PM Home Loan Subsidy Scheme:Get loan Upto Rs 50 Lakh

PM Home Loan Subsidy Scheme:Objectives ,Loan and interest rate, Benefits and features,Eligibility ,Documents required,application process(पीएम होम लोन सब्सिडी योजना:उद्देश्य, ऋण और ब्याज दर, लाभ और विशेषताएं, पात्रता, आवश्यक दस्तावेज, आवेदन प्रक्रिया)

Many people dream of owning a home, but rising property prices in cities are making it difficult for them to afford one. To help small home buyers, the Central Government is introducing a new scheme called the PM Home Loan Subsidy Scheme. This program will provide subsidies on loans for low-income individuals living in urban areas.The government plans to spend Rs 60,000 crore over the next 5 years for this scheme. If you’re thinking of buying a house, this scheme could help you out. If you want to know more about this,you have to read the entire article.

PM Home Loan Subsidy Scheme

Last year, Prime Minister Modi announced a new program called the Pradhan Mantri Home Loan Scheme on Independence Day. It was set to begin before Diwali.This program helps the small families who lives in cities, rent houses, or live in slums or unauthorized colonies. They’ll get relief on home loan interest, saving them lots of money. This scheme is mainly for people in urban areas. About 25 lakh low-income people could benefit from it. With this scheme, people can now make their dream of owning a house come true. The government also offers discounts on interest and financial support. The program will last for 5 years, and people can get loans for up to 20 years.

Key Details of PM Home Loan Subsidy Scheme

Name of the scheme	PM Home Loan Subsidy Scheme
Launched By	Prime Minister Narendra Modi
Objective	To provide affordable home loans to those living in rented houses in cities
Home Loan Amount	Rs 9 Lakh
Beneficiary	Citizens of India
Application Process	Not yet Available
Official Website	Available Soon
Helpline Number	Available Soon

Objectives of PM Home Loan Subsidy Scheme

The PM Home Loan Subsidy Scheme, started by Prime Minister Narendra Modi, aims to offer affordable home loans to people who currently rent in cities. This is to help those families in cities, who live  in slums or   unauthorized colonies, who struggle to pay rent. Low-income urban residents will now be able to get subsidies on home loans to purchase their own homes, making it easier for them to become homeowners. This is important because many people can’t afford to buy homes due to high inflation, so the government is offering cheap home loans to help them.

Loan and interest rate under PM Home Loan Subsidy Scheme

There is still no official announcement regarding this scheme, but according to Reuters, the PM Home Loan Subsidy Scheme may offer loans of up to Rs 9 lakh, with an annual interest subsidy ranging from 3 to 6.5 percent. subsidy could apply to home loans under Rs 50 lakh for a 20-year tenure.

 Government allocated Rs 60,000 crore

According to reports, the Modi government plans to spend about Rs 60,000 crore over 5 years to help 25 lakh people get home loans. This scheme might start in a few months, but the exact date is not known yet. The government will give a subsidy on the interest, which will go straight into the beneficiaries’ home loan accounts. Cabinet approval for this might happen soon.

Reports indicate that plans are in motion to finalize the PM Home Loan Subsidy Scheme, pending approval at the Central Board meeting presided over by the Prime Minister. It’s noteworthy that this scheme is poised to directly benefit low-income families residing in urban areas upon its launch.

Benefits and features of PM Home Loan Subsidy Scheme

•  The Modi government is giving a special offer to people who want to buy small homes. This offer is called the PM Home Loan Subsidy Scheme.
• This scheme helps people who live in rented homes in cities to get cheaper home loans.
• It helps families who live in cities but are in rented houses, slums, chawls, or unauthorized colonies to get benefits.
• The government will give a subsidy on the interest of home loans through this scheme.
• People can get a 3 to 6.5 percent discount on the interest every year on home loans up to Rs 9 lakh.
• The government will deposit this interest discount directly into the home loan accounts of the people who benefit from the scheme.
• Around 25 lakh people applying for loans will get benefits under this scheme.
• The government plans to spend Rs 60,000 crore on this scheme over the next 5 years.
• This scheme helps to fulfill the dreams of people living in slums or rented homes in cities by helping them buy their own homes.
• Now, economically weaker families can easily buy their own homes with the help of this scheme.
• This scheme also provides financial support to people facing high inflation in the country.

Eligibility Criteria of PM Home Loan Subsidy Scheme

• The PM Home Loan Subsidy Scheme is for families from all backgrounds in the country. 
• People who are struggling and live in cities can apply. 
• If you’re a middle-class family wanting to buy a house, you can apply too.It’s also for people in cities who live in rented places, slums, or chawls. 
• You can apply if you haven’t already received benefits from the Pradhan Mantri Awas Yojana. 
• Your bank account needs to be linked with your Aadhar card, and you shouldn’t have defaulted on a bank loan to qualify for a home loan under this scheme.

Documents required for PM Home Loan Subsidy Scheme

• Aadhar card
•  Address proof/Domicile certificate
•  Income certificate
• Caste certificate
•  Age certificate
•  Bank A/c linked with Aadhar card
•  Mobile number
• Passport size photo
•  Email Id

How to Apply for PM Home Loan Subsidy Scheme?

If you want to apply for the PM Home Loan Subsidy Scheme, it’s not available yet. The government might announce it soon. We’ll let you know when you can apply once the government gives more details. Right now, you’ll have to wait until the scheme starts.

FAQs

Read More:-

PM Suryoday Yojana

Mahtari Vandan Yojana