Government of Karnataka Start Interest Free Home Loan Scheme 2024, Government Rs. To pay an interest subsidy of 6.5%, Rs. 12 lakh loans in urban areas and Rs. 6% interest in rural areas but 8% interest
Government of Karnataka Is going to provide interest free home loan to the people of rural and urban areas. Under this scheme, Govt. Will revise the subsidy on home loans under certain specific conditions. In Mega Housing for All Scheme, State Govt. Plans to build around 19 lakh houses in the next 2 and a half years (30 months).
In Karnataka Interest Free Home Loan Scheme, Govt. Is offering to pay interest for home loans up to Rs. 12 lakhs in urban areas. Apart from rural areas, Govt. Will pay interest for home loans up to Rs. 6 lakhs.
After amending the home loan subsidy in Karnataka, people simply have to give back their original loan amount to the banks.
Karnataka Interest Free Home Loan Scheme 2024
Now the state government will revise the existing subsidy on home loans under various housing schemes in the form of Karnataka’s new interest-free home loan. Government of Karnataka About 19 lakh houses will be built in the next 30 months under the Housing for All scheme. Under the new home loan subsidy scheme, Govt. Will pay interest on principal up to Rs. 12 lakh for urban beneficiaries. 6 lakhs for the people of rural areas.
As per the revised scheme, the beneficiaries will have to pay only the principal amount to the banks. Government of Karnataka Is going to handle the interest expenses of housing loans for a maximum loan tenure of 15 years. In this interest free home loan scheme, Govt. Rupee. Interest of 6.5%. 12 lakh loans in urban areas. Accordingly, the government will pay 8% interest on Rs. 6 lakh loan in rural areas
The housing scheme will be implemented by the Karnataka Housing Board, local bodies, Nimithri centers and Karnataka Road Infrastructure Development Corporation along with the affiliated bodies. The loan will be funded in 3 ways depending on the investing parties.
Under the first model, the loan will be given under Pradhan Mantri Awas Yojana (PMAY). In the second model, all households will be built in public-private partnership (PPP). In the third model, private contractors would develop the land and hand over 50% of the land to the government. State government. Then Karnataka will send this land to the beneficiaries.