BUY YOUR FIRST HOUSE AS 20-YEAR LOAN TO COST RS 2.4 LAKH LESS

Buying your first house will cost about Rs 2.4 lakh less as the government will subsidise a part of your home loan interest if your earning is up to Rs 18 lakhs per annum.

At present, this subsidy is available to only those who earn up to Rs 6 lakh per annum. The government has announced two new subsidy slabs to spur the real estate market and achieve housing for all by 2022. These slabs will apply to loans with a tenure of up to 20 years, as against the limit of 15 years now.

On New Year’s Eve, our PM Narendra Modi had announced two subsidy schemes under Pradhanmantri Awas Yojna (PMAY), but their details have been worked out only now. Home buyers will get a subsidy at different rates depending on the income braces they are in. People earning less than Rs 6 lakh per annum will get a subsidy of 6.5% on a principal component of Rs 6 lakh, irrespective of their total loan amount. If they borrowed money at 9% interest, they will have to pay only 2.5% interest on Rs 6 lakhs, and 9% on the remainder amount.

In the next level, people earning up to Rs 12 lakh per annum will get an interest subsidy of 4% on the principal component of Rs 9 lakh, and the highest income category of Rs 18 lakh per annum will get a subsidy of 3% on a principal component of Rs 12 lakh.

The net benefit to all three income categories over 20-year loan tenure is roughly Rs 2.4 lakh and the monthly instalment reduces by roughly Rs 2,200. This subsidy benefit under(Pradhanmantri Awas Yojna) PMAY is in addition to the income tax benefits on a home loan, which can go up to Rs 61,800 per annum for someone in the 30% tax bracket.

National Housing Bank (NHB) and HUDCO are the two nodal agencies to implement the subsidy schemes. Under these scheme for the low-income group, the government had subsidised around 18,000 first time buyers, at a cost of around Rs 310 crores. One of the senior NHB official said the disbursal rate is likely to go up as the middle-income category has been brought under the scheme.

Above mentioned information shows that this is the best time to invest your hard earned money in a property. With the advantage of current policies and subsidies, one can easily make a house affordable which could have been earlier a distant dream. Among all the real estate hubs, Pune offers better opportunities to invest in real estate, because of its diversified economy, closeness to Business City, Mumbai and improving infrastructure. Pune has seen the humongous development in last few years.

The real estate big tycoons like Unique Group in Pune are pioneering the lifestyle with the combination of luxury and budget. They have many projects in Pune, in areas like Lohegaon, Dhanori and Ravet. They offer 1, 1.5 and 2 BHK flats in Pune in the most affordable budgets.
Source: http://www.uniquegrouppune.com/blog/buy-your-first-house-as-20-year-loan-to-cost-rs-2-4-lakh-less