Pradhan Mantri Awas Yojana 2017 – New Home Loan Intetest Subsidy
Prime Minister Modi has now enhanced the scope and benefit under Pradhan Mantri Awas Yojana (PMAY) in 2017. This is done to boost the affordable housing and middle income category of the housing sector.
The scheme was initially launched in June 2015 to provide ‘Housing for All by 2022’, offered beneficiaries an interest subsidy at the rate of 6.5% for a loan amount of up to Rs 6 lakh.
Now the scope and benefit of this scheme is now enhanced as follows:
In Urban Areas - Loans of up to Rs 9 lakh taken in 2017, will receive interest subvention of 4%.
In Urban areas - Loans of up to Rs 12 lakh taken in 2017, will receive interest subvention of 3 %,”
For rural areas - Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an...