Can I get subsidy for home loan?
Subsidy can be availed on home loans that were approved on or after 1 January 2017. Applicants who fall under MIG – I category can avail subsidy at the rate of 4\% with the maximum loan amount being Rs. 9 lakh. The maximum loan term taken into consideration for calculation of subsidy is 20 years.
How can I get a subsidy loan?
The following are the eligibility requirements for the housing loan subsidy program:
- You are not allowed to possess any pucca houses in the country.
- The annual household income cannot exceed 18 lakh rupees.
- You must not have previously received any financial aid through a government housing initiative.
How much loan can a central government employees get?
You can borrow up to Rs. 25 lakhs under the facility of personal loan for government employees. Attractive rate of interest starting at 11.99\%. Choose repayment tenures anywhere between 12 months and 60 months as per your convenience.
Who qualifies for a government housing subsidy?
In order to apply for a FLISP subsidy, you must meet the following requirements:
- Earn either a single or joint gross monthly household income of between R3 501 to R22 000.
- Be a first time home buyer.
- Be over the age of 18 years.
- Have financial dependants.
Who is eligible for home subsidy?
Applicants with a maximum annual family income of up to ₹ 18 Lakh are eligible for the home loan subsidy scheme. You can avail subsidy interest of up to 6.5\% and subsidy amount up to ₹ 2.67 Lakh. To avail the housing loan subsidy, the carpet area must be within 260 sqm.
How do I know my PMAY subsidy?
PMAY Toll Free Number
- NHB – 1800-11-3377 , 1800-11-3388.
- HUDCO – 1800-11-6163.
Which loan is best for govt employees?
Comparison of Personal Loans for Government Employees
| Bank | Interest Rate | Max. Loan Tenure |
|---|---|---|
| State Bank of India | 12.50\% p.a. onwards (for defence, paramilitary, and coast guard personnel) | 72 months |
| Axis Bank | 15.75\% p.a. | 60 months |
| HDFC Bank | 11.25\% | 60 months |
| Union Bank | 10.60\% onwards | 60 months (One year prior to retirement) |
How does a government housing subsidy work?
Individual housing subsidies are available to low-income households, where an applicant wishes to buy a residential property for the first time. The subsidy can be used to buy an existing house – including the property on which the house stands. You do not have to repay this subsidy as it is not a loan.