Home-Buying Dream Can Be Fulfilled With Slashed Interest Rate

Nation has become habituated with spasmodic decision and announcement of PM Modi. This time when addressed the fellow countrymen on New Year’s eve he assured middle income group people of the country with putting out some exiting new year gift for potential home buyers in particular. No one could ever expected that home loan interest rates will be deducted in such great extent that people will actually accumulate some positive home buying sentiment which would also onset market sloth and benefit people from this stratum with unbelievable frills. People in Kolkata who are willing to invest in reasonably price properties; this is the ideal time when you can shape up your dream by purchasing budget flats in Ultadanga.

Here is an immediate guide about what all you need to know about this latest addition in the ‘Pradhan Mantri Awas Yojana’ and how it can do good to from your asset purchase.

The actual plan
Pradhan Mantri Awas Yojna had been declared by Prime Minister Modi on 25th June of the FY 2015. This scheme comprises ‘Housing for all’ within the accounting year 2022. It was being conjectured that the country is going to have 2 crore+ budget flats in the extended parts of metros and other big cities. People from suburb will get chance to satisfy their on-hold home-buying requirements.
As a part of this scheme people from lower income group (LIG) or from the socio economically weaker section would be allotted subsidy of Rs. 1 lakh- 2.30 lakh. People could also have a subsidy on the rate of the interest of up to 6.5% or a loan of Rs. 6 lakhs which Prime Minister’s housing scheme is also for the people belonging to EWS, LIG, females or first time home buyers. This interest discount would subsist for 15 years.

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Now the new scheme
On this New Year’s Eve Prime Minister declared the subsidy on interest rate would be increased so that mass scale of people can fulfill their asset purchase. The new scheme is much about taking steady and effective steps on providing decided numbers of affordable housing within 2022. As per the new plan, all LIG/ EWS and MIG people would be benefited with a newly deducted interest rate. People looking for loan up to Rs.9 lakhs would obtain a subsidy of 4% while those seeking a loan of up to Rs.12 lakhs can have 3% slashed interest rate. Discounting this fact, people living in countryside would get 3% financial backing on loan amount of Rs.2 lakhs which they can make use of house reconstruction or extension.

People who are eligible to enjoy this rebate
Now under this scheme people who are eligible to apply for the loan are based on this critera-
• Applicant should either be a woman or belong to SC, ST or EWS group for the earlier scheme.
• None of the family members had taken a home loan; members including husband, wife and unmarried children
• Income should be under Rs.3 lakhs per annum and Rs. 6 lakhs per annum for EWS and LIG respectively
• For the new scheme for MIG groups, the income should be under Rs.18 lakhs per annum.
• The age of the applicant should be between 21 years and 55 years.
Effect of this scheme
The Pradhan Mantri Awas Yojana has been influential in running with its affordable housing goal currently. This interest rebate would reduce the EMI by around 40%. Following this scheme, the Equated Monthly Installment would bring in to Rs.7100 which would be not as much of even a month’s rent out. Whereas the previous scheme was only for the people belonging to the LIG and EWS, this new scheme would profit people of suburb with budget limitation to have their owned property in the extended parts of big cities.

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