2020-07-02T12:25:44
Affordable Home Loans at effective rates as low as 5.11% per annum
Calculated on a loan amount of Rs. 25 lakh for a first-time home buyer with an annual family income of Rs.15 lakh and rate of interest of 9.05% per annum considering subsidy of Rs. 2.30 lakh under Pradhan Mantri Awas Yojana (PMAY). The effective interest rate may vary based on the loan amount, PMAY subsidy and applicable income tax slab. The effective rate is applicable for the first year only.
E.g. If your annual family income is Rs. 15 lakh and you avail a home loan of Rs. 25 lakh from Bank with Credit Linked Subsidy Scheme (CLSS) of PMAY, then you would receive a subsidy of Rs. 2.30 lakh. Also on your above income, you would be able to avail income tax benefit of Rs. 72, 244 for a year. Therefore, though the interest rate applied to your loan account is 9.05% per annum, the effective interest rate would be 5.11% p.a. for the first year considering the above benefits.
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