Did you know
that you could get a home and pay less on your home loan? You can get a home
loan subsidy and get a discount on your home loan interest rate. Through the
Pradhan Mantri Awas Yojana you can get your home loan at subsidized rates and
finally fulfil your dream of owning a place of your own.
The aim of this
home loan subsidy is to make easier and more affordable for all Indians to buy
home of their own. The criteria for these subsidies on home loans is simple. To
avail of this subsidy you or your spouse must not own a property of brick and
mortar home of your own. If you’re an adult and your parents own their own
home, then you can still avail of this home loan subsidy.
By now you’re
definitely interested to know more about these subsidies on home loans, so here
are the most crucial things that you should know.
1.
What is the eligibility
criteria for this subsidy: As per this home loan subsidy, people who have a
yearly income in the bracket of 6 to 18 lakhs can avail of this subsidy on
their home loan? Both, online applicants as well as those who go through the
traditional route can avail of this subsidy. Everyone who got a home loan on or
after 1st January 2017 and also those whose application was in
review are eligible for this scheme.
2.
How much can you get a loan for
with this subsidy: This home
loan subsidy is bifurcated into three income slabs. If your income
is Rs.6 lakhs or below, you can get of a loan of Rs.6 lacs at an interest of
6.5% for 20 years. If your income is between Rs.6 lacs to Rs.12 lakhs, you can
get a loan for Rs.9 lakhs at 4% for 20 years. If your income is between Rs.12 lakhs
and Rs.18 lakhs you can get a loan for Rs.12 lakhs at 3% for 20 years.
3.
What do you need to get a loan:
One requires an AADHAAR card, pan card, a bank statements to get house loans?
Apart from that to avail of the subsidies on home loans, you need to prove that
you do not have an existing flat or home. Salaried people find it easier to get
home loans because it is easier for them to prove they have steady income but
business people can avail of this scheme.
