Housing For All Scheme launched
Govt Launched Housing for all by 2022 Scheme on 17 Jun 2015. Govt approved a substantial increase in interest relief on loan for the urban poor to promote affordable homes.
Govt Announced 6.50% Subsidy on Interest Rates for EWS & LIG Section Income Group Borrowers.
Example – If the Market Interest Rate for Home Loans is 9.75% so EWS & LIG Income group relief 6.50% on Interest Rates so they only able to pay 3.25% Rate of Interest on Loan Amount.
| Interest Rate | Subsidy | Interest Rate for LIG & EWS | EMI for Regular | EMI for EWS & LIG | Total Save on EMI |
| 9.75% | 6.50% | 3.25% | 1059 | 703 | Rs.356 |
| 9.90% | 6.50% | 3.40% | 1068 | 710 | Rs.358 |
Total Saving for EWS & LIG Borrowers in 15 Years for 6 Lakh Loan amount
| Particular | Regular | LIG & EWS |
| Interest Rate | 9.75% | (9.75% – 6.50% ) = 3.25% |
| Loan Amount | 600000 | 600000 |
| Loan Tenure | 15 Years | 15 Years |
| EMI per Month | 6356 | 4216 |
| Total Interest Paid | Rs.544,112 | Rs.158,882 |
| Saving | Rs.385,230 |
The housing stock demand may further increase further to the demand assessment to be made by the states and UTs based on online registration through integration of Adhaar Number of Jan Dhan Yojana accounts.
For More Information – Read Housing for all 2022 Scheme
