Concession in Home Loan Interest Rates : Loksabha QA

Concession in Home Loan Interest Rates : Loksabha QA

GOVERNMENT OF INDIA
MINISTRY OF HOUSING AND URBAN AFFAIRS
LOK SABHA

UNSTARRED QUESTION NO. 919
TO BE ANSWERED ON FEBRUARY 06, 2020

CONCESSION IN HOME LOAN INTEREST RATES

No. 919. DR. BHARATI PRAVIN PAWAR:
SHRI SADASHIV KISAN LOKHANDE:

Will the Minister of HOUSING AND URBAN AFFAIRS be pleased to state:

(a) whether any concession in interest rates on home loans is being provided at Central level to purchase/construct houses in Maharashtra; and

(b) if so, the details thereof and the number of people benefited in this regard in Maharashtra during the last three years?

ANSWER

THE MINISTER OF STATE (INDEPENDENT CHARGE) OF THE
MINISTRY OF HOUSING AND URBAN AFFAIRS

SHRI HARDEEP SINGH PURI)

(a) & (b)Yes, Sir. Government is implementing a Credit Linked Subsidy Scheme (CLSS) as one of the components of Pradhan Mantri Awas Yojana (Urban) [PMAY(U)] to provide interest subsidy for housing loans to eligible beneficiaries. The main features of CLSS are at Annexure – I.During the last three years 1,46,638 households have availed benefits under CLSS in Maharashtra.

Annexure – I

Annexure for Lok SabhaUnstarred Question No 919 for 06.02.2020

S.No. Particulars EWS/LIG MIG-I MIG-II
1 Household Income (Rs. Per Annum) Up to.3,00,000/- for EWS and between 3,00,001 to 6,00,000 for LIG Between 600,001 upto 12,00,000 Between 12,00,001 upto 18,00,000
2 Interest Subsidy (% p.a) 6.50% 4% 3%
3 Maximum loan tenure (in years) 20 20 20
4 Eligible Housing Loan Amount for Interest Subsidy (Rs.) 6,00,000* 9,00,000* 12,00,000*
5 Dwelling Unit Carpet Area (Sq.mtr) 30#/60# Up to 160 Up to 200
6 Discount Rate for Net Present Value (NPV) calculation for 9% 9% 9%
interest subsidy
7 Upfront Amount for Subsidy (approximately in Rs.) 2,67,280 2,35,000 2,30,000

*Loans beyond this limit will be at non-subsidised rates.
#The beneficiary, at his/her his discretion can build a house of larger area but interest subsidy would be limited to first Rs. 6 lakh only.

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