Pradhan Mantri Awas Yojana Home Loan Interest Rates/Subsidy 2017

Pradhan Mantri Awas Yojana
January 7, 2017 | Last Modified: January 19, 2017 at 1:55 pm | Category: Central Government, Pradhan Mantri Yojana

There is a very good news for the home seekers, central government has announced even more subsidy in home loan interest rates under Pradhan Mantri Awas Yojana. Prime Minister Narendra Modi announced the interest subsidy on housing loans taken under Pradhan Mantri Awas Yojana during his speech to the nation on 31st December 2016.

The amount of home loan under the scheme has been increased by double to 12 Lakh and the interest subsidy would now be up to 4%. Below is the interest subsidy comparison of earlier PMAY scheme and revised scheme.

PMAY Home Loans Interest Rates/Subsidy for 2017

Subsidies Explained Earlier Scheme (2015) Revised Scheme (2017) – Additions
Loan Amount Up to Rs. 6 Lakh Up to Rs. 9 Lakh Up to Rs. 12 Lakh
Eligibility Criteria EWS (Annual income of Up to Rs. 3 Lakh) and LIG (Income of up to Rs. 6 Lakh per annum). Women to be the co-owner along with the beneficiary. Income criteria not defined, Middle Income Group has been included which will result in increased number of borrowers.
Subsidy Calculation for a loan tenure of up to 15 years 6.5% 4% 3%
Subsidy Amount Rs. 2.2 Lakh for a loan of 6 lakh Rs. 1.94 Lakh for a loan of Rs 9 Lakh Rs. 1.91 Lakh for a loan of Rs. 12 Lakh
Changes Likely in EMI’s
Interest Rate 10.5% 8.5%
Loan Amount Rs. 12 Lakh Rs. 12 Lakh
Amount Eligible for Subsidy Rs. 6 Lakh Rs. 12 Lakh
Subsidy Rate 6.5% 3%
Subsidy Amount 2.2 Lakh 1.9 Lakh
Effective EMI for 15 years without subsidy Rs. 13264 Rs. 11,817
Effective EMI for 15 years with subsidy Rs. 10,428 Rs. 9,931

The increased loan amount under the PM Awas Yojana will significantly reduce the monthly installments. The central government instead of 6.5% subsidy on loans up to Rs. 6 Lakh, now providing 4% subsidy on loans up to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh. The loans under PMAY can be availed for a maximum tenure of 15 years. The government has also introduced two new middle income group categories under the scheme.

At present, the home loans are available from banks and non banking financing companies at interest rates of about 9%. After the interest subvention of 4%, the effective interest rate would fall to 5% which will result in significant reduction in EMI’s.

PMAY Home Loan Interest Rate Calculation

For example, if an individual takes loan of Rs 9 lakh for a 15 years, 4% lower interest rate would save him Rs. 2,011 in EMI every month as his EMI will come down from Rs 9,128 to Rs 7,117. Similarly, on a loan of Rs 12 lakh will save Rs 2,044 in EMI on account of the 3 per cent lower interest rate.

Online Applications for Pradhan Mantri Awas Yojana – Urban are being invited through CSC’s and official website at pmaymis.gov.in.

The central government is also providing interest subvention of 3% on home loans taken in 2017 for new home construction or renovation under PM Awas Yojana – Gramin. Find the complete details of PMAY-G home loan scheme 2017 announced by Narendra Modi.

46 comments on “Pradhan Mantri Awas Yojana Home Loan Interest Rates/Subsidy 2017

  1. Rajneesh Choudhary says:

    Sir.humre paas house nahi hai hum 10 saal se delhi me ratha hu rent me aap se request hai ki muge vhi makhan
    Sorry sir …..

