The balance transfer of the loan simply means that the other bank will pay your loan and your account will get transferred. This repayment of the loan is considered prepayment, in which case you will not get subsidy on the interest of the loan.
People are taking full advantage of PM Awas Yojana, a scheme launched to fulfill the dream of home of the lower middle and middle class people. If a person takes his home for the first time, then under this scheme there is a relief on the interest of the loan. But there are many rules related to it, if you do not follow it, you can lose the entire exemption. For example, if you transfer the loan balance to another bank, then the discount on the loan will end. Let us know, what are the rules on the discount available on loans under PM Awas Yojana…
If you have transferred your loan balance to another bank under the Pradhan Mantri Awas Yojana, then the benefit of this scheme will end. Keep in mind that under this scheme the subsidy is evaluated on the basis of the full-term loan amount. The balance transfer of the loan simply means that the other bank will pay your loan and your account will get transferred. This repayment of the loan is considered prepayment, in which case you will not get subsidy on the interest of the loan. Suppose if you took a loan from a bank in 2018, then your eligibility would be subsidized for only 2 years at 9 lakh rupees i.e. your subsidy eligibility would be reduced.
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