[PMAY] Interest Free Home Loan Scheme Karnataka 2020 BPL/APL Subsidy

Interest Free Home Loan Scheme Karnataka 2020 BPL/APL Families in Rural and Urban Areas Home Subsidy.

Karnataka Government will launched a new scheme that  is to provide interest free home loans to the people in rural and urban areas of Karnataka.

Interest Free Home Loan Scheme Karnataka

Interest Free Home Loan Scheme Karnataka is launched for that people who cannot afford to buy their homes and for that people who take home loans but are not able to give back their loans with interest amount to the banks. So the govt will launched this scheme. In this scheme the government is going to pay your home loans interest . The government will pay 6.5% interest on RS.  12 lakh  home loans in urban areas and moreover  the government will pay 8% interest on RS. 6 lakh home  loan in rural areas of Karnataka.

Scheme NameInterest free home loans Scheme Karnataka
Implemented byKarnataka government
BenefitsHouses provided to the people without interest
Houses made till 202219 lakh

Under  this scheme the people will only have to pay their loan amount rather than their interest amount. because some people cannot afford to buy their homes due to less  salary basis and daily expenditure of money. So the government of Karnataka will planned to build 19 lakh homes with in 2 and half years that is about 30 months and pay the interest amount of the home loans.

Interest Free Home Loan Scheme Karnataka
Interest Free Home Loan Scheme Karnataka

This scheme is very beneficiary to the people because under this subsidy scheme  the government is going to pay their interest expenses on home loans so that the people will get some financial freedom.

This housing scheme will be started by the:-

  • Karnataka housing board
  • local bodies
  • Nimithri Kendras
  • The Karnataka road infrastructure development corporation
  • Associated bodies.

Karnataka Interest Free Home Loan Scheme

The loans will be funded in three way on the basis of investing parties:-

Under first model :- loan will be rolled out under the Pardhan Mantri Awas Yojana (PMAY) that is the loan will be provided by combining (RS 6 lakhs from central govt.+ RS 6 lakhs from state govt = RS 12 lakhs ) in urban areas and RS 6 lakhs in rural areas.

Under second model  :- the homes are to be built by a public private partnership (PPP). In this the people will buy or develop their own house and if they want to develop their home more then the limit of the loan then they have to pay the remaining amount.

Related:- Karnataka Crop Loan Waiver Scheme

Under third model :- A private contractor will develop the land and hand over  50 percent shares of the land to the government, which will in turn, dispatch  to beneficiaries

.the government will provide the interest subsidy according to the credit linked subsidy scheme (CLSS).

Karnataka Credit linked subsidy scheme

Credit linked subsidy scheme is the scheme which comes under the Pardhan Mantri Awas Yojana (PMAY). Its main focus is to help middle class people or to that person who are financially not good. It states that the government will provide interest subsidy to that people who comes under :-

  • EWS( economic weaker section)
  • EWS ( economic weaker section )
  • Middle income group 1
  • Middle income group 2

Check For More:- Karnataka Government Schemes

Thorough this scheme the government will try to provide house to maximum people who cannot afford  them and the main aim of this scheme is to provide Pucca houses to every people at the end of 2022.

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