How Can PMAY Help Individuals Own their Dream Home? - Loan Trivia


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Monday 22 October 2018

How Can PMAY Help Individuals Own their Dream Home?

After the numerous articles featuring in the biggest newspapers of India, you are likely to be aware of the PMAY yojana. The scheme was launched in 2015 by the current Indian PM Narendra Modi, with an aim to provide the required assistance through subsidized home loans.

In the same context, if you haven’t yet bought your home yet, this could be your best chance to take the plunge. Take a look at the ways you can leverage the PMAY scheme and fulfill your long-held dream of owning a house of your own.

1) Home Loan at Subsidized Interest Rate: First of all, if you or your family members (spouse and unmarried and unemployed children) doesn’t own a pucca house anywhere else, can apply for a housing loan at a subsidized interest rate from any registered bank or NBFC.   

2) CLSS for Existing and Eligible Loan Subscribers: Secondly, if you already have a home loan on your name and you still want to benefit from the PMAY, you can apply for the PMAY CLSS. PMAY CLSS refers to the subsidy available under the program. The same is capped at Rs 2.67 per individual. If you are eligible and your lender has signed a MoU (Memorandum of Understanding) with PMAY, the applicable subsidy will be transferred directly in your bank account.

On a concluding note, benefits under the PMAY is subject to eligibility. Therefore, check out the eligibility criterions of PMAY - R as well as PMAY - U before applying for the benefits.

Reference Read:
How the PMAY Scheme will Help People to Get Homes

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