Pradhan Mantri Awas Yojana: A Comprehensive Guide - Loan Trivia


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Tuesday 6 November 2018

Pradhan Mantri Awas Yojana: A Comprehensive Guide

Pradhan Mantri Awas Yojana, also known as PMAY is one of the most conducive initiatives by the Indian Government. The primary reason for the same is, the scheme targets the rural as well as the urban poor. For now, PMAY subsidy is available for the EWS, LIG and MIG 1 & 2 category. One just need to fulfill all the PMAY eligibility criteria to avail its benefits.

Moving on, let’s talk about the benefits available under the PMAY:-

PMAY Home Loan at a Subsidized Rate

PMAY scheme is divided into two categories: PMAY Urban and PMAY Rural. As the name signifies, PMAY Rural applies to the eligible candidates living in rural area and PMAY Urban is available for people living in urban areas. Now, whichever type of PMAY applies in your case, you’ll be able to obtain a home loan for the given maximum amount specified in the scheme documents at a discounted interest rate.
In case you want to borrow more than the specified maximum for which the subsidy is available, you can do so. Yet, the subsidy will be available only up to the specified amount. Also, the subsidy is available only for first-time home buyers. 

PMAY CLSS for Existing Home Loan Subscribers Eligible for a Subsidy

In case you have already taken a home loan but you still want to avail the benefits of the PMAY, you can do so by applying for the PMAY CLSS subsidy. The CLSS is available existing home loan subscribers in case the loan has been obtained on or after January 01, 2017.

Bottom Line: The benefits under PMAY CLSS and PMAY aren’t directly available, the applicant must ensure eligibility by checking the terms & conditions mentioned on the PMAY website.

Read Also:

A Brief About Pradhan Mantri Awas Yojana

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