Loans

How Pmay Can Get You Your Dream Home

0 8

Owning a home of your own is a goal for most of us. But with real estate prices being sky high, not many of us can actually afford to purchase our dream homes. But with PMAY or Pradhan Mantri Awas Yojana you can finally fulfil your lifelong dream of owning a home of your own. PMAY is an interest subsidy scheme that has been named as ‘Credit Linked Subsidy Scheme for Middle Income Groups – CLSS (MIG)’. As per this new subsidy, middle-income groups with incomes in the eligible range will get a subsidy on their interest rate of three to four percent. This scheme has been devised to ensure that more and more people can avail of housing loans and purchase their own homes. Here’s what you need to know about this clss scheme and eligibility. People whose incomes fall in the range of 6 lacs to 18 lacs are eligible for this subsidy under the CLSS. People whose housing loans were approved and those whose home loan application was in review since 1st January 2017 are eligible for this subsidy. Peoples who have an annual income of 12 lacs are eligible for a subsidy of four percent on their home loan of up to 9 lacs. People who have an annual income of 18 lacs are eligible for a subsidy of three percent on a home loan of 12 lacs. Here are the income slabs for the CLSS eligibility under the Pradhan Mantri Awas Yojana. People with an annual income of Rs.6 lacs and below can avail of loan of Rs.6 lacs at an interest of 6.5% for tenure of 20 years. People with an annual income of Rs.12 lacs and below can avail of loan of Rs.9 lacs at an interest of 4% for tenure of 20 years. People with an annual income of Rs.18lacs and below can avail of loan of Rs.12 lacs at an interest of 3% for tenure of 20 years. Here’s how this scheme will affect home loan interest rates. The interest subsidy of four per cent under CLSS (MIG) will bring down EMIs of borrowers by Rs. 2,062 per month and Rs 2,019 per month on a housing loan of Rs 9 lakh and Rs. 12 lakh respectively. The total interest subsidy accrued on these loan amounts will be paid to the borrowers up front in one go. This in turn will reduce the burden of EMI on the user. The tenure of these loans has been specified as 20 years or as preferred by the borrower, whichever is lower.

About the author / 

Admin

Leave a reply

Your email address will not be published. Required fields are marked *

12 + = fourteen

POPULAR The most recent

  • What is Merchant Cash Advance for Businesses?

    With the advance cash to the merchant, a financial company makes a loan advance of his working capital in exchange for a percentage of his daily sales through credit cards. This can be a quick and easy way to get investment capital without the need for a guarantee – even if you do not have an…

  • Top 10 Mutual Funds To Fund Your Child’s Education

    In an era plagued by grave economic challenges, finding a safe and secure financial instrument to invest in is indeed a tough job, especially when the financial objective of the investors is to fund their child’s education. This is why most people tend to either rely on their savings or prefer to approach a lending…

  • Get a Detailed Comparison of Personal Loan Interest Rates across Banks and NBFCs

    There are many banks and NBFCs that offer personal loans, each of them have different set of criteria for loan approval and interest rate. An interest rate makes a difference in the total loan cost. When it comes to a personal loan, you should always take into account the rate applied. Being an unsecured loan,…

POST TAGS

LATEST COMMENTS

    Find Us on Flickr

      GET IN TOUCH

      Mortgage Advisor Help is article directory operate by Peter a blogger and the content writer. Have a flair for writing Advertising, Blogs for Business, Mortgage, Loans, Fame, Marketing, articles and want to have it read by readers who share the same passion and interests. Feel Free to contact for any Question using our Contact Form.

      Stay up-to date with the latest news and other stuffs, Sign Up today!