PM Awas Yojana: Subsidy On Home Loans Extended By 15 Months

The subsidy of Rs 2.6 lakh on loans, which is available for beneficiaries belonging to the Middle Income Groups (MIG), will now be valid till March 2019.

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PM Awas Yojana: Subsidy On Home Loans Extended By 15 Months

Earlier, the deadline to avail subsidy under PMAY was December 2017.

Highlights

  1. This PMAY subsidy is only available to the Middle Income Groups (MIG)
  2. Home buyers will get a subsidy of Rs 2.6 lakh on loans
  3. The subsidy scheme will now be valid till March 2019
The government on Friday extended the benefit of interest subsidy on home loans under the Pradhan Mantri Awas Yojana or PMAY (Urban) by 15 more months beyond December this year. The subsidy of Rs 2.6 lakh on loans, which is available for beneficiaries belonging to the Middle Income Groups (MIG), will now be valid till March 2019. "The government decided to give more time for MIG beneficiaries to avail interest subsidy under PMAY (Urban)," said Durga Shanker Mishra, Secretary (Housing and Urban Affairs), while addressing the 'Real Estate and Infrastructure Investors Summit' organised by National Real Estate Development Council (NAREDCO), in Mumbai.

To meet the "Housing for All" target in urban areas by 2022, Mr Mishra urged private investors to invest in affordable housing, being promoted by the government in a big way with several incentives and concessions.

He also held discussions with a 30-member delegation of NAREDCO and assured them that the government would look into various issues raised by them in all sincerity and possible interventions would be considered.

The delegation expressed concern over the Goods and Services Tax (GST) and other taxes accounting for over one- third of the cost of residential properties.

Last year in December, Prime Minister Narendra Modi had announced that the Credit Linked Subsidy Scheme (CLSS) under PMAY (Urban) to MIG will be applicable till December 2017.

Under CLSS, MIG beneficiaries with annual income of above Rs 6 lakh and up to Rs 12 lakh would get an interest subsidy of 4 per cent on a 20-year loan component of Rs 9 lakh. Those whose annual income exceeds Rs 12 lakh and is up to Rs 18 lakh, would get an interest subsidy of 3 per cent.

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