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How much you save when buying a house under PMAY

on July 26, 2020

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How much you save when buying a house under PMAY

The Pradhan Mantri Awas Yojana , or PMAY scheme, aims to provide affordable housing for all by the year 2022. This is being achieved through a Credit Linked Subsidy Scheme where the government provides subsidy on the interest amount of home loans taken by eligible individuals, thus bringing down the interest component considerably. This scheme is available only to those who fit the eligibility parameters set by the government of India. This makes home loans cheaper in the long run and brings down the Equated Monthly Instalment (EMI) as well, which means borrowers have more disposable income in hand after paying their monthly instalments on the home loans. This has made home ownership more affordable across different income categories. It has also increased ownership among women as that is one of the mandatory eligibility criteria for one of the categories. Under the ‘'Housing for All by 2022’' vision of the government, one crore housing units will be constr...

How to Increase your Chances of Home Loan Approval

With the rising cost of real estate property, whether you are buying a new property or one that is for resale, a ready-built one or are going to construct one of your own, doing it without taking a home loan is next to impossible for most individuals, both salaried and entrepreneurs. A home loan is one of the biggest loans of people’s lives. With a home loan also being one of the best tax-saving solutions as well, most people smartly choose to take a home loan as soon as they can afford to, which could be a couple of years into their careers. While earlier a home loan was the domain of married couples, today more single individuals too are choosing to invest in a property of their own. Home loan eligibility depends on a number of factors such as your income, income sources, income stability, age, existing liabilities and savings, credit score, etc. Some of these are in your hands and can be improved or changed while some are unchangeable. Let’s look at the factors that are in...

Tips to Reduce your Home loan Stress

Most people can only dream of owning a home of their own with the help of a home loan, which is often the biggest loan they will ever avail in their lives. The cost of real estate properties often fluctuates but mostly have an upward trend. This means that home loans are often higher in quantum than other loans. Most people also choose the option of a longer repayment tenure, even if it means that they end up paying more interest in the long term, only because it translates to lower Equated Monthly Instalments (EMI) . This reduces their monthly home loan burden. However, it still leaves very little finances left to meet other expenditures such as savings, investments, and even day-to-day essential expenses. Whether you have a single income or additional income from other sources or from a co-applicant, being able to reduce your home loan burden over time can give you more peace of mind. Here are some tips on just how to do that, without having any more sleepless nights on how t...

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