PMAY: All You Should Know About These in 2021 - Loan Trivia


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Friday 30 July 2021

PMAY: All You Should Know About These in 2021

PMAY Scheme

 The Government of India's one of the important housing schemes, the Pradhan Mantri Awas Yojana, or PMAY, focuses on facilitating affordable housing options for economically weaker sections of society. The goal is to construct more than 20 million houses in the country so that more people may live in decent, affordable housing. Beneficiaries will be included in the PMAY list primarily based on their yearly income scale and other eligibility criteria. EWS (Economically Weaker Section), LIG (Lower Income Group), and MIG (Middle Income Group) are the categories that qualify for this program. 

The Pradhan Mantri Awas Yojana scheme makes housing affordable to all by giving interest subsidies on housing loans. Beneficiaries are frequently confused by the precise subsidy levels. A PMAY subsidy or eligibility calculator can thus be used to determine the available amount of subsidy. It is an online tool that allows beneficiaries to fully comprehend their monthly repayment obligations, interest savings, and other aspects of a home loan. This tool is freely available on the financial organisation's website through which the borrower is planning to take the Loan. The calculator determines their PMAY list beneficiary group based on their income. The subsidy category is displayed first, followed by the amount. They can better arrange their PMAY home loan based on these predictions. If the applicant does not meet the scheme's qualifying standards, they can take out a home loan from any reputable financial organisation in India. These loans come with reasonable terms, and he/she can even get pre-approved offers to speed up the application process. These deals are offered on various financial products, including house loans, property loans, and more.

Apply for an affordable Home Loan with recognised Indian companies offering housing finance to enjoy the benefit of the PMAY scheme. Here the borrowers can get a substantial sanction for a tenor of up to 20 years. Along with this, they can also avail of a low-interest top-up loan and enjoy easy doorstep pickup of documents to fast-track their application. To date, these companies have sanctioned more than 3700 PMAY applications providing easy loan approval within 72 hours.

Therefore, if an eligible beneficiary considers going for a home loan under PMAY, they should think of the best companies offering home loans as viable options.

Also if you want to know about Pradhan Mantri Awas Yojana Gramin for that also visit Bajaj Housing Finance official website.

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