Two new subsidy slabs to benefit new home buyers

Two new subsidy slabs to benefit new home buyers

To achieve the aim of housing for all by 2022, the government has announced two subsidy slabs applicable for the people buying their first home. As per the rule, the slabs will apply for the loans with a tenure of up to 20 years instead of 15 years.

Depending on the income bracket, home buyers will get the subsidy at different rates. People earning less than Rs. 6 lakhs per annum will have to pay interest of 2.5% on the principal amount of Rs. 6 lakhs and the fixed interest rate (assuming an interest rate of 9%) for the remaining loan amount. People earning up to Rs. 12 lakhs per annum will have to pay interest of 5% on the principal amount of Rs. 9 lakhs whereas people earning up to Rs. 18 lakhs per annum will have to pay interest of 6% on the principal amount of Rs. 12 lakhs. This will reduce the monthly instalment approximately by Rs. 2,200 giving a benefit of approximately Rs. 2.4 lakhs to the buyers.

Subsidy slab benefits on buying first home

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Old Comments :

    Jayvee

    To think, I was coefusnd a minute ago.

    Dontarrious

    Free knowledge like this doesn't just help, it promote deoymracc. Thank you.

    Eshita Das

    This is one of the best move by the govt. to help new home buyers.

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