PM’s housing scheme for Neo-Middle class:Interest subsidy for housing loans up to Rs 12 lakh
Apr 22, 2018|Hindustan Times|Full Article
Prime Minister Narendra Modi had in December 2016 announced two new components of credit-linked subsidy to help the middle class, who till then were not included in the NDA government’s flagship housing programme. As part of the scheme, those with an annual income of up to Rs 12 lakh can avail a four percentage point interest subsidy on a loan of Rs 9 lakh, while those with an income up to Rs 18 lakh would get an interest subsidy of three percentage point on a loan of Rs 12 lakh.
it intends to target 50,000 people from the middle income category in 2017-18 under the scheme.
The ministry is expecting the number of beneficiaries in the category to go up to 100,000 in the 2018-19. Overall, since PMAY was launched, out of the 3.2 million houses sanctioned till December 26, 2017, in urban areas, merely 9% have been built, according to ministry figures. Till December 2017, of the Rs 22,757 crore sanctioned, the Centre has released Rs 12,916 crore.