Housing For All Scheme launched

Govt Launched Housing for all by 2022 Scheme on 17 Jun 2015. Govt approved a substantial increase in interest relief on loan for the urban poor to promote affordable homes.

Govt Announced 6.50% Subsidy on Interest Rates for EWS & LIG Section Income Group Borrowers.

Example – If the Market Interest Rate for Home Loans is 9.75% so EWS & LIG Income group relief 6.50% on Interest Rates so they only able to pay 3.25% Rate of Interest on Loan Amount.

Interest Rate Subsidy Interest Rate for LIG & EWS EMI for Regular EMI for EWS & LIG Total Save on EMI
9.75% 6.50% 3.25% 1059 703 Rs.356
9.90% 6.50% 3.40% 1068 710 Rs.358

 

Total Saving for EWS & LIG Borrowers in 15 Years for 6 Lakh Loan amount

Particular Regular LIG & EWS
Interest Rate 9.75% (9.75% – 6.50% ) = 3.25%
Loan Amount 600000 600000
Loan Tenure 15 Years 15 Years
EMI per Month 6356 4216
Total Interest Paid Rs.544,112 Rs.158,882
Saving Rs.385,230

 

The housing stock demand may further increase further to the demand assessment to be made by the states and UTs based on online registration through integration of Adhaar Number of Jan Dhan Yojana accounts.

For More Information – Read Housing for all 2022 Scheme