Home loan subsidy scheme: Nowadays, the majority of banks provide home loans that not only assist you in buying pre-built homes but also make it easier to build a home from the ground up. You can also apply for a home loan to make repairs or renovations. Like any other loan, the home loan must be repaid in regular monthly installments. Home loan interest rates have increased by more than 200 basis points since May 2022 as a result of four consecutive repo rate increases by the Reserve Bank of India (RBI). Prime Minister Narendra Modi recently stated that the Centre would launch a new programme to provide cheaper house loans to people who live in rented housing during the Independence Day speech this year. Let’s know about it.
Know about the Centre’s Home loan subsidy scheme
According to sources, the new house loan subsidy programme will assist more than 25 lakh low-income urban home loan customers. A budget of approximately Rs 60,000 crore is now projected for the new programme over the course of the following five years. The government would provide an interest subsidy of between 3% and 6.5 percent on home loans up to Rs 9 lakh, which might be a game-changer for first-time homebuyers and the real estate market. Home loans under Rs 50 lakh with a 20-year term are eligible for the reductions. The beneficiary’s home loan account is anticipated to receive the interest subsidy straight.
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