Karnataka Interest Free Home Loan – Nowadays, The Karnataka Govt plans to revisit existing affordable housing schemes that offer subsidies on home loans and replace them with interest-free home loans. Due to this scheme Karnataka Interest Free Home Loan 2022, anyone can fulfill their dream of having their own home.If everything goes as per the plan, the government will remove existing housing subsidies and pay the interest on the principal of up to Rs 12 lakh in urban areas and Rs 6 lakh in rural areas.
Karnataka Interest Free Home Loan
The state govt. of Karnataka will revise current subsidies on home loans under various Housing Schemes in form of new interest-free home loans. Karnataka govt. will construct nearly 19 lakh houses over the next 30 months under Housing For All Scheme. Under new Home Loan Subsidy Scheme, govt. will pay interest on principal amount of upto Rs. 12 lakh for urban beneficiaries while Rs. 6 lakh for those in rural areas. As per the plan, beneficiaries must repay only the principal amount to banks. The state govt will bear the interest for a duration of 15 years (maximum loan tenure).
Karnataka Interest Free Home Loan Overview
|Name of the Scheme||Karnataka Interest Free Home Loan Scheme 2022|
|Launched by||The Government of Karnataka State|
|Worked under||The Central Government Scheme PM Awas Yojana|
|Benefit of scheme||To provide subsidy on home loan for the first one house|
|Department||Karnataka Housing Board|
|Article Title||Karnataka Interest Free Home Loan Scheme|
|Main Objective||To provide one shelter to the economically weaker people|
Likewise, in the Karnataka state, the government has launched the home loan subsidy yojana for both sides of people, either from rural or urban areas. In addition in some cases, the government will also readdress the subsidies given on the home loans. due to which people in certain specific conditions can have benefits of the scheme. The existing subsidy right now on the home loans has also been removed now. Because the government has updated its scheme.
Also Check Karnataka Raitha Siri Scheme 2022
However, in the schemes for all which has mega housing plan, the government of Karnataka state has planned to make approximately 19 Lakhs houses for economically weaker section people in the coming next 2 and half years. Also in urban areas, the Karnataka government will pay 6.5 % interest on the home loans for up to 12 Lakh Rupees. While in rural areas, the government has going to pay 8% interest on the home loans of up to 6 Lakh Rupees.
Karnataka Home Lo an Interest Subsidy
The loans under Karnataka Interest Free Home Loan Scheme will be allowed under three models:-
- Under the first model, loans would be given by merging Rs 6 lakh from the central government and Rs 6 lakh from the state under Pradhan Mantri Awas Yojana (PMAY) in urban areas and Rs. 6 lakh in rural areas.
- In the second model, all the homes would be built in public-private partnership (PPP) model. The Karnataka state govt. and a private company will share sites on developed land and the beneficiaries will buy the constructed house or construct their own through an association made by them. If the beneficiary prefers to buy a constructed home which is more than the upper limit of the loan, then he/she has to pay the leftover amount.
- In the third model, private contractor would develop the land and hand over 50% share of the land to the government. The state govt. of Karnataka will then, in turn, will dispatch this land to the beneficiaries. The state govt has tried to increase the financial ability of beneficiaries for housing schemes to Rs. 3 lakh from the present Rs. 87,600 in urban areas and Rs. 32,000 in rural areas.
List of Loan provided under various schemes :
- Firstly, Home Construction Loan
- Then, Home Loan Balance Transfer
- Also, Joint Home Loan
- Top-up Loan
- Also, Loan for Plot
- Then, Land Purchase Loan
- Also, Loan under PM Awas Yojana
Then Home Loan for Women. Secondly Government Employees. Thirdly Advocates. Fourthly Private employees. And at last for Bank Employees
Must Check Karnataka Mukhyamantri Anila Bhagya Scheme
|Type of Document||Name of Document|
|Identity Proof ( anyone)||PAN Card|
|Also, Voter Card|
|Then Address Proof ( anyone )||Also, Aadhar Card|
|Voter Identity proof|
|Gas connection bill|
|Other Documents||Passport Size photo|
|Proof of 5 years self-employed in continuity ( individual only )|
|Income Proof||So, Salary Slip / Form 16 has required.|
|Bank Statement of last six months|
Due to Karnataka Interest Free Home Loan Scheme, the government has omitted the existing subsidy on housing and they are paying interest on the principal amount in housing. The house build by the government has taken time near about 30 months under the Mega housing scheme. So, if you have also interested in the housing scheme, then this has the right time to apply for your own house.
Also Check Karnataka Saptapadi Vivah Yojana 2022
Karnataka Zero Interest Home Loan Apply Online
In addition, if you want to have the benefit of housing loans. Then you have to visit the nearest bank branch. Bank branches can also be either from government or private firms. On the respective area or house, you can easily apply through the submission of documents asked by the bank during registration.
Also Check Karnataka Mathrushree Scheme
Also, applicants can go to the Karnataka Housing Board website for more details. Steps given below :
- Firstly, visit the Official Website of Karnataka Interest Free Home Loan Scheme 2022 khb.karnataka.gov.in.
- Then, the home page appears in front of you.
- After that, go to the section for home loans.
- And select the respective loan type you wanted to apply for.
- Again a new page opened in front of you.
- Here you need to provide details asked by the portal.
- And then in the end click on submit button.
- Details about the scheme comes before you.