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       Corporation to offer housing loans under PMAY
 
         Posted on :09:18:03 Jun 5, 2018
   
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       Last edited on:09:18:03 Jun 5, 2018
         Tags: Corporation,loans, PMAY
 

THIRUVANANTHAPURAM:  With an aim to target middle class families aspiring to build houses, the city corporation will be organising loan melas this week, in association with various banks.

The loan melas to be held on June 6, 7 and 8, are part of the Credit Linked Subsidy Scheme (CLSS) of the Pradhan Manthri Awaz Yojana (PMAY).

“The schemes for the homeless and landless as part of the PMAY scheme in the Corporation area has already made much progress. The loan melas are targeted more at the middle class beneficiaries, who will be able to repay the loans,” said an official. The subsidy scheme has four slabs. Those coming under the economically weaker sections, having annual income up to Rs. 3 lakh, will get loans up to Rs. 6 lakh with an interest subsidy of 6.5%.

Those coming under the lower income groups, having annual income of up to Rs. 6 lakh will also get loans up to Rs. 6 lakh with an interest subsidy of 6.5%.

People coming under the middle income group – I, with an annual income of up to Rs. 9 lakh a year will get an interest subsidy of 4% on housing loans up to Rs. 9 lakh. Those coming under the middle income group – II, with an annual income of up to Rs. 18 lakh a year will get an interest subsidy of 3% on housing loans up to Rs. 12 lakh.

Existing housing loans availed after June 2015, by those having annual income up to Rs. 6 lakh, are eligible to be converted to the subsidy scheme under PMAY.

Those who are beneficiaries under any other component of the PMAY scheme are not eligible for the credit-linked subsidy scheme.

Many real estate developers had in recent months begun advertising their flats bundled with these loan subsidy offers of the PMAY to attract customers.

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