PMAY has been introduced by Respected Prime Minister Narendra Modi ji on 1 June 2015. PMAY Scheme is an initiative of the indian Government with the aims at providing affordable housing to the urban poor. The mission is to provide housing for all by the year 2022, by that time Nation completes 75 years of its Independence.
As per the new slab is out, if your Applicant income is up to Rs 18 lakh and purchasing your first house, Your house cost will Rs 2.4 lakh less as the government provided subsidy on your home loan interest. At present, this subsidy is available to only those earning up to Rs 6 lakh per annum.
On 31 /12/2016, the Prime Minister had declared 2 new grant schemes beneath Prime Minister Awas Yojana (PMAY), however their details are found out solely currently. As per the announcement, the slabs can apply to loans with a tenure of up to 20 years that was 15 years.
According to the schemes, currently homebuyers can get the subsidy at completely different rates as per their annual financial gain beneath PM Awas Yojana. The subsidy has been divided into 3 completely different classes
First Category: less than Rs 6 lakh. Annual income Applicant will get a subsidy of 6.5% points on a principal component of Rs 6 lakh If they borrowed money at 9% interest, they will pay only 2.5% interest on Rs 6 lakh, and 9% on the remainder.
Second Category: While whose annual income is upto Rs. 12 lakh, they will get an interest subsidy of 4% points on a principal component of Rs 9 lakh.
Third Category: And finally in the third category whose annual income is above Rs.12 lakh and upto Rs.18 lakh they will get a subsidy of 3% points on a principal component of Rs 12 lakh.
Now higher than 3 classes folks can get a subsidy of Rs two.4 hundred thousand (assuming associate rate of September 11, see table) over a two0-year loan tenure and also the monthly installment are reduced upto Rs 2,200.
This grant profit benefit PMAY is additionally to the tax edges on home loans, which may go up to Rs 61,800 each year for somebody within the half-hour bracket.
However, the scheme implementation responsibility has been given to the National Housing Bank (NHB) and HUDCO that square measure the nodal agencies. this can be the primary time once the govt had backed around 18,000 initial time homebuyers, at a price of around Rs 310 large integer.
In this regard, a senior official aforesaid that the disbursal rate is probably going to travel up because the middle-income class has been brought benefit the scheme.
Beneficiaries Under the Pradhan Mantri Awas Yojana
- A beneficiary family will comprise husband, wife, unmarried sons and/or unmarried daughters.
- Beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India
Offers and Benefits:
|Annual Household income||Up to 3 lakh||3 to 6 lakh||6 to 12 lakh||12 to 18 lakh|
|Interest rate Subsidy||6.50% p.a.||6.50% p.a.||4.00% p.a.||3.00% p.a.|
|Home Loan Tenure (Max)||20 years||20 years||20 years||20 years|
|Maximum Eligible Home Loan Amount to Qualify for Subsidy||Rs.6 lakh||Rs.6 lakh||Rs.9 lakh||Rs.12 lakh|
|Maximum Dwelling Unit Carpet Area||30 sq. m||60 sq. m||160 sq. m||200 sq. m|
|Maximum Interest Subsidy Amount||Rs.2.67 lakh||Rs.2.67 lakh||Rs.2.35 lakh||Rs.2.30 lakh|
|Discount Rate for NPV Calculation of Interest Subsidy||9.00%||9.00%||9.00%||9.00%|
PMAY Scheme Eligibility
As per the government The Socio Economic and Caste Census of 2011 (SECC 2011) will be to spot and choose the list of PMAY beneficiaries. The village panchayats beside tehsils are thought-about for consultation of beneficiaries before creating the list underneath the agricultural housing theme. this is often planning to be drained order certify|to confirm} transparency of the project and additionally make sure that solely the worthy receive the help in housing.
- Any household with total annual income between Rs.6 lakh to Rs.18 lakh can apply for the PM Awas Yojana. The applicant is allowed to include the income of the spouse while applying for this scheme.
- Indian citizens who are women may apply. No other demographic will be considered as long as they are women.
- The beneficiary can only buy a new house in order to enjoy Pradhan Mantri Awas Yojana benefits. People who already own a house are not eligible to apply for this scheme. No pucca should be owned by the beneficiary or member of the family, in any part of the country.
- People will be allowed to buy/construct new houses only. One cannot avail PMAY benefits on already built house.
- People who belong to the low income group i.e. LIG and economically weaker sections also known as EWG in the society, may also apply.
- Scheduled tribes and castes will also be eligible.
- Senior citizens and differently abled will be given special priorities for ground floor housing.
News Source: http://navbharattimes.indiatimes.com/business/property/property-news/first-house-on-20-year-loan-to-cost-rs-2-4-lac-less-under-pmay-subsidy-scheme-on-home-loan-interest/articleshow/57073878.cms?utm_source=Newsletter&utm_medium=email&utm_content=Story1&utm_campaign=NBTmailer