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PM Awas Yojana: Until Mar 2019, you can save Rs 2.6 lakh on your home loan

This decision will provide more time for beneficiaries of the middle-income groups to avail interest subsidy under the PMAY (Urban)

Press Trust of India  |  Mumbai 

Representative image
Representative image

The interest of up to Rs 2.60 lakh on home loans under the Centre's affordable housing scheme will now be available to middle-group (MIG) beneficiaries for 15 more months till March 2019, a top official said here.

Housing and Urban Affairs Secretary Durga Shanker Mishra said the decision will provide more time for MIG beneficiaries to avail interest under the Pradhan Mantri Awas Yojana (Urban), an official release said.

Mishra was addressing the 'and Infrastructure Investors Summit' organizsed by National Development Council (NAREDCO), the apex industry body of sector, on Friday.

On December 31 last year, Prime Minister had announced that the credit linked scheme (CLSS) under (Urban) will be applicable to MIG till the end of December this year. Now, the scheme will be available for 15 more months till March 2019.

Under CLSS, MIG beneficiaries with annual of above Rs 6 lakh and up to Rs 12 lakh would get an interest of four per cent on a 20-year loan component of Rs 9 lakh.

Those with annual exceeding Rs 12 lakh and up to Rs 18 lakh would get interest of three per cent.

Reiterating the government's commitment to meet the 'Housing for All' target in urban areas by 2022, Mishra urged the private sector to invest in affordable housing as it is being promoted by the in a "big way" with several and concessions, the release said.

Mishra later had hour-long discussions with a 30- member delegation of NAREDCO and assured them that the would look into various issues raised by them in all sincerity and possible interventions would be considered, it added.

The delegation referred to what they called anomalies in rates for completed and under construction housing projects, stamp duties being higher and kept outside the purview of GST, scarcity of land, delays in granting construction permits among other issues, the release said.

The delegation expressed concern over the and other taxes accounting for over one-third of the cost of residential properties, it added.

First Published: Fri, September 22 2017. 18:14 IST