Housing finance company HDFC has opened an office in Mahabubnagar, its fourteenth in the State. A release from the company said that executive management member Mathew Joseph had inaugurated the office. He said that under the Pradhan Mantri Awas Yojana (PMAY), the bank would offer credit linked subsidy for home loans to customers from the EWS, LIG and MIG.
Under the scheme, eligible borrowers would get interest rate subsidy of 6.5% per annum for loans up to ₹6 lakh for EWS and LIG category (annual household income up to ₹ 6 lakh), interest subsidy of 4% and 3% for loans up to ₹9 lakh and ₹12 lakh respectively for MIG category (annual household income between ₹ 6.01 lakh and ₹18 lakh) for a maximum tenure of 20 years. The schemes for MIG are valid up to March 31, 2019.
