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PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL

PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL

Government of India Comes up with very good news for those whose yearly income is below There is a very good news for the home seekers, central government has announced even more subsidy in home loan interest rates under Pradhan lacs and want to Buy own home first time. Pradhan Mantri Awas Yojana is launched by our honorable 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.this is really good news related housing loan subsidy scheme.

The amount of home loan under the scheme is upto 12 Lacs and the interest subsidy will be up to 4%.

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 under PMVY are available from nationalized 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 you takes loan of Rs 9 lakh for a 15 years under pradhan mantri aavas yojana , 4% lower interest rate would save you Rs. 2,011 in EMI every month as EMI will come down from Rs 9,128 to Rs 7,117 , that’s a real benefits of PMVY . 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.

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PMAY CLSS Home Loan Helpline

The home loans subsidy under CLSS scheme of PMAY will be processed through the Central Nodal Agencies. Below are the contact & helpline details of the CNA’s
National Housing Bank (wholly owned by Reserve Bank of India)
Core 5-A, India Habitat Centre, Lodhi Road, New Delhi 110 003
CLSS Tollfree No: 1800-11-3377; 1800-11-3388
E-mail: clssim@nhb.org.in

Housing and Urban Development Corporation Ltd. (A Govt. of India Enterprise)
Core 7-A, India Habitat Centre, Lodhi Road, New Delhi – 110 003
CLSS Tollfree No: 1800-11-6163
E-Mail: hudconiwas@hudco.org

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