How to get benefit of pradhan mantri awas yojana while purchasing property?

 

Having your own home can be a matter of great joy and pride. People also purchase real estate because it is a lucrative investment option. Real estate investment has gained rapid popularity over the years. Mohali, Zirakpur, and Chandigarh have emerged as popular choices when it comes to real estate investment-both for private and commercial property investment.

Real estate investment in Mohali has gained rapid prominence as more and more IT giants are purchasing plots in Mohali for commercial purposes. Similarly, plots in Zirakpur are being purchased both for commercial and residential purposes.

Today, purchasing property has become very feasible due to the pradhan mantri awas yojana. There are several benefits that you get under this scheme. It is imperative that you get adequate knowledge about this scheme before making any sort of investment.

Pradhan Mantri Awas Yojana

• The Pradhan Mantri Awas Yojana was a scheme started by The Government of India to make housing more affordable for different sections of society.
• The Government aims to offer interest subsidy for house purchase and also construct affordable living grounds. They have also reduced the interest rates on home loans from 12% to 8%, if applied under this scheme. This scheme has made people’s dream of real estate investment in Chandigarh and other developed cities come true.
• Only first time property buyers can avail this scheme. This has given an added boost to people’s desire of owning property.

Given below are the ways you can benefit from this scheme:

• If the combined income of your household is within six to eighteen lakh, you are eligible for subsidy. Your application will be forwarded to CNA or Central Nodal Agency. Once approved, the CNA will disburse the subsidy amount to the lender, thus reducing your total loan amount.
• Your rate of subsidy is dependent upon the income of your household. You can claim a subsidy of up to 6.5% on home loan interest rates, if your income falls under 3 lakh to 6 lakh per annum.

The aim of this scheme is to provide affordable homes to the economically weaker sections, middle and low income groups. This has made real estate investment in Chandigarh a feasible option for many households. Under this yojana, people can easily apply for a subsidy on home loan interest rates. This reduces their burden and encourages people to take part in property investment. This yojana has led to a rapid surge in real estate investment in Mohali and Zirakpur.

Real estate investing always ensures fantastic returns. Buying property is therefore both a practical and emotional journey. It is therefore important to opt for realtors from a reputed real estate agency who will guide you through the process of purchasing property.