PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL
PMAY Home Loans InterestRates/Subsidy for 2017
Subsidies Explained
|
Earlier Scheme (2015) – CLSS for EWS/LIG
|
Revised Scheme (2017) – CLSS for MIG
| |
Loan Amount
|
Up to Rs. 6 Lakh
|
Up to Rs. 9 Lakh
|
Up to Rs. 12 Lakh
|
Eligibility Criteria
|
EWS
(Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh
per annum). Women to be the co-owner along with the beneficiary.
|
MIG 1 – Up to Rs. 12 Lakh per annum
|
MIG 2 – Up to Rs. 18 Lakh per annum
|
Subsidy Calculation for a loan tenure of up to 15 years
|
6.5%
|
4%
|
3%
|
Subsidy Amount
|
Rs. 2.2 Lakh for a loan of 6 lakh
|
Rs. 2.35 Lakh for a loan of Rs 9 Lakh
|
Rs. 2.3 Lakh for a loan of Rs. 12 Lakh
|
Interest Rates and Subsidy
| |||
Interest Rate
|
10.5%
|
8.5%
| |
Loan Amount
|
Rs. 12 Lakh
|
Rs. 9 Lakh or More
|
Rs. 12 Lakh or More
|
Amount Eligible for Subsidy
|
Rs. 6 Lakh
|
Rs. 9 Lakh
|
Rs. 12 Lakh
|
Subsidy Rate
|
6.5%
|
4%
|
3%
|
Subsidy Amount
|
2.2 Lakh
|
2.35 Lakh
|
2.3 Lakh
|
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.
PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL