home loan – Page 4 – FindMyProperty

Government, in a bid to give a boost to the real estate sector, had permitted infrastructure status to the affordable housing segment in this year’s budget. Prime Minister Narendra Modi had announced interest subsidy of up to 4 percent on loans taken in the New Year under the Pradhan Mantri Awaas Yojana, and also 33 percent more homes will be built for the poor under this scheme in rural areas.

The CLSS (Credit Linked Subsidy Scheme) announced in a previous budget offered a 6.5% interest subsidy to be credited into the borrower’s account for the first Rs 6 lakh of loan availed for buying a house of 30 and 60 sq m carpet area, under the Pradhan Mantri Awas Yojana (PMAY). The family income of the buyer was to be within Rs 6 lakh. This amounts to a net subsidy of 21% for the applicant. For the first time the government efforts had been stretched to include the Lower Income Group (LIG) segment and not the social sector of the Economically Weaker Sections (EWS) alone.

Now those with upto Rs 12 lakh annual income could avail of the housing subsidy of 4% and those with annual income levels of Rs 18 lakh could avail of subsidy levels of upto 3%. Low interest rates “make it the best time to buy an affordable house in urban India”. This certainly makes a good year to purchase a house.

Therefore, it is a good time to buy now if you don’t own a house.

Union Minister, Venkaiah Naidu has announced the guidelines for the implementation of central government’s CLSS (Credit Linked Subsidy Scheme) for homebuyers in the middle income group (MIG) segment. The scheme will bring down the equated monthly instalments (EMI) by over Rs 2,000 for middle class homebuyers with annual incomes between Rs 6 and 18 lakh. The benefit is a part of the PMAY (Pradhan Mantri Awas Yojna).

This interest subsidy will be provided on home loans for construction or purchase of house with carpet area of 90 square meters by those earning up to Rs 12 lakh per annum and of 110 square meters by those earning up to Rs 18 lakh per year. No processing fee will be charged by banks or housing finance companies from the applicants under CLSS.
Under the scheme, the government has focused on women with greater preference to widows, single working women, backward classes, scheduled castes and tribes, differently abled and transgender people. The centre has allocated Rs 1,000 crore in the year’s Union Budget for CLSS component.

National Housing Bank (NHB) on Wednesday also signed memoranda of understanding with 45 housing finance companies, 15 scheduled banks, 2 regional rural banks, 1 cooperative bank, 4 small finance banks and 3 non-banking finance companies-micro finance institutions for implementation of CLSS(MIG) component of PMAY(Urban). This scheme is not only poor people, but middle class is also on top of PM’s agenda. So, Middle class homebuyers will get more benefits in home loan subsidy scheme.