Karnataka Interest Free Home Loan Apply: Subsidy for Houses Form

Nowadays, the Government of Karnataka State has planned to reanalyze housing schemes at an affordable price for the citizen of the state. After that the government has offers subsidies on home loans. And also replace them with zero-interest home loans. Due to this scheme Karnataka Interest Free Home Loan 2022, anyone can fulfill their dream of having their own home.

Karnataka Interest Free Home Loan Apply online

Although our central government has also provided a scheme of Pradhan Mantri Awas Yojana. But it totally depends on the state government to implement the scheme with the help of the central government. So, the Karnataka Government has also helped the candidates in purchasing houses. And also providing the applicant’s subsidy for the form of houses under the government criteria.

So, basically this Karnataka Interest-Free House Loan 2022 has the part of the Central government’s mission to support the PMAY. A few years back the Prime Minister of India brought this Awas Yojana for providing help to all the citizens with one shelter i.e their own house. Those people who don’t have a house before, on the purchase of their first house the government has giving them subsidies or financial assistance.

Karnataka Bank Home Loan Interest Calculator

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.

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 Interest Free Home Loan
Karnataka Interest Free Home Loan

Karnataka Home Loan Interest Subsidy

There have three model types for Zero interest Home Loans in Karnataka :

  • Firstly, under this model, the home loans are given to the applicant by merging the amount from the state government and the central government of India. Rupees 6 Lakh from the State Government of Karnataka and likewise 6 Lakh Rupees from the Central Government of India have merged into one in the urban areas and rural areas.
  • Secondly, in this model, all the homes have been built in the PPP model which is the Public-Private Partnership model. One private firm will have to share the site with the government of Karnataka state on the developed land. And then the beneficiaries under the scheme can purchase the land for constructing the house or also they can purchase constructed houses from the builder. This has the association done by the government with a private company. Also, if the beneficiaries want to buy the constructed house then they have to pay the remaining amount which has left after the concession. Because the amount of constructed houses has more than the upper limit decided by the government.
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
Year 2022
Department Karnataka Housing Board
Beneficiaries citizens of Karnataka State
Main Objective To provide one shelter to the economically weaker people
Official Website https://khb.karnataka.gov.in

Karnataka Grah Salada Baddi Sahayadhana

  • Then in the third model, the private contractor or builder has developed the land and then they hand over the 50% share for the land to the state government. After that, the Karnataka state government will dispatch this land to the beneficiaries in the scheme in turn.
  • Also, the state government has tried to increase the financial ability of the citizens who applied under the project for housing. The financial ability increased due to the housing scheme to 3 Lakh Rupees. Before this, it was an amount of 87 thousand 6 hundred rupees online in urban areas. And in rural areas, it was 32 thousand rupees only.

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

Karnataka Home Loan Subsidy

Documents Required in this Yojana :

Type of Document Name of Document
Identity Proof ( anyone) PAN Card
Aadhar Card
Also, Voter Card
Driving License
Valid Passport
Then Address Proof ( anyone ) Also, Aadhar Card
Driving License
Voter Identity proof
Electricity Bill
Telephone Bill
Gas connection bill
Water Bill
Valid Passport
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.

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, 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
Karnataka Home Loan Interest Subsidy
Karnataka Home Loan Interest Subsidy
  • 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.
Official Portal Click here
MPNRC Home Click here

Leave a Comment