5 schemes and subsidies to save on home loans during the festive season

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dream home during this festive season, but find yourself short on the required finances? Consider a home loan, especially since the Indian government has introduced various schemes that offer subsidies, making it easier for individuals to realise their dream of owning a home. The Indian government has introduced several schemes and subsidies to help save on home loans during the festive season. Here are some of the options: Pradhan Mantri Awas Yojana (PMAY): This scheme provides interest subsidies on home loans for individuals from economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG).

The subsidy amount varies based on the income group and can be up to 6.5% of the loan amount. Housing loans below five million rupees availed for a tenure of 20 years will be eligible for the proposed scheme. Credit Linked Subsidy Scheme (CLSS): This is a component of the PMAY scheme and provides interest subsidies on home loans for EWS, LIG, and MIG.

The subsidy amount can be up to 6.5% of the loan amount and is available for a maximum tenure of 20 years. Stamp duty and registration fee waiver: Some state governments offer a waiver on stamp duty and registration fees during the festive season. Goods and Services Tax (GST) reduction: The government has reduced the GST on under-construction properties from 12% to 5% for affordable housing and from 18% to 5% for other properties.

This reduction can help reduce the overall cost of the property and hence the home loan amount. Interest subsidy scheme for small urban housing: The Indian government is considering spending 600 billion rupees ($7.2 billion) to provide subsidised loans for small urban housing over the next five years. The scheme will offer an