Must Know FAQs before Availing Pradhan Mantri Awas Yojana in 2021 - Loan Trivia


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Wednesday 9 June 2021

Must Know FAQs before Availing Pradhan Mantri Awas Yojana in 2021

The Pradhan Mantri Awas Yojana (PMAY) is a housing scheme of the Indian Government to provide low-cost housing solutions. PM Narendra Modi launched the much-hyped scheme in 2015. 

Let’s check out a few frequently asked questions (FAQs) about the PMAY in this short post!

  1. What is Pradhan Mantri Awas Yojana?

Pradhan Mantri Awas Yojana is a housing scheme launched by the Central Government of India. It aims to provide affordable housing solutions to the poor population by 2022. It is also possible to enjoy a home loan subsidy on interest rates under the Credit Linked Subsidy Scheme (CLSS). Under this, an eligible income group applicant can avail of a home loan interest subsidy of up to 6.5% or Rs.2.67 lakh. 

  1. Who can apply under Pradhan Mantri Awas Yojana?

Anyone without having a pucca home anywhere in the country is eligible. He/she should also not have availed assistance from the Government for home earlier. An applicant or a beneficiary family earning between Rs.3 lakh and Rs.18 lakh per annual can apply for a PMAY subsidy. 

  1. What is a beneficiary family?

A beneficiary family includes a husband, wife, unmarried sons, and daughters. 

  1. What are income groups under PMAY?

People earning up to Rs.3 lakh are categorized under the Economically Weaker Section (EWS). Applicants with a yearly income between Rs.3 lakh and Rs.6 lakh are under the Lower Income Group (LIG). With a yearly income between Rs.6 lakh and Rs.12 lakh, applicants are considered under Middle Income Group 1 (MIG 1). Applicants with an annual income between Rs.12 lakh and Rs.18 lakh are under Middle Income Group 2 (MIG 2). 

  1. How much time does it take to get your home loan subsidy under PMAY?

It usually takes about 3-4 months for the home loan subsidy to be credited. It is subject to the verification of the Government. If its being delayed, you can check pmay status online by entering your application number.

If you want to build or buy your first ever pucca home with savings, you can apply for the Pradhan Mantri Awas Yojana online.

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