  2. Ghanshyam singh says:

    Yeah lon plZ

  3. Radheshyam parmar says:

    सर इस योजना का फायदा नगर सिमा मे रहने वावे पटटा धारि को मिलेगा या नही बताऐ।

  4. rajib mandal says:

    pm sir mere pas awas nahi he, ghar magne se deta nahi aap kuch kijiye sir

  5. ravindra says:

    Home Loan

  6. ankush D says:

    dont relay on indian government. however i tried this scheme from 2014 to till date, and i didnt get any response from my village panchayat people & taluka’s people also so just ignore the FALTU scheme by indian government.we didnt expect good & revolutionary idea from today’s & last one government. THEY ALL ARE SAME PEOPLE FROM SAME CATEGORY.I AM VERY VERY DISAPPOINTED WHY I WAS BORN IN THIS FALTU PEOPLE INSTEAD OF OTHER COUNTRY.

  7. Brhmanand lohar says:

    muje aavash yojna ka labh nahi Mila he me bpl me hu aakhir

  8. Brhmanand lohar says:

    muje labh nahi Mila he ji sir

  9. arun kumar says:

    Mere pas koi income ka sadhan nahi hai, mai loan Kaiser let sakta hu ?

  10. रोहित राजपूत says:

    सर, मुझे बिजनेस करने और आवास के लिये लोन चाहिये था कृपया आपसे निवेदन करता हूँ ! मेरा नाम:- रोहित राजपूत , पता :- ग्राम-पनवाडी पोस्ट-पनवाडी जिला- महोबा उत्तर प्रदेश

  11. रोहित राजपूत says:

    सर, मुझे बिजनेस करने और आवास के लिये लोन चाहिये था कृपया आपसे निवेदन करता हूँ ! मेरा नाम:- रोहित राजपूत , पता :- ग्राम-पनवाडी पोस्ट-पनवाडी जिला- महोबा उत्तर प्रदेश

  12. DEEPAK KUMAR says:

    sir,
    my name is DEEPAK KUMAR & my father’s name nand kishor mandal….From 1990 …my lives in delhi ..but he has not personal resident place …i request u that help to us…

    Thank’s u
    mob:-9871388405

  13. mohd zubair says:

    Mujhe apna ghr lena h uske liye lon ki zruret h halp me mera name mohd jubair h mera adres h bhumya ka pul meerut utre pardesh mobil no h 8273539854

  14. Salim khan says:

    Sir i built my house,
    please give me a loan…!!

  15. Rajesh kumar says:

    Mera name rajesh kumar hai. Mujko apne liye flat lena hai. I am requesting you to give me a loan with pmay scheme. Thanks
    Address manimajra chandigarh

  16. azharul islam says:

    Mera name azharul islam meri lone ki jaruri he deneki liae ahi nambar pare coll ki jiae 9647108603

  17. Nisha says:

    Mje bhi ghr lena hai plzzz yha goa me ghr ke daam kam kro duble betroom ka ret hai. Sisty lakh. Or rent se hai.15000

  18. pradeep haradan bhattachary says:

    mera room nehihe mene room ke liay avedhan kiay ta. mera hoanehi to moje room kesemilega. sir

  19. rameshwar barar says:

    Rameshwar ba

  20. rameshwar barar says:

    To
    Sir
    mujhe awas ka labh nahi mil raha kya karu kuchh informtion dijiy
    pleas helf sir

  21. rameshwar barar says:

    ples sir
    mera vellage karara ganj post ganj karara thana Nowong distt-chhatarpur mp pin cod 471201

  22. Biswajit gogoi says:

    Sir mujhe business karne k liye loan chahiye tha mujhe PMGAY kese milega mera naam biswajit gogoi village deobeel- II p.o/p.s- namsai district- namsai arunachal pradesh my contact no.- 8258828023 thank you sir…

