PMAY stands for Pradhan Mantri Awas Yojana and let me tell you some details about it since we had availed ourselves. PMAY is a scheme that helps people mostly in rural areas to have a house of their own. It provides an interest subsidy of up to 6.5% on home loans through ELSS categories like- EWS, LIG, MIG I and MIG II. A lot of people asks can we prepay home loan after PMAY subsidy or not, so let me tell you that you can pay it. There is no restriction on the foreclosure of bank loans if PMAY subsidy is availed of. I hope this answers most of your query on:
can i prepay home loan after getting pmay subsidy or not.
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Will any amount be deducted if I prepay home loan after availing PMAY subsidy?
Yes. One needs to pay a part of their subsidy that he or she availed. This amount is calculated as per the reduced tenure of the home loan so you will need to ask about it in detail to your bank’s officials.
Do note that it was previously believed that the PMAY scheme got annulled but no. As per our PM Narendra Modi's decision the implementation scheme of PMAY-Urban has been extended till 2024 i.e 31st December 2024.
I hope I have well answered your query on can we prepay home loan after PMAY subsidy or not.
Read More:How to get PMAY subsidy?
How can I apply for PMAY Scheme?
What is CLSS PMAY?
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Can we Prepay Home Loan after PMAY Subsidy?
Dipti
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2 Year
2022-11-07T09:39:56+00:00 2023-09-21T15:19:13+00:00Comment
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