Are you planning to buy your first house? There is some good news for you!
The government has planned to subsidise a part of your home loan. Under the Prime Minister Awaas Yojana (PMAY), Govt. has created three slabs for availing this massive subsidy, to ensure that every segment of the society gets benefitted. This applies for those, who opt for a home loan spanning at least 20 years. Presently, this subsidy is available to only those earning up to Rs 6 Lacs per annum.
Homebuyers will get subsidy at different prices depending upon the income bracket they fit in. According to the scheme, if you earn less than Rs6 Lacs per annum with a loan amount of Rs6 Lacs will get an interest subsidy of 6.5%. Whereas, if you earn upto Rs12 Lacs per annum with a loan of up to Rs9 Lacs will get a subsidy of 4%. While, if you earn upto Rs18 Lacs per annum with a loan amount of Rs12 Lacs will get a subsidy of 3%.
Here are the details, assuming a uniform 9% interest on home loan for a period of 20 years :
Thus, as we can see, net benefit on tax saving is roughly Rs 2.4 Lacs for everyone. Hopefully this scheme will bring fruitful result in the mission “housing for all by 2020” dream.
ROF brings you a lot closer to your dream home!
So, what are you waiting for? Apply to buy the home of your dreams with ROF. Invest with us to avail subsidized rate of interest at 6.5%. You can save upto 2.2 Lacs.
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