The central bank has increased the Affordable housing scheme, housing loan limits for priority sector loans to Rs 35 lakh from Rs 28 lakh in metropolitan centres, and to Rs 25 lakh from Rs 20 lakh in other centres.
Affordable housing loans will soon become cheaper with the Reserve Bank of India (RBI) extending the ambit of priority sector lending to loans of up to Rs 35 lakh.
The priority sector lending tag, will not only reduce equated monthly instalments on loans, but will also ensure easier access of bank credit for consumers, especially for the economically weaker sections and lower income groups.
However, the overall cost of the residential unit should not exceed Rs 45 lakh in metros and Rs 30 lakh in other centres, the Reserve Bank of India said during its monetary policy announcement on June, the 6th, 2018.
This will also align the scheme with the housing-for-all scheme of the centre.
A circular in this regard will be issued by the end of this month, said the Reserve Bank of India.
Loanyantra provides you the fastest disbursal from the major banks and financial lenders at the best interest rate and the lower interest rate. Under PMAY Scheme, the interest rate subsidy is provided to make the common man meet the sky rocketing home prices and own a home of his/her own.
To become eligible for the affordable housing scheme, and the interest rate subsidy scheme, you should know how the scheme works and where and how you can avail the scheme.
How Pradhan Mantri Awas Yojna(PMAY) will work:
PMAY Housing Scheme will work by providing central assistance to Urban Local Bodies (ULBs) as well as other employed agencies through States/UTs for
- Building onsite Rehabilitation of the existing slum-inhabitants by commencing private participation for using poor land area as a resource.
- By providing Credit Linked Subsidy
- Initiating Affordable Housing in Partnership
- Granting Subsidy to the beneficiary for individual house construction/enhancement.
- Subsidy- 1 Lakh – 2.30 Lakh
The scheme will provide a credit linked subsidy of Rs 1.00 Lakh to 2.30 Lakh to the home buyers.
- The subsidy will be generated by central government treasury.
- Credit linked subsidy granted to LIG and EWS segments of urban population.
- Credit linked subsidy interest rate is 4% below the market rate when compared with Current market rate of interest on housing loans and will last for a period of 15 years from the date.
- Subsidiary is being implemented as a Central Sector Scheme whereas other components as Centrally Sponsored Scheme (CSS).
Technology Sub-Mission of Pradhan Mantri Awas Yojna(PMAY)
All the construction under Pradhan mantri Awas yojana (PMAY) will adopt latest technologies for building new units or apartments. Government will setup a technical cell from the Building Materials and Technology Promotion Council (BMTPC) under the Ministry to support this Technology Sub-mission.
- Well researched layout designs and prepared building plans appropriate for various geo-climatic zones.
- Taking up modern, innovative eco-friendly technologies.
- Green buildings concepts using natural resources.
- Earthquake and other disaster resistant technologies . Simple concept of designs should be adopted to ensure adequate sunlight and air ventilation.
Three Phases of Pradhan Mantri Awas Yojna(PMAY)
PMAY Phase 1: From April 2015 to March 2017, begin the development of total 100 cities that must be completed during this phase.
PMAY Phase 2: From April 2017 to March 2019, after Phase 1, the development of total number of 200 more cities will be covered.
PMAY Phase 3: From April 2019 to March 2022, All the remaining cities of India will complete its PMAY housing development process.
The Primary Features Of Pradhan Mantri Awas Yojana
- Preference will be given to females applicants for house allotments.
- Ground floor of the houses will give preference to physically differently abled or to senior citizens.
- Construction developers should strictly follow eco-friendly development technologies.
- Affordability – Grant subsidy range anywhere between INR 1 lakh and INR 2.30 lakh to LIG and EWS section of urban population.
- 4% less rate of interest from the market value on loans.
How Loanyantra helps you in Getting the Correct Loan Product From the Right Bank –
Affordable Housing Scheme is implemented across many cities for the urban poor. Search for Affordable homes and apply for loan to get a better interest rate. All you need to do is just finish your research and finalise on property and we will take you along every step of loan process till you close the loan. Let us know your details of the project. We check your eligibility, your emi, and tenure. The banks come up with attractive interest rate. Choose a bank product after discussing with our experts. Get instant loan approval and enjoy the fastest disbursal ever. Get eligible for Credit Linked Subsidy Scheme and also extra discount form Loanyantra team. Reduce your EMI and your burden.
For more info on PMAY- CLSS with example, Please go through the below link
All you need to do is just give a missed call to 040-71011991. And get a call back from the loanyantra team to proceed further with a hassle-free approach.