If you are building or buying your first-ever pucca home in India and want to do that using a housing loan, you can save on interest charges. It is because you can avail of a home loan subsidy of up to Rs.2.67 lakh on home loans.
It will be as per your income categories of Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Groups 1 and 2. The facility is available under the Pradhan Mantri Awas Yojana (PMAY) of the Central Government of India.
Let’s know how much subsidy can you enjoy when you apply for a home loan under PMAY’s credit linked subsidy scheme (CLSS)!
The breakup of subsidy on home loan under PMAY
EWS
Applicants belonging to the EWS category should earn a maximum yearly income of up to Rs.3 lakh with a maximum home loan of up to Rs.6 lakh. With a loan tenor of up to 20 years, the carpet area of the home should be 30 sq mt. They can get a 6.5% subsidy on interest per year, amounting to a maximum of Rs.2.67 lakh.
LIG
For LIG housing loan applicants, their income should be between Rs.3 lakh and Rs.6 lakh. The max carpet area should be 60 sq mt and a home loan of up to Rs.6 lakh. The loan duration is a maximum of 20 years, with subsidy on interest being 6.5% per year to the tune of up to Rs.2.67 lakh.
MIG 1
MIG 1 applicants are those who earn an annual income between Rs.6-12 lakh. They are allowed a carpet area of 90 sq mt and a maximum home loan of up to Rs.9 lakh. The loan tenor is for 20 years, with interest subsidy being 4%, amounting up to Rs.2.35 lakh.
MIG 2
For MIG 2 candidates, the yearly income should be between Rs.12-18 lakh, with the max carpet area being 110 sq mt. The maximum housing loan is up to Rs.12 lakh with a tenor of 20 years. They can enjoy a subsidy of up to 3% to the tune of up to Rs.2.3 lakh.
You can check out your PMAY eligibility and start making the most of PMAY benefits. This way, you can pocket subsidy on home loan interest charges.
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