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PRADHAN MANTRI AWAS YOJNA : HOUSING FOR ALL : SUBSIDY ON LOAN INTEREST FULL DETAIL
There is a very good news for the home seekers, central government has announced even more subsidy in home loan interest rates under Pradhan Mantri Awas Yojana. Prime Minister Narendra Modi announced the interest subsidy on housing loans taken under Pradhan Mantri Awas Yojana during his speech to the nation on 31st December 2016. The amount of home loan under the scheme has been increased by double to 12 Lakh and the interest subsidy would now be up to 4%. Below is the interest subsidy comparison of earlier PMAY scheme and revised scheme.The increased loan amount under the PM Awas Yojana will significantly reduce the monthly installments. The central government instead of 6.5% subsidy on loans up to Rs. 6 Lakh, now providing 4% subsidy on loans up to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh. The loans under PMAY can be availed for a maximum tenure of 20 years (earlier 15). The government has also introduced two new middle income group categories under the scheme.
At present, the home loans are available from banks and non banking financing companies at interest rates of about 9%. After the interest subvention of 4%, the effective interest rate would fall to 5% which will result in significant reduction in EMI’s.
PMAY Home Loan Interest Rate Calculation
Subsidies Explained
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Earlier Scheme (2015) – CLSS for EWS/LIG
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Revised Scheme (2017) – CLSS for MIG
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Loan Amount
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Up to Rs. 6 Lakh
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Up to Rs. 9 Lakh
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Up to Rs. 12 Lakh
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Eligibility Criteria
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EWS (Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh per annum). Women to be the co-owner along with the beneficiary.
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MIG 1 – Up to Rs. 12 Lakh per annum
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MIG 2 – Up to Rs. 18 Lakh per annum
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Subsidy Calculation for a loan tenure of up to 15 years
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6.5%
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4%
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3%
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Subsidy Amount
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Rs. 2.2 Lakh for a loan of 6 lakh
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Rs. 2.35 Lakh for a loan of Rs 9 Lakh
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Rs. 2.3 Lakh for a loan of Rs. 12 Lakh
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Interest Rates and Subsidy
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Interest Rate
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10.5%
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8.5%
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Loan Amount
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Rs. 12 Lakh
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Rs. 9 Lakh or More
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Rs. 12 Lakh or More
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Amount Eligible for Subsidy
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Rs. 6 Lakh
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Rs. 9 Lakh
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Rs. 12 Lakh
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Subsidy Rate
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6.5%
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4%
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3%
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Subsidy Amount
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2.2 Lakh
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2.35 Lakh
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2.3 Lakh
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For example, if an individual takes loan of Rs 9 lakh for a 15 years, 4% lower interest rate would save him Rs. 2,011 in EMI every month as his EMI will come down from Rs 9,128 to Rs 7,117. Similarly, on a loan of Rs 12 lakh will save Rs 2,044 in EMI on account of the 3 per cent lower interest rate.
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