Pradhan mantri Home Loan Subsidy Yojana

The new tax rule on the second home loan will be available,
Benefits to more loans, Top-sub home loans,
The bank reduced interest rates on loans, housing loans, agricultural loans,
Housing for All Scheme, New rates will not apply to loans before 2017.

Pradhan Mantri Awas Yojana – Urban, a flagship housing scheme of central government has got another boost from the central government. The people belonging to MIG category would now be able to buy a bigger house and still get the scheme benefits. The central government has now increased the house area for MIG up to 1500 Sq.ft.

As per the new amendment, the people belonging to MIG 1 whose annual income is up to Rs. 12 Lakh would be able to buy or build a house of up to 1,200 sq.ft. compared to earlier 900 sq.ft. For MIG 2, whose annual income is up to Rs. 18 Lakh per annum, the eligible house area has been increased to 1500 sq.ft. from earlier 1100 sq.ft.

The increase in the house area is expected to increase the demand of home loans and eventually homes across the country. Under the credit linked subsidy scheme of PMAY for MIG, the government is providing interest subsidy of 3% and 4% for a home loan amount of up to Rs. 9 Lakh and Rs. 12 Lakh respectively for a maximum tenure of 20 years.