Subsidies for housing loans taken by the middle-class society
Posted on: 23/Mar/2017 3:10:48 PM
The central government headed by the Prime Minister Narendra Modi has announced the offer of subsidies in the interest paid for the housing loans taken by the middle class section of the society.
With this offer, the equated monthly installment (EMI) paid by the people who have taken housing loans will come down by Rs. 2000 per month.
The Prime Minister Narendra Modi announced the new scheme to cater to the home-buying ambitions of the middle class section of the society on 31st December 2016.
As per this scheme, the individual with an annual income below Rs. 12 Lakhs will be given a subsidy of 4 percent if the housing loan taken is up to Rs, 9 Lakhs.
If the annual income is below Rs. 18 Lakhs, a subsidy of 3 percent will be given for the housing loan.
The central government has announced that this scheme will be implemented effective from 1st January 2017.
With this, the EMI for the housing loan will come down by Rs. 2063 for the middle class section of the society which has availed housing loans up to Rs. 9 Lakhs.
