Under the Pradhanmantri Awas Yojana, 10 special points of subsidy scheme on home loan interest

New government directives have been issued in the interest rate subsidy scheme under Pradhan Mantri Awas Yojana (Urban), after which the middle income group (i.e. MIG) will get the benefit of buying a home loan. This scheme was announced by Prime Minister Narendra Modi

on the eve of New Year in the name of the nation in his message. Now people earning Rs 6 lakh to 18 lakh rupees per annum will be entitled to subsidy in the home loan interest on buying the first house under the Prime Minister's housing scheme (urban). This scheme has been named as Credit Linked Subsidy Scheme for Middle Income 




Groups (CLSS-MIG). Prime Minister Narendra Modi had announced that those earning up to Rs 12 lakh will be given four per cent subsidy on home loan upto Rs. 9 lakhs, and those earning Rs. 18 lakhs will get subsidy of 3 per cent on home loan upto Rs. 12 lakhs. will be given. This plan to provide subsidy on home loan interest is a part of the government's 'home for everyone', and this scheme will initially be implemented for just one year.


All the applications for home loan will come under the Credit Linked Subsidy Scheme for Middle Income Groups (CLS-MIG), which have been approved since January 1, 2017, or which are currently under consideration. In order to avail the benefit, there should not be any house before the applicant's name.


Under this scheme, the beneficiaries will get the benefit of the income of up to Rs 12 lakh per annum for carpet area upto 90 sq. Meters and those earning up to Rs 18 lakh per annum will be given only on the loans made to purchase or construct a house with carpet area of ​​110 sq. Meters. .


Under the scheme, the benefits will be given on the same home loans, whose duration is 20 years or less.


Shriram Kalyanaraman, Managing Director and Chief Executive (MD & CEO) of National Housing Bank, says that if the 8.65 percent general home loan rate is calculated, then the EMI amounted to Rs 2,062 from the four per cent subsidy available at home loan of 9 lakh rupees. Monthly losses will be reduced, and the three per cent subsidy on home loans of Rs 12 lakh will be reduced by EMI of Rs 2,019 per month

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