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The Pradhan Mantri Awas Yojana Gramin has been introduced after restructuring the Indira Awas Yojana, which was launched in 1996. This restructuring was done to achieve the government's ambition of providing 'Housing For All' by 2022. Under PMAYG , the pucca house is to be provided along with basic amenities to the beneficiaries of the scheme. These pucca houses will be disaster-resilient, along with fit as per the socio-cultural and geo-climate factors. The benefits under the scheme include; loan upto Rs. 7 lakhs, subsidy on interest for up to 3%, maximum subsidy on principal amount is Rs. 2 lakhs and the maximum subsidy that can be availed for a payable EMI is up to Rs. 38,359. However, to be eligible for the scheme, you need to satisfy any of the following criteria: Houseless family A household without any literate adult above 25 years. A household without any adult between 16 to 59 years. Various minorities plus schedule castes and scheduled tribes. Family having a

Home loans help one to fulfil their aspirations of owning their house, but this comes with a considerable cost of paying higher interest payment for a more extended period which drains one's income. Individuals must try to decrease the repayment tenure by paying a higher amount in the form of down payments and make part payments whenever they get a chance. It will reduce the interest amount paid and will further minimise the home loan burden. In addition to this, individuals can also opt for balance transfer of home loans to a bank with a lower interest rate on home loans and must pay the principal amount first.

People looking to apply for home loans are always searching for options that are more beneficial to them. A couple of years ago, a new benchmark called MCLR, which stands for Marginal Cost-based Lending Rate, was introduced. This rate is even lower than the base rate fixed by the RBI. However, only current borrowers with floating home loan rate interest can switch to MCLR. It was introduced to make loans that have a fair interest rate for both lenders and borrowers. MCLR also helps in making the lending process more transparent. The Reserve Bank of India (RBI) has made it mandatory for banks to fix a minimum of 5 MCLR rates. The five rates are for – a year, half a year, three months, a month, and overnight. NBFCs and independent banks have the freedom to fix as many MCLR rates as they desire. Since banks cannot afford to perform a monthly analysis, analysis of MCLR rates is done on a quarterly basis. MCLR differs from the base rate in the sense that it does not depend on repo rates f

A work order is an order placed by an individual claiming the purchase of specific goods or particular services. While dealing with property, a promoter or developer may make you sign a work order which would mean that you are going to bear the cost of furnishing and fittings. From the aspect of real estate, a work order signifies the purchase of goods such as floor tiles, windows, bathroom fittings as well as the service to fit them into the property. A property dealer makes an individual sign the work order ensuring that he bears all the cost. When one signs the work order, the stamp duty and the tax levied on the property increase and as a result the value of the property increases. When one opts for a home loan , he needs to borrow a greater amount as the property value rises. In the case of a home loan, one must be very particular about documentation. Thus, when one finalizes the deal of property with the dealer, one should be aware of the difference in the work order and sale ag

PMAY is a home loan subsidy scheme by the Government of India that allows underprivileged sections to fulfill their housing dreams. The scheme is designed to fulfill the housing requirements of Economically weaker sections, Lower Income groups, Middle Income Group-1 and Middle Income Group-2. However, all these categories of income groups need to fulfill the PMAY Eligibility criteria . To avail the PM Awas Yojana, the eligibility criteria set is as follows: No member of the applicant's family or the applicant should own a home. Also, no home loan subsidy scheme is previously availed by the family, either from the Central or the State Government. EWS and LIG category applicants mandatorily need to bring a female participant as a co-owner. However, for the MIG applicants bringing female co-owner is not compulsory but desirable. The property for which the PMAY is availed must be approved as per the Government's guidelines. The applicants compulsorily need to meet the carpe

The interest paid on home loans can increase the burden on your financial budget, especially during the time of financial distress. However, you can reduce the outgo of the rate of interest on your home loan and reduce the Home Loan EMI amount by using effective ways. Effective ways to reduce home loan interest rates: Using the overdraft facility to repay the loan: You can use the overdraft facility to utilise the excess funds of your account. Along with the regular EMI, the additional amount in the home loan account can be paid by using the overdraft facility. Balance Transfer of home loan: While you may have to pay certain fees before transferring the loan to another institution, you can reduce the burden of interest rate by repaying the balance amount using lower interest rates. Prepayment of home loan: You can utilise the additional funds by paying prepayment of home loan. There are prepayment charges that you may have to bear, but you can prevent yourself from paying the inte