How to avail PMAY Home Loan Subsidy?

Pradhan Mantri Aawas Yojana was launched on June 1st, 2015, to provide affordable housing for the urban poor. Under this program, eligible beneficiaries such as the Economically Weaker Section (EWS) and the Low-Income Group (LIG), and the Middle-Income Group (MIG) are offered a Credit Linked Subsidy Scheme (CLSS). The Loan Linked Subsidy Program benefit is upfront of the principal amount outstanding on a mortgage loan for building the home, including buying back the home.

PM Aawas Yojana Features and Benefits

●     The interest rate under the PMAY program is granted at a subsidized interest rate of 6.50% per year if the beneficiaries opt for a housing loan with a term of up to 20 years.

●     The interest subsidy is granted to the Middle-Income Group (MIG) for home loans for the purchase/construction of houses (including buybacks).

●     For the economically weakest section (EWS) / Low Income Group (LIG), the interest subsidy is granted on mortgage loans for the construction or purchase of the apartment, etc., to existing houses.

●     The Pradhan Mantri Aawas Yojana has covered all urban areas in India, including 4041 statutory cities, with 500 priority class I cities.

●     Green and sustainable technologies are used for construction.

●     For senior citizens and people with different disabilities, the ground floor occupancy is preferred.

 

PMAY Beneficiary

            The PMAY Beneficiary includes all adult family members with income, including husband, wife, and unmarried children. The beneficiary can apply for the PMAY system according to their income qualifications in the four categories of the urban or rural system.  The four categories defined under this scheme are:

●     Economically weaker section (EWS)

●     Lower-income group (LIG)

●     Middle-income group I (MIG I)

●     Middle-income group II (MIG II)

 

Eligibility of Pradhan Mantri Aawas Yojana

                You can Apply for a Pradhan Mantri AawasYojana if you have not taken advantage of any other government plan and are a first-time borrower. To be eligible for the PMAY CLSS plan, you cannot own a Pucca house or another apartment. Income level and other selection criteria for different groups. You cannot avail the PMAY subsidy benefits for the house that has already been built in your name across India.  The construction/extension that the PMAY Home Loan is used for must be completed within 36 months from the date of a couple's application for PMAY, Co-Ownership, or Individual subsidy can be used.

Pradhan Mantr i Aawas Yojana for Home Loan

                You can avail of a home loan under PradhanMantri Aawas Yojana Home Loan from the selected PLI or Primary Lending Institution registered with a Central Nodal Agency. However, to avail of the affordable housing benefits and subsidized interest rates of CLSS, you must be a first-time homeowner. The interest rate on such home loans is much lower than the regular cost offered to other home loan borrowers. The government has not extended the PMAY subsidy scheme for the MIG I & II category. The PMAY deadline for each category is mentioned below:

 

●     EWS & LIG – PM Aawas Yojana Last Date (31st March 2022)

●     MIG I & MIG II – PM Aawas Yojana Last Date (March 31st 2021)

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