The common belief is that you can not take advantage of the Prime Minister’s Housing Scheme (PMAY) due to your own house, but it is not so. If you have a house and because of the increase in the number of family members, you can also take a loan under PMAY for the expansion of the house, in this way you will get interest subsidy and you will get the benefit of 2 to 3 lakh rupees. That means you save so much money in building a house.
Under this scheme EWS for expansion of houses And L.I.G. Category coverage has been included in the Credit Linked Subsidy Scheme (CLS). That is, if your annual income is less than Rs. 3 lakhs, then you have EWS category and less than Rs. 6 lakhs, then LIG The benefits of categorying will be found. Both categories are given a subsidy of 6.5 per cent.
How much can increase home?: If you are E.W.S. If you take a loan under categorying, you will get a loan of up to Rs 6 lakh for your house to be increased to 30 square meters and if L.G. If you take a loan under categorying, you will get a loan up to Rs 6 lakh to increase your house to 60 square meters. If you borrow more than that, the bank will charge interest at the normal rate on loan of more than Rs. 6 lakhs. This loan will be given for 20 years.
If you expend the house by taking a loan under this scheme, you will save about Rs 2.75 lakh, because according to the scheme, the total subsidy on your interest reduced by Rs 2 lakh 67 thousand from the principal amount. Will go That is, if you make room, kitchen or bathroom then your total expenditure will reduce such amount.