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PMAY Gramin Home Loan Scheme

PMAY Gramin Home Loan Scheme, Pradhan Mantri Awas Yojana Gramin (PMAY-G), the facelift of Indira Awaas Yojana Gramin Awas Yojana, has now become more attractive to the beneficiaries. The Prime Minister Shri Narendra Modi on 31st December 2016 announced new home loan scheme under PMAY-G under which the central government will provide interest subsidy on home loans in rural areas.

PMAY Gramin Home Loan Scheme 

Till now there was an alternative home loan scheme under Pradhan Mantri Awas Yojana – an alternative home loan scheme for a maximum loan amount of Rs 1.20 lakh in rural area and Rs 1.20 lakh in addition to financial assistance in hilly states, difficult areas and IAP district. The complete details of PMAY Gramin Home Loan Scheme announced by Narendra Modi are given below

As per the announcement, an interest subvention of 3% will be available on home loans up to Rs 2 lakh taken in 2022 for construction or expansion of houses in rural areas. The 3% subsidy on interest on home loan under PMAY-G will reduce the effective interest rate and hence EMI by a significant margin.

Home loans are currently available from nationalized banks, private banks and non-banking finance institutions at an average interest rate of 8.5%. After a subsidy of 3% under PMAY-G, the effective interest rate comes down to around 5.5%, resulting in lower EMIs and hence the interest burden on the borrower.

The calculation is based on an average interest rate of 8.5% and a maximum loan amount of Rs 2 lakh for a tenure of 2 to 5 years. Home loan under Pradhan Mantri Awas Yojana – Gramin can be obtained from any national, cooperative rural bank, private bank or non-banking financial institution.

Official website for PMAY Gramin Home Loan Scheme – http://www.iay.nic.in/netiay/

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