The ceiling for annual income and loan amount under the Pradhan Mantri Awas Yojana Housing for All-2022, scheme being implemented in the State through Kudumbasree, has been increased.
As per this, city dwellers whose annual income is up to ₹18 lakh a year can get an interest subsidy of 3% on housing loans up to ₹12 lakh.
People with an annual income of up to ₹12 lakh a year will get an interest subsidy of 4% on housing loans up to ₹9 lakh.
In short, housing loans will be available at a rate of 4.5% to 5.5% interest under the scheme.
Existing scheme
The new scheme is in addition to a scheme being implemented by the Kudumbasree Mission for providing housing loans up to ₹6 lakh to city dwellers whose annual income is less than ₹6 lakh at an interest rate of 6.5%.
The scheme to provide housing loans with subsidy to city dwellers whose annual income is up to ₹18 lakh is being implemented in the country for the first time.
With an increase in the limit for income and loan amount, the scheme is expected to benefit more people.
20 years
If the loan amount exceeds the limit specified under the scheme, interest rates of the respective banks will be applicable.
The loans have to be repaid in 20 years.
Loans will be available for buying, building, or renovating houses.
Subsidy will be available to government officials who pay income tax if they avail themselves of the loan.
Housing and Urban Development Corporation Limited (HUDCO) and National Housing Bank are the Central nodal agencies specified for the housing scheme.
