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What our clients and associates have to say about us :
  • Pioneer provides good, timely and satisfactory services with unmatched efficiency. All required feedback is received timely. All my dealings with them always run smooth and they comply with the most up-to-date regulations in the market. I wish them luck in their future endeavors...

    - Mayank Kakrania - Advocate

  • I have been working with Pioneer Property for the past one and half decades. I am very happy with their service and our relationship has been quite fruitful. Pioneer's well coordinated and transparent approach has been effective in our mutual growth...

    - Nakul Himatsingka - Managing Director, Ideal Group

  • The visionary advices, professionalism, hardwork, and passion for customer care are the best of Pioneer

    - Kamal Periwal - Chief Architect, Maheshwari & Associates

  • We see you as a very important partner for our growth. Your sincerity and dedication in execution is really appreciable. Strategic reporting, extensive database and prompt actions are some of the unique features that give Pioneer a cut above the rest in the market. Our dealing with Pioneer has been very smooth and entrepreneurial support throughout the completion of our project has been phenomenal...

    - Sumit Dabriwal - Managing Director, Hiland Group

Blog

PMAY: A Real Game Changer!
Posted By : Pioneer Property Management Limited

Pradhan Mantri Awas Yojana (PMAY): An upfront blessing for all Indians and a game changer in itself. Gone are the days when a Middle Class Indian Man had to think ten times before purchasing his first home. The Government of India has made the environment undeniably conducive for all, so as to not worry at all about the third parameter, 'Makaan', of the age old basic three 'Roti, Kapda Aur Makaan'! All thanks to Pradhan Mantri Awas Yojana (PMAY).

Lowest EMIs ever

Who will stay in a rented apartment and dole out unrealistic rental amounts, when one can purchase their own home with several benefits? Well, the answer is No one. Monthly EMIs for home loan of a new property will be coming down by around Rs. 2000 under the PMAY scheme if an annual household income is in the range of Rs. 12 to 18 lakhs. There is an interest subsidy of 4% on housing loans of up to Rs 9 lakh of those with annual income of Rs 12 lakhs and of 3% on housing loans of up to Rs. 12 lakhs of those earning Rs 18 lakhs per year. The scheme is functional now and the subsidies are applicable for loans availed January 2017 onwards.

Detailed explanation

At present, the government is already giving a subsidy of 6.5% on loans of up to Rs 6 lakhs, to those whose household incomes are less that Rs 6 lakhs per annum. This does not mean that the loan amounts are capped. If a person with a household income of Rs. 10 lakhs, borrows Rs. 35 lakhs to buy a house, he or she will still get the mandated 4% interest subsidy on Rs 9 lakhs. Supposing this person borrows the amount at 8.5%, he will then pay an EMI at 4.5% on Rs. 9 lakh plus an EMI at 8.5% on the rest of the amount, Rs 26 lakhs in this case. Owing to the subsidies from the government, his effective EMI will be reduced by Rs 2,117, if the repayment period is 20 years. This subsidy will not be given every month to the lender. Instead, the government will pay around Rs 2,43,894 to the lender upfront, so that the EMI at the contracted rate is reduced due to this amount.

Substantial Tax savings

Even after availing the subsidy benefit under PMAY, one can avail income tax benefits on the home loan too, which can go up to Rs 61,800 if a person's income is within the 30% of the tax bracket and up to Rs 41,200 if the income is in 20% of the tax bracket, as the person is allowed to deduct the interest payment of up to Rs. 2 lakhs from his or her taxable income. But if a person is buying his or her first house at a capital value of less than Rs. 50 lakhs by taking a loan of Rs. 35 lakh or less, the benefit will increase substantially. In this case, a person having household income in the 30% marginal tax bracket will be able to get a maximum annual tax benefit of Rs 77,250, while those whose income is in 20% tax bracket will be able to save up to Rs 51,500 annually. In this case, too, a deduction of Rs 2.50 lakhs is allowed.

If you are still unclear and want further clarifications, do not worry! Contact us and we will be more than happy to help with our tailor-made offers and solutions to suit your real estate requirements. Please do also share your valuable feedback, if any.

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