Home loans upto Rs 12 lakh to get interest subsidy: PM

In a bid to boost rural and urban housing post demonetisation, home loans of upto Rs 12 lakh taken in 2017 under the Pradhan Mantri Awaas Yojana will receive an interest subsidy of upto 4%. This was announced by Prime Minister Narendra Modi during his address to the nation on the eve of the New Year.

He also said that houses being built for the poor in rural areas under the scheme will be increased by 33%. In urban areas, housing loans of upto Rs 9 lakh will receive interest subsidy of 4% and loans of upto Rs 12 lakh will receive interest subsidy of 3%.

The Prime Minister further said, “In addition, two more categories for the neo middle and middle class in rural areas has been created under the scheme. Loans of up to Rs 2 lakh taken in 2017, for new housing, or extension of housing in rural areas, will receive an interest subvention of 3%.”

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