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Friday, September 25, 2020

Pradhan Mantri Awas Yojana (PMAY)

 

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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