Government Bonanza to House Buyers

Good news for the first home buyers. The government is offering a subsidy of Rs 2.4 lakh for a loan tenure of up to 20 years.



In a mission of housing for all by 2022,The central government announced interest subsidy to First time House buyers. Now there is a huge increase in interest subsidy.



People having annual income 18 lakh or less are eligible to get interest subsidy on housing loan. Earlier the benefit was available only for those earning up to Rs 6 lakh per annum.
The subsidy is applicable for Loans having Tenure upto 20 years



Subsidy for all income groups is not same. Lower income people are given higher subsidy and higher income people are given lesser Interest subsidy. Housing Loan Interest subsidy under Prime Minister Awas Yojana on purchase of the first home for different income slabs is as follows:



Subsidy 6.5 percentage Points :

Regardless of the total loan amount., People whose income is less than 6 lakh per annum get subsidy of 6.5 percentage points on principal component of 6 lakhs



Suppose Loan taken at 10%, interest payable rate is 3.5% on principle up to Rs. 6 Lakh of Loan. On remaining amount 10% is to be paid



Subsidy 4 percentage Points :

Regardless of the total loan amount., People whose income is upto 12 lakh per annum get subsidy of 4 percentage points on principal component of 9 lakhs.



Subsidy 3 percentage Points :

Regardless of the total loan amount., People whose income is up to 18 lakh per annum get subsidy of 3 percentage points on principal component of 12 lakhs



SO , This is right time to purchase a house by taking housing loan.

Please share this and educate people





God is always great

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