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March 23rd Business & Economy Current Affairs

Pradhan Mantri Awas Yojana Guidelines for Middle Income Groups

  • The Central Government has come up with the new guidelines for the beneficiaries of middle-income groups.
  • The Scheme has been announced by the Indian Prime Minister Narendra Modi, during his new year address tothe people.
  • This scheme Pradhan Mantri Awas Yojana appliesto the people with Middle Income Groups (MIG) between Rs. 6 Lakhs and Rs. 18 Lakhs.
  • For loans up to Rs. 9 lakhswith annual income of Rs. 12 lakhs, four percent subsidy is provided on housing loans.
  • To loans up to Rs.12 lakhs with an annual revenue of Rs. 18 lakhs per year, 3 per cent of annual support is provided.
  • The initiative ‘Housing for All’ initiative aims to make housing affordable; the scheme will be implemented for one year.

Ten Highlights of the Subsidy Scheme

  • Applicants should not have any home earlier, home loans sanctioned or applications under processing since 1st January 2017 can benefit from this subsidy scheme.
  • Interest subsidy applies toloans for a house with a carpet area of 90 Square Metres, whose annual income is Rs. 12 lakhs per anum.
  • For homes with 110 Square meters to obtain the subsidy, the applicants should have anannual income ranging between Rs. 12 lakhs and Rs. 18 lakhs.
  • The tenure of the loan must be limited to twenty years. The beneficiary can set lesser duration, but that should be below 20 months.
  • The subsidy rates will cut down the EMIs by Rs. 2,062 per month Rs. 9 lakh loan and by Rs. 2,019 on a loan of Rs.12 lakhs. With this standard housing loan interest rate stands at Rs 8.65 per cent.
  • The scheme will provide asubsidy of Rs. 2.30 lakh for the beneficiaries.
  • Beneficiaries must apply for the scheme to avail the benefit.
  • Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) will reimburse the subsidy amount to the lenders.
  • To obtain the benefits, processing fees will not be leviedunder this scheme.
  • National Housing Bank has signed an agreement with two regional banks, 15 scheduled banks, one cooperative bank, three non-banking finance companies and four small investment

VTB Bank (Russia) will Shut Down its Office in India 

  • Russia-based VTB Bank has decided to shut down its office in the national capital Delhi. The Bank will continue its operations in India.
  • The Management’s decision behind stopping the branch was part of its strategy to reduce costs. The bank will be operating in the Indian market. It will remain intact with its local partners.

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