the income tax exemption. If you earn more than Rs 10 lakh annually, you can benefit from a home loan (by adding subsidy on interest and income tax deduction) to 61,800 rupees annually.
Everybody will dream of giving home with private builders
The Central Government is currently completing the dream of PM Narendra Modi giving home to everyone by 2020. For this, the Central Government is working closely with the Association of Private Builders. This move of the government has also created great hopes in the real estate sector.
Everyone will get home in next four years
Speaking to Amarujala.com, Chairman of CREDAI, Gitanambar said that two lakh houses will be ready in the next four years. By joining the government, we will give the house to all the people who have applied under the PM Housing Scheme or EWS quota. Under this scheme, 643 square feet carpet area will be available which will be equal to 900 square feet built up area.
Nodal agency will be able to get cheap house
Anand said that Kreidai will come forward with this plan to realize this plan. Credai is playing the role of Nodal Agency for this. It will house people between Rs 12 lakh and Rs 35 lakh. A senior official associated with the Urban Housing Ministry said that the government intends to take help of builders engaged in the real estate sector because they can help in delivering this dream of PM.