Delhi Development Authority (DDA) had announced the results in November 2017. Post the announcement, people started preparing for everything they needed to shift to their new home. Those who did not apply for the scheme last year or were not lucky get nominated, would wish to do it this year.
Whenever there is a plan of buying a home, the first thing that comes up in your mind is how are you going to do the payment of the house? Rest of the arrangements such as interior designing are post-shifting needs. But, the price of the house and its payment is firstly considered. In order to pay for their houses allotted by DDA, home loans have helped a lot. The additional benefit of PMAY has also become the supporting pillar for those who belong to the income segment as per the criteria set for the scheme.
Do you know all about PMAY? If not, how would you benefit from it? In this article, we have collected all the information related to the DDA housing scheme Results that happened in 2017 and also the features of PMAY so that you can take its advantage when you buy a home through a home loan.
What are the details of Pradhan Mantri Awas Yojana (PMAY)?
Pradhan Mantri Awas Yojana is a scheme designed to enable housing for all by 2022. CLSS comes under the Pradhan Mantri Awas Yojana (PMAY) and is beneficial for Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG). The scheme has been released by Minister of Housing and Urban Poverty Alleviation Shri M.Venkaiah Naidu recently and is effective from January 1, 2017.
Interest Subsidy Under CLSS MIG Scheme
Under the scheme, home loan applicants can get the interest subsidy based on their income group. The subsidy according to the income criteria is mentioned below:
- Interest Subsidy of 4% on their home loan of up to ₹9 lakhs for the applicants belonging to the income group of ₹12 lakhs.
- Interest Subsidy of 3% on their home loan of up to ₹12 lakhs for the applicants earning ₹18 lakhs per annum.
The government has increased the carpet size for the MIG-I and MIG-II from 90 square meters to 120 square meters and 110 square meters to 150 square meters respectively which can be availed till March 2019.
Interest Subsidy Under CLSS-EWG/LIG
As per CLSS (EWS/LIG), the beneficiaries belonging to Economically Weaker Section (EWS) and Low Income Group (LIG) would be eligible for an interest subsidy at the rate of 6.50% interest subsidy on a loan of up to ₹6 lakh and additional loans beyond ₹6 lakhs (if any) will be at non-subsidized rate.
Where can apply for home loans to get PMAY benefit?
70 Financial Institutions in partnership with NHB (National Housing Bank) are facilitating PMAY scheme. You can choose the best lender by keeping into account certain factors such as the rate offered to you, the approval time and documentation.
Which are the best lenders for home loans?
In order to choose the best home loan deal, you must compare among the best options available in the market. For this, you should take consider the rate and maximum loan amount they are offering. Also, you should check the loan approval time and prepayment charges. You should be fully prepared to accept the deal so that you can pay your EMIs for the whole tenure without any regret. For your reference, here are the top 10 banks in India offering lowest home loan rates. You can check the other details on the bank’s website before you apply for the loan.
- State Bank of India (SBI) – 8.30%-8.60% per annum
- Bank of Baroda (BoB) – 8.30%-9.30% per annum
- HDFC Ltd – 8.35%-8.95% per annum
- ICICI Bank – 8.35%-8.85% per annum
- Axis Bank – 8.35%-8.75% per annum
- LIC HFL – 8.35%-8.70% per annum
- PNB HFL – 8.35%-8.50% per annum
- Indiabulls Housing Finance – 8.35%-8.55% per annum
- DHFL – 8.60%-8.85% per annum
- Kotak Mahindra Bank – 8.35% per annum
With the above information, we hope that you can prepare yourself for DDA Housing Scheme 2018.