Pradhan Mantri Awas Yojana: Who doesn’t want to build their dream house? But, making your home is not an easy task. It requires you to put in your entire life’s savings.
That is where a home loan comes into play. It allows you to fulfill your dream of building a house. Moreover, you can repay the loan in easy installments. But, what about the high interests?
Well, the Pradhan Mantri Awas Yojana has got your back.
What is The Pradhan Mantri Awas Yojana?
It is a government initiative that aims to provide affordable housing for all. This scheme is meant for the middle and lower-income groups. You can get a home loan at low interest rates starting from 6.5% per annum.
Eligibility Criteria for Pradhan Mantri Awas Yojana
You will be eligible to apply for the Pradhan Mantri Awas Yojana scheme if you meet the following criteria.
- You should not own a pucca house.
- You can apply if your annual family income does not cross Rs 18 lakhs. The subsidy will, however, vary according to the income slab
- You will not be eligible if you have already taken any other government assistance for building your house
- It will not be available for an already existing property
- Married couples can get only a single subsidy jointly
Different Income Slabs For PMAY Pradhan Mantri Awas Yojana
- EWS
You fall under this category if your annual income is up top Rs 3 lakhs. The maximum loan amount that you can avail of is Rs 6 lakhs. Moreover, you will be eligible for an interest subsidy of 6.5% per annum.
- Low Income Group
If your annual family income ranges from Rs 3 lakhs to 6 lakhs, you can apply under the LIG category. You can get a loan of up to Rs 6 lakhs and a subsidy of 6.5% on the interest.
- Middle Income Group-1
You fall in this category if your annual family income ranges from Rs 6 lakhs to 12 lakhs. You will be able to get a loan of a maximum of Rs 9 lakhs at a subsidy of 4% per annum.
- Middle Income Group-2
Well, if your annual family income is within Rs 12 lakhs to 18 lakhs, you fall under the MIG-2 category. You can take a home loan of up to Rs 12 lakhs at a into4% subsidy on the interest rate.
How to Get the PMAY Subsidy
- Apply for a home loan at a lending institution that is listed
- Ask them for the subsidy
- They will check your CIBIL score and other credentials
- The Central Nodal Agency will verify your application for discrepancies
- If you are eligible, they will disburse the amount to the lending institution
- It will lower your total loan amount. You can then continue repaying the balance amount.
PMAY can help you get the lowest home loan interest rate. Thus, your dreams of making a house will become easier to fulfill.
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The Bottom Line
Repaying a home loan can be overwhelming. A significant part of your life goes in paying the EMIs. Why not reduce your burden with the PMAY scheme?