With a view to help people own a roof over their head government has announced ‘Housing for All by 2022’ mission, under which it is partly financing the interest cost to the borrowers. The same is done under Pradhan Mantri Awas Yojana (PMAY) in urban areas as well as in rural area. The maximum subsidy under PMAY can be Rs 2,67,280. The eligible amount of subsidy will come down proportionately in case the home loan is lower than Rs 6 lakhs. The subsidy benefit is only available for loans that are disbursed on or after June 17, 2015.
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