Sunday, June 26News That Matters

You Will Get 2.67 Lakh Subsidy On Home Loan In Pradhanmantri Aavas Yojana(PMAY)

You Will Get 2.67 Lakh Subsidy On Home Loan In Pradhanmantri Aavas Yojana(PMAY):

Hello friends, today’s article about your dream ,the drean that everyone see for his or her life “A DREAM HOME”.Not only the rich, but every poor man dreams of his own home. Pradhan Mantri Awas Yojana (PMAY) is proving to be very effective in realizing the dreams of economically weaker sections of the people. In this case, if one is dreaming of building one’s own dream home for the first time, you too can take advantage of the Pradhan Mantri Awas Yojana. Under the scheme, the government is also providing home loan subsidy to home buyers. The Central Government has extended the Credit Linked Subsidy Scheme (CLSS) under PM Awas Yojana till March 31, 2021. In that case, if you also want to get a home loan subsidy, you can take advantage of this plan. However it also has some conditions.

These conditions are necessary to get the subsidy:
For those who want to take advantage of the PM Awas Yojana and are looking to save on a home loan, it is a must have. If you want to apply for this scheme, your annual income should be between 6 lakhs and 18 lakhs only. Under this scheme, first time home buyers get a subsidy on home loan interest. The subsidy available on home loans is a maximum of Rs. 2.67 lakh. There are a few things you need to know to get a PMAY subsidy.

Learn how to get a subsidy:
Credit-linked subsidy of 6.5 per cent is available only for loans up to Rs 6 lakh. Those with an annual income of Rs 12 lakh get a 4 per cent interest subsidy on a home loan of Rs 9 lakh. People with an annual income of Rs 18 lakh get 3% subsidy on a loan of Rs 12 lakh. In all, the loan term is 20 years. Interest is to be paid at the prevailing rate on loans in excess of the subsidized loan amount.

Classes are determined according to income:

People with an annual income of Rs 3 lakh to Rs 6 lakh are kept in Economically Weak Section (EWS) and (LIG). Middle income group 1 (MIG1) with an annual income of 6 lakh to 12 lakh and middle income group 2 (MIG2) with an annual income of 12 to 18 lakh. Out of this scheme, Rs. A subsidy of Rs 2.67 lakh on a loan of Rs 6 lakh, while those with an annual income of Rs 12 lakh are getting a subsidy of Rs 2.35 lakh on a loan of up to Rs 9 lakh. Under this scheme, loans up to Rs. 12 lakhs are given to people with an annual income of Rs. 18 lakhs.

Government subsidy in percentage:
6.5 per cent credit linked subsidy is available only on loans up to Rs 6 lakh.

Annually Rs. People earning up to Rs 12 lakh Loans up to Rs 9 lakh (PMAY) can avail of 4% interest subsidy.

Similarly, the annual Rs. People earning up to Rs 18 lakh 3% interest subsidy on loans up to 12 lakh (PMAY).

Any loan other than this amount will be treated as a normal loan and interest will generally be payable. The maximum loan term in all slabs will be 20 years.

Amount of government subsidy in PMAY:
The interest subsidy in PMAY will not be the difference between the amount of interest (actual and received subsidy). This will be the net present value (NPV or NPV) of the interest subsidy amount. It will be calculated at a discount of nine per cent.

To calculate the NPV of the subsidy, you need to consider the amount paid for the loan and the amount of interest in each monthly installment.

The amount of subsidy in PMAY reduces the amount of your loan and thus reduces the interest burden on you. Understand how an interest subsidy is calculated and how it will be applied to your loan

 Let’s assume that a person’s income is Rs. 6 lakh.

(Maximum loan amount Rs. 6 lakhs: Subsidy: 6.5%)

Actual loan amount: Rs. 6 lakh

Interest rate: 9 percent

Monthly installment: Rs. 5,398

Total interest in 20 years: Rs. 6.95 lakhs

As per 6.5 per cent subsidy, after interest subsidy, your NPV will be Rs. Will be 2,67,000.

The government is giving this interest subsidy to the people in PMAY. Accordingly, your loan is actually Rs. 6 lakh instead of Rs. Becomes 333,000.

Apply this way to avail the benefits of PM Awas Yojana
To avail the Pradhan Mantri Awas Yojana, you must first log on to the Official Website  If you fall into the LIG, MIG or EWS category then click on the other 3 components. Enter the base number in the first column here. In the second column, enter your name as shown in the base. After this, on the page that opens, give you full personal details like name, address, information about family members. With that, click on a box at the bottom that says you certify the accuracy of this information. Once you have submitted all the details, you will need to enter the captcha code here.

Note:

PMAY cannot be availed if there is a pucca house in the name of you, your spouse or child anywhere in the country.

 590 total views