New Year Gift Launched by the Government for the First-Time Home Buyers!
Home buyers! Fed up of roaming from one home to another one? Fed up of packing your home materials every year to get them shifted to another place? Fed up of seeing money going out of your home in some form of a rent or other, each month, each year? No need of this headache anymore now, because guess what? Here is this new year gift for the middle-class home buyers who are tired and rid of staying in a rental property uprooted by the government of India.
A subsidy on your home loan interest is one of the main advantages that PMAY extends to you. Claiming the subsidy on your home loan is easy basis your eligibility, if you apply for the Pradhan Mantri Awas Yojana according to your own income and buy a home that fulfils the carpet area norms set out by the scheme.
The Indian government on Monday extended the date of the interest subsidy scheme till march 2020. The scheme was precisely implemented by keeping in mind those urban home buyers who will be investing a large amount of money in purchasing a home for the first time. However, these people are conditioned with one crucial statement that their annual income must be between Rs 6 lakh and Rs 18 lakh. This new thing initiated by the government will enable and provide benefits to the new home buyers to avail up and make use of this front financial assistance of about nearly Rs 2.5 lakh from the central government, which can be used for making the down payment while booking, at the time of construction or while re-purchasing the same flat.
While announcing the same, the union housing minister Hardeep Singh Puri stated,
“The growth and performance of credit linked subsidy scheme (CLSS) for middle income group has been very good and we are on course to having about one lakh beneficiaries by the end of the year.”
And from the research that has been done lately stated that some 93,000 people from this income group have availed and made the use of Rs 1960 crore interest subsidy from the centre, as of now, which has been paid out through the bank. Asking from the experts, they said that the extension of the CLSS timeline with be beneficial and will help both the buyers and the construction sector and will surely bring an improvement in the investments. The top three states that have performed well under this CLSS segment includes Gujarat, Maharashtra and Uttar Pradesh, stated by the sources.
In addition to this, another news to be highlighted is that the scheme by the prime minister of India, MR. Narender Modi on 31st of December, 2016 of providing an advantage to those two categories of middle home buyers, which was launched for 12 months until December 2017 and covered MIG beneficiaries seeking housing loans for acquisition or the construction of houses which includes re-purchasing as well from banks, housing finance companies and other notified institutions. The proposal was earlier extended, and not just once but twice till march 2019. The Amrit Abhijat, joint secretary in-charge PM Awas Yojana in urban areas said, “while this will enable a large number of new home buyers from the middle-income group to get the benefit, it is also a positive and an imperative signal for the builder, who have planned projects targeting such home buyers. We expect a huge number of people making some beneficial use of this opportunity because of the clear policy that was made by the government.
Also, for the MIG I category, which consists of individuals having an annual income of Rs 6-12 lakh, with an interest subsidy of 4 percent shall be provided on a load that will be up to Rs 9 lakh. For the MIG II category, which is usually consists and comprises of individuals having a concrete annual income of Rs 12 lakh. The benefits in return of this usually ranges in between 2 to 2.5 lakhs.
So, home buyers, the government extended a hand to help you. Pack your bags once more, save all money and stop it to let go off your hands, because your right time now.
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