Home loans on the rise for affordable housing

Jun 13, 2017

 

With a growth expectation of almost 25%, housing finance is to get a severe boost with the offshoot demand for housing below Rs 30 lakhs. The Pradhan Mantri Awas Yojana Available till December 2017is to provide 3% subsidy on loans of up to Rs 12 lakh for those earning up to Rs 18 lakh per year and 4% subsidy on home loans of up to Rs 9 lakh for those with an income of up to Rs 12 lakh per year. Private banks have shown a surge in home loan demands. Simply explained as the low tax rate propelling the demand, affordable housing is now becoming more economical than even renting. 



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