  23. Vivek kumar says:

    Sir pmay rural ke liye kab form bhra jayega

  24. AMIT says:

    भाई मै सभी को बता दु कोई भी योजना लागू होता है तो केवल दिखावा योजना लागू होता है और जनता उसे सुन कर लक्की डॉ समझकर खेलती है और किसी को लाभ नहीं मिलता आप सभी लोगो ने इतना रिक्वेस्ट डाला है किसी को भी योजना से लाभ मिला होतो बताये ये जो भी योजना लागु करते है तो क्यों नहीं बोलते है कि ये डाकोमेंट्स लगेगा आप बैक पे ये डाकोमेंट्स लेके जाये और कोई असुबिधा होने पर हमारे टोल फ्री न० पर संपर्क करे या अपनी डाकोमेंट्स आनलाइन कराए फोन जाने पर बैंक जाकर लोन ले

    अतः आप सब हमें बिरोधी पार्टी से न समझे मै भी इसी पार्टी का कार्यकरता हु

  25. Vaibhavi says:

    21 sal se hmare pas khudka ghar nahi hai agar ham kisi k pas ghre kharide To kya hame aapki yojana k antargat 2 lakh sabsidi milegi

  26. Prema v says:

    My name is Prema,I have paradhan manthri awas joyana scheme housing loan,l have already land at Coimbatore district kinathukadavu village.pls arrange and support me housing contrution with low interest sir

  27. shankar bhagwat says:

    Sir pls muje chahiye home loan

  28. ajay kumar says:

    kya sarkari karmi lo bhi pmay se loan molega

  29. kulwant singh says:

    Sir asi 20 sal se rent pe reh rahe ha please hme apna ghar milega loan pe hi mil jai

  30. DHAREPPA K YADRANVI says:

    Pls give me loan pls call me 9916902583

  31. ERRA SHRINU says:

    Hi sir please give my House Loans my.SC.

  32. ERRA SHRINU says:

    Away on Home.Lons

  33. Anil Kumar agrawal says:

    GM pm sir may gayer ka liya parasan hu pls help because my salary bahut kam hai his as shirt ghar karcha he chal ta hai or mana kuch jod bhi nahi raka jo kuch advance say la lu pls muja loan per ak house dila da his sa may her month install me too da saku pls very very help

  34. Anil Kumar agrawal says:

    Pls pm sir help for house because I medial class family

  35. parmod says:

    sir humko iska fayda kha se hoga plz mughe btay

  36. Amol g patle says:

    sir ..mere paas rahane ke liye ghar nahi hai sir muze pradhan mantri awas yojneka labh milna chahiye jarurat ko pura karna apka dharam hai sir to plz plz muze is yojne ka la uthane ka mouka do sri meri ap se rek……. hai sir p.m sir ko mera ,,ap ka .Amol g patle at wagbodhi th mouda dist nagpur ..mo 8888835813

  37. rajesh bhardwaj says:

    Can I apply loan 350000/- under this yojna. And how can I know about my installment cost .

  38. naim says:

    Loan chahiye to sampark kare Bhopal city me ya Bhopal se 100km tak loan milega 7471117267

  39. vinod says:

    Mujhe home loan chahiye

  40. Sanjay Kumar says:

    Yes sir es yojna ka labh kis tarah se mil payega

  41. NILESH PARMAR says:

    Respected sir,

    I already applied and confirm for Mukhya mantri awas yojana from Vemali, vadodara, gujarat under urban development/vuda, i very well know after visit on site, all work now finished and only paper work pending but not distribute house to anyone. now i am paying EMI per month 8000 rs. and also has to pay every month rent for current house so i am face so much financial problem.
    i just request to you please if all work done than release our house so at least our family move on their.

  42. shivam sikarwar says:

    modi g yojana to sahi hai magar iska bade logo ke liye sahi hai modi g koi aisa app karo jisse sikaayat likhakar sun vae honi chhahi hai isse greeb log jyada phaayada lege

    POOR LOG HELP HIM

  43. chandan Kumar says:

    Sir mei chandan Kumar hoon noida mei rahta hai rahne ke liye ghar nhi hai noida sec-9 mei hoon kiraye par

  44. GANESH PAWADE says:

    its interesting

    i will apply for this scheme…

  45. Mahendra says:

    If any Body need this yojana in mumbai please call me on 8828300426 i will help u for the same…

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