PM Home Loan Subsidy Yojana: The central government has launched a new home loan scheme, named PM Home Loan Subsidy Yojana, which recognizes the problems of rising property values in cities and hinders people’s dreams of home ownership. This initiative, spearheaded by Prime Minister Narendra Modi, aims to help small home buyers living in suburban areas, especially those in the lowest income bracket.
Subsidy on loans for buying a house will be provided under the Prime Minister Home Loan Subsidy Scheme and the government plans to allocate Rs. 60,000 crore in the next five years for this purpose. If you are also planning to buy your own house, then the PM Home Loan Subsidy Scheme can prove to be beneficial for you. Through this article, we will provide you with information related to the PM Home Loan Subsidy Yojana 2024.
PM Home Loan Subsidy Yojana 2024
Prime Minister Narendra Modi announced the Home Loan Subsidy Scheme on Independence Day.
Although official information about this scheme is not available, according to Reuters reports, the Prime Minister’s Home Loan Subsidy Scheme may be implemented in which loans up to Rs 9 lakh can be provided.
There is a possibility of partial interest subsidy under this scheme, which can be between 3 and 6.5 percent on the loan.
According to the report, the benefit of this subsidy can be availed for a tenure of 20 years on home loans of less than Rs 50 lakh.
Under the Modi government, a total of Rs 60,000 crore is being allocated for this scheme in five years, which will benefit about 25 lakh home loan applicants.
The starting date of this scheme has not been announced yet, but it is expected to start in the coming months.
According to government reports, the interest subsidy will be directly deposited in the home loan accounts of the beneficiaries.
The cabinet approval for this scheme may come soon, the preparations for which are expected to be decided in a meeting of the central board chaired by the Prime Minister.
Pradhan Mantri Home Loan Subsidy Scheme: Benefits and Features
- Small home buyers will get the benefit of the Prime Minister Home Loan Subsidy Scheme by the Modi government.
- This scheme of the government will provide cheap home loans to those who live on rent in cities.
- Through this scheme, families who live in cities but live on rent or who live in slums, shanties and unauthorized colonies will be benefited.
- Through this scheme, you will get the benefit of interest subsidy on home loans from the central government.
- An annual interest subsidy of 3 to 6.5 percent will be given on home loans up to 9 lakh.
- The government aims to spend Rs. 60,000 crore on this scheme in the next five years and support 25 lakh loan applicants.
- The aim of this scheme is to directly benefit poor families living in cities.
- Under this scheme, financial assistance will be provided to economically weaker families amid rising inflation in the country.
- PM Home Loan Subsidy Scheme: Eligibility | PM Home Loan Subsidy Yojana 2024
Families of all castes and religions of the country will be eligible under this scheme.
Those who live within the city and are on contract basis will be considered eligible.
Middle class families dreaming of buying their own house can apply under this scheme.
People who live in cities, live on rent, live in a shack, chal or any unauthorized colony can be eligible for this scheme.
The applicant should not have availed the benefit of Pradhan Mantri Awas Yojana.
The applicant’s bank account should be linked to Aadhaar card.
The candidate should not be a defaulter of the bank for home loan.
Home Loan Subsidy Scheme: Required Documents
- Aadhaar Card
- Identity Card
- Driving Permit
- Proof of Address
- Income Certificate
- Caste Certificate
- Age Certificate
- Bank Passbook
- Mobile Number
- Passport Size Photo
- Email ID
How to Apply?
If you want to apply under the Prime Minister’s Home Loan Subsidy Scheme, you will be sorry to know that this scheme has not been implemented by the Central Government yet and its launch may be announced soon.
Only after this will the information related to applying under this scheme be provided.
Whenever the government provides information under the Home Loan Subsidy Scheme, we will inform you through this article. For now, you will have to wait for the launch of this scheme.
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