Pradhan Mantri Awas Yojana-Gramin offers 3% Interest Subsidy on Home Loans

Latest Housing News, Schemes & Projects | By Rajkumar

Pradhan Mantri Awas Yojana-Gramin: On Tuesday, the Union Cabinet has approved the rural housing scheme in the promotion of housing for all by 2022 mission. Under PM Awas Yojana-Grameen, the government would provide interest subsidy to the beneficiaries of PMAY-G.

In this scheme, those people would be benefited who are not covered under Pradhan Mantri Awas Yojana-Gramin, PMAY-G.

The housing scheme would allow the people of rural area to construct new houses or to extended their existing pucca houses by adding more rooms etc to improve their dwelling units. Under the scheme, the beneficiary who will take a loan for constructing their house would get an interest subsidy for loan amount upto Rs. 2.0 lakh.

The scheme would be implemented by National Housing Bank for the Government would provide net present value of the interest subsidy of 3 percent to the National Housing Bank upfront which will, in turn, pass it to the Primary Lending Institutions (Scheduled Commercial Banks, NBFCs etc.). As a result the equated monthly instalment (EMI) for the beneficiary would be reduced.

Under the scheme, the Government would also take necessary steps for proper convergence with PMAY-G including technical support to beneficiary through existing arrangements. The new scheme is expected to improve housing stock in the rural areas, as well as create employment opportunities in rural housing sector.


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