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Govt. Extends Interest Subsidy of PMAY Home Loans by 15 Months
September 25, 2017
In what’s a relief to the homebuyers, the government has extended the interest subsidy of as much as Rs. 2.6 lakhs on home loans under the Pradhan Mantri Awas Yojna (Urban) to the middle-income group (MIG) applicants by additional fifteen months to March 2019.
Last year, Prime Minister Narendra Modi announced interest based subsidy scheme for MIG till December 2018. Under this scheme home loan borrowers can enjoy an interest subsidy of 4% of home loans up to Rs. 9 lakh for individuals earning an annual income up to Rs. 12 lakh, and of 3% of home loans up to Rs. 12 lakh for individuals having an annual income up to Rs. 18 lakh.
