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PMAY is available for individuals belonging to economically weaker sections , LIG , MIG-I , and MIG-II (Middle Income Group-II) sections of the society. Pradhan Mantri Awas Yojana has been introduced by the Government of India aimed at providing affordable housing for all Indian citizens. With the launch of this 'Housing for All' program, 20 million houses will be built by 31st March, 2022. However, it is not required for MIG or self-construction/extension. The beneficiary family consists of a husband, wife, and unmarried children.
The Net Present Value of the interest subsidy will be calculated at a discount rate of 9 %. The amount of subsidy under PMAY scheme increases with an increase in the principal loan amount. Get them delivered straight to your device through website notifications.
Whether Repairing Work to the Existing House is Covered for Benefit is Covered for Benefit Under the Scheme?
A subsidized interest rate by 6.5% for a 20-year loan tenure for people falling under the LIG/EWS category. The Pradhan Mantri Awas Yojana Gramin was previously called the Indira Awas Yojana. It is intended at providing accessible and affordable housing units to the weaker sections of the rural areas of India. However, the areas of Delhi and Chandigarh are excluded from this scheme. You can calculate your home loan EMI under the Pradhan Mantri Awas Yojana scheme by filling in the total loan amount, rate of interest, and interest payment period.
The subsidy amount under the scheme largely depends on the category of income that a customer belongs to, and the size of the property unit being financed. By the 31st of March, 2022, this social welfare flagship programme targets to construct around 20 million affordable houses. Tata Capital provides easy Microfinance Loans available at attractive interest rates. Avail a loan up to Rs. 2 lakhs through a simple process with minimal documentation.
Types of Home Loans available in India
However, they need to keep a valid Aadhaar Card handy to apply. Therefore, as the loan amount increases, the subsidy amount can also rise. Submit this form with the necessary documents at the nearest bank or Common Service Centre . After entering the details, you need to click on the disclaimer. You or any of your family members should not own a pucca home anywhere in India.
Our Home Loans are quick and easy and are available at an attractive interest rate. There are two central nodal agencies, namely the Housing & Urban Development Corporation and National Housing Bank deputed to pay the interest rate subsidy for all PMAY loans. The category to which the individual falls under coupled with the annual income decides the quantum of subsidy offered. In order to avail the PMAY subsidy, an applicant must meet the eligibility requirements and submit the essential documents. Another benefit of using this tool is that it helps you calculate the loan's effective interest rate under the PMAY scheme. If you are looking to apply for a home loan subsidy for construction of a home, then the home's construction must be completed within 36 months from the date of receiving the first instalment.
Subsidy Amount
We'll ensure you're the very first to know the moment rates change. Building an own house is the best feeling in the world and also the most stressful one. It requires tremendous planning can be quiet draining both emotionally as well as financially. In the case of a joint application by spouses, only a single subsidy will be provided. You can generate your Assessment ID from the PMAY portal after successfully finishing the registration process.
If you apply for a home loan subsidy under the EWS or LIG category, the annual household income should not be more than Rs. 6 lakhs. A home loan subsidy calculator is an application that allows you to determine the discount you would be able to avail on a home loan obtained from a PMAY scheme. In order to calculate the subsidy on your PMAY scheme, you simply have to enter the details of your loan alike rate of interest, principal, etc. The application will then estimate the subsidy you would receive from obtaining a home loan. Alongside this, users must also know that the calculator only helps compute the savings one can make under a CLSS category as per their PMAY eligibility fulfilment.
What Is The Pradhan Mantri Awas Yojana?
To calculate the subsidy savings, you must also be aware of the Pradhan Mantri Awas Yojana eligibility criteria that define the Credit Linked Subsidy Scheme category you qualify for. This tool also serves as a PMAY EMI calculator, allowing users a peek into their monthly repayment liabilities after subsidy deduction. All you need to do is enter the factors that affect your PMAY subsidy, such as the Home Loan amount, household income,Home Loan interest rate, and tenor, along with your CLSS category for quick and accurate results. Loan tenure – In this field, you need to furnish the details regarding the home loan tenure.
An interest rate reduction by 4% for a 20-year loan tenure on a maximum amount of 9 lakhs (Rs.) for the MIG category. The Government of India introduced a scheme in 2015 to support the financially-deprived urban sections of the society. The scheme is aimed at helping these weaker sections to get shelter over their heads. Popularly known as the Pradhan Mantri Awas Yojana, this scheme is directed towards enabling affordable housing facilities for all. The interest subsidy will be credited upfront to the beneficiary on the principal amount which would result in bringing down effective home loan and EMI. When you apply for a home loan under CLSS - PMAY, there is no maximum limit on the loan amount you can avail.
Carpet area – In this field, the user has to enter the carpet area of the flat which he is considering to purchase or has already purchased. Carpet area is the area enclosed within the walls, which excludes the area covered by the external walls. We offer a diversified product suite to address the growing financing needs of individuals and enterprises. If you are married, you can take the benefit of joint ownership.
The Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojana helps to avail interest rate subsidy on the home loan amount while buying/extending/improving a home. Credit linked interest subsidy of 6.5% will be provided to the eligible beneficiaries in EWS/LIG category by the Government of India for 15 years or the actual tenor of the loan . With this vision and under the Pradhan Mantri Awas Yojana Scheme, Tata Capital Housing Finance offers affordable home loans at competitive interest rates.
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The maximum subsidy that can be availed under the CLSS scheme is up to Rs 2.67 lakh. Under the scheme of Pradhan Mantri Awas Yojana, the government has targeted to construct around 2 crore houses in urban areas. These houses will be available to the eligible beneficiaries at affordable prices. Through these accessible houses, the government aims to uplift the living standards of weaker sections of the society. Once the loan amount is disbursed, the subsidy benefit may be claimed by the bank for eligible borrowers from a central nodal agency. When the receipt of the subsidy amount is received from the central nodal agency, the principal outstanding in the home loan account of the loan borrower will be reduced.
Eligibility for PMAY Subsidy
Select the loan tenure by moving the tenure slider or by typing in the box. A better and more comfortable lifestyle is now within your reach. Tata Capital’s Consumer Durable loan covers 100 + lifestyle products from that giant TV to the home theatre system. We offer 0% interest on most of the consumer durable products and are the one-stop solution for your every needs.
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