How to Avail a Lower EMI with PMAY? - Loan Trivia


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Monday 10 September 2018

How to Avail a Lower EMI with PMAY?

Are you planning to apply for a Home Loan from a long time but are not able to do so due to higher rate of interest? Then, you should not worry anymore. You can easily apply for a Home Loan under PMAY scheme with lower EMI.

The PM Awas Yojana scheme is an initiative taken by the Central Government of India to provide ‘housing for all’ by 2022. It has two modules – Pradhan Mantri Awas Yojana urban for the urban poor and the Pradhan Mantri Awas Yojana for the rural poor. If you avail the Credit-Linked Subsidy Scheme (CLSS), then you can enjoy interest subsidies either on the purchase or the construction of a home or its renovation.

But, to avail the facilities of PMAY, you need to qualify the eligibility criteria. You need to belong to any of these following category:

 - Economically Weaker Section (EWS) with an annual income of up to Rs.3 lakhs

 - Low Income Group (LIG) with annual income between Rs.3 lakhs to Rs.6 lakhs

 - Middle Income group (MIG 1) with annual income between Rs.6 lakhs to Rs.12 lakhs

 - Middle Income Group (MIG 2) with annual income between Rs.12 lakhs to Rs.18 lakhs

Apart from these, if you belong to minority section or you are a woman, you can apply under PMAY. But, you or your family members should not have a pucca house anywhere in India.

To know more about PMAY, read:

Reduce your Home Loan EMI under PMAY Scheme

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