Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana (PMAY)
After the recent changes in the Pradhan Mantri Awas Yojana (PMAY), the interest of people has started increasing in it. The builders have also started promoting the scheme of cheap houses and the people who have taken advantage of the government's interest subsidy are also excited.
Concerns related to the real estate sector exist for both types of people to invest or earn a house for quick income. There are many things like delay in possession and increase in supply of houses, which stand as a hindrance for this sector.
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requier documant list of this scheam
I. Suppose the income of a person is six lakh rupees.
(Maximum loan amount is Rs. 6 lakhs: Subsidy: 6.5%)
Actual loan amount: Rs 6 lakhs
Rate of interest: 9 percent
Monthly installment: Rs 5,398
Total interest in 20 years: Rs 6.95 lakh
NPV will be Rs 2,67,000 after subsidizing your interest at 6.5 percent subsidy.
This is the interest subsidy the government is providing to the people in PMAY. According to this, your loan actually becomes Rs 3,33,000 instead of six lakh rupees.
Keep in mind that the borrower has taken a loan at the rate of nine per cent per annum. This decreases because the interest subsidy amount is already deposited in the account of the borrower.
Rate of interest: 9 percent
Monthly installment: Rs 2,996
Total interest paid in 20 years: Rs 3.86 lakh
Savings in EMI: Rs 2,402
Total savings in interest: Rs 3, 08,939
II. Let's say that a person's income is 12 lakh rupees.
(Maximum loan amount is 9 lakh rupees: Subsidy: 4%)
Actual loan amount: Rs 9 lakh
Rate of interest: 9 percent
Monthly installment: Rs 8,098
Total interest in 20 years: Rs 10.43 lakhs
The NPV will be Rs 2,35,000 after subsidizing your interest according to the 4 percent subsidy.
Loan Amount: Rs 6.65 Lakh
Rate of interest: 9 percent
Monthly installment: Rs 5,983
Total interest paid in 20 years: Rs 7.70 lakh
Savings in EMI: Rs 2,114
Total savings in interest: Rs 2,72,445
III. Let's say that a person's income is 18 lakh rupees.
(Maximum amount of PMAY loan Rs. 12 lakhs: Subsidy: 3%)
Actual loan amount: Rs. 12 lakhs
Rate of interest: 9 percent
Monthly installment: Rs 10,796
Total interest in 20 years: Rs 13.91 lakh
NPV will be Rs 2,30,000 after subsidizing your interest according to 3 percent subsidy.
Revised loan amount: Rs 9.7 lakh
Rate of interest: 9 percent
Monthly installment: Rs 8,727
Total interest paid in 20 years: Rs 11.24 lakh
Savings in EMI: Rs 2,069
Total savings in interest: Rs 2,66,649
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