The Pradhan Mantri Awas Yojana (PMAY) is a govt. of India’s beneficial housing scheme that aims to offer affordable homes for everyone. Launched in 2015, this housing scheme is for the benefit of rural poor and urban poor, lower income groups, and economically weaker sections. Before I explain how to apply for PMAY subsidy, let me tell you about four different schemes that form a part of the PMAY:
It provides benefits to economically weaker groups to alter and enhance their existing homes. This scheme also offers a subsidy for anyone who wants to build homes on their lands. It is offered in phases depending upon construction.
Affordable Housing in Partnership:In this scheme, every state government provides subsidies per flat to builders to construct affordable homes and sell 50% of the homes to people from lower-income groups and economically weaker sections. The subsidy reduces the house costs for those sections.
Credit Linked Subsidy:It is a direct subsidy that allows Middle-Income Groups, Lower Income Groups, and Economically Weaker Sections to avail home loans at reduced EMIs with the help of an interest subsidy. They can apply to Housing and Urban Development Corporation (HUDCO) and National Housing Board for interest subsidy loans.
Particulars |
Annual Income |
Interest Subsidy |
Maximum Loan for Subsidy |
Middle Income Group II (MIG II) |
Rs. 12 lakh to Rs. 18 lakh |
6.50% p.a. |
Rs. 6 lakh |
Middle Income Group I (MIG II) |
Rs. 6 lakh to Rs. 12 lakh |
6.50% p.a. |
Rs. 6 lakh |
Lower Income Group (LIG) |
Rs. 3 lakh to Rs. 6 lakh |
4.00% p.a. |
Rs. 9 lakh |
Economically Weaker Section (EWS) |
Up to Rs. 3 lakh |
3.00% p.a. |
Rs. 12 lakh |
Under this scheme, state governments join hands with the private developers to offer affordable homes to slum dwellers.
How to Apply for Pradhan Mantri Awas Yojana SubsidyGo to the official Pradhan Mantri Awas Yojana website to apply for the PMAY subsidy. The application process is user-friendly and simple. All you need is to enter your Aadhaar number. After that, just follow the on-screen directions and fill up and submit the form to conclude the application.
I hope now you know how to apply for PMAY home loan subsidy!
How to apply for PMAY subsidy?
Anushka
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2021-08-24T14:01:53+00:00 2021-08-24T18:18:00+00:00Comment
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