Can I Repay Home Loan Early After PMAY Subsidy? Overview
Yes, you can repay your home loan after availing PMAY subsidy based on the prepayment terms and conditions of your lending institution.
Also, as RBI has issued a rule that states that borrowers can prepay their loans at zero processing charges, it is a wise and good decision to clear your dues on your loan amount.
In addition, a decision to prepay the loan may be taken after receiving the subsidy under the Pradhan Mantri Awas Yojana or PMAY.
There is no restriction on prepayment of home loan under PMAY after receiving eligible subsidy. Since the subsidy is linked to interest payment, the bank can release the appropriate amount based on the actual interest paid to the bank.
The balance amount of subsidy, if any, paid by NHB will be refunded to NHB as and when required by the financial bank.
With our company GRD India financial services Pvt. Ltd. You can easily apply PMAY scheme and you can easily check your eligibility on PMAY scheme. We also offer for home loans and personal loans at very low interest rates as per the banks norms. We make efforts for our clients in providing best loan price.
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