PM Modi's government has announced a 4% interest subsidy on home loans under the Pradhan Mantri Awas Yojana, targeting economically weaker sections. This scheme benefits EWS, LIG, and MIG categories, offering a subsidy on loans up to 8 lakhs, helping many achieve their dream of owning a home.
To help individuals achieve the dream of owning a home, the Modi administration has provided a significant benefit to eligible recipients. Specifically, through the Pradhan Mantri Awas Yojana, the government offers reduced home loan interest rates for constructing a house. However, this program is limited to people in the low and middle-income brackets who do not already own a permanent residence. Let's delve into the details of the interest rate subsidy available for home loans.
Interest Subsidy Rates
Under the Pradhan Mantri Awas Yojana-Urban scheme, qualified individuals receive both home loan options and interest rate subsidies.
-For a house valued at Rs 35 lakh, the beneficiary can obtain a home loan of Rs 25 lakh.
-A loan of Rs 8 lakh will receive a 4% subsidy for a repayment period of 12 years.
-The subsidy will be disbursed in installments over 5 years. During this period, a subsidy of approximately Rs 1.80 lakh will be credited to the account.
-Beneficiaries can access accurate account details through the official website, OTP, and smart card.
Who will be eligible for the benefit??
The Modi administration has introduced this program specifically for economically disadvantaged individuals. Under this scheme, people are categorized into three different groups. Only those who fall under EWS, LIG, and MIG will qualify for this program.
The family's annual income should be up to Rs 3 lakh for the EWS category, up to Rs 6 lakh for the LIG category, and up to Rs 9 lakh for the MIG category. Additionally, the beneficiary must not own a permanent house.
How to Apply?
This is a valuable chance to fulfill the dream of constructing your own home. By utilizing this scheme, participants can build a permanent house. To apply, visit the official website ( to be launched soon) and complete the application form.