Things to Consider About PMAY Subsidy Scheme - Loan Trivia

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Tuesday, 20 July 2021

Things to Consider About PMAY Subsidy Scheme

PMAY

 The Indian government started the Pradhan Mantri Awas Yojana in 2015 to offer homes to people. By 2022, this program intends to provide a pucca house to every person, including the urban poor and slum dwellers. Furthermore, residents from both the economically poor and middle-income groups can qualify for interest subsidies on home loans through the Pradhan Mantri Awas Yojana Credit-linked Subsidy Scheme (CLSS), making home ownership more affordable. To get these benefits, the borrower must meet the PMAY eligibility requirements, apply for the program, and be included on the PMAY list. The PMAY is designed to help the beneficiaries, which are classified into the following 4 categories:

  • Economically Weaker Sections (EWS)

  • Lower Income Group (LIG)

  • Middle Income Group 1 (MIG 1)

  • Middle Income Group 2 (MIG 2)

The CLSS is one of the Pradhan Mantri Awas Yojana's components, and it provides recipients with a 6.5 per cent home loan interest discount. This scheme is only available to citizens who meet the PMAY eligibility criteria and fall into one of the benefit groups. Beneficiaries in the MIG-I and MIG-II groups are eligible for a 3% and 4% interest rate discount on a maximum home loan value of Rs.9 lakh and Rs.12 lakh, respectively. However, the loan repayment term for both stays the same, i.e., a maximum of 20 years. Members of the EWS and LIG groups are eligible for a 6.5 per cent house loan interest rate subsidy on loan up to Rs.6 lakh for 20 years or the entire tenor of the loan, whichever is shorter. Therefore, the most important things to consider about the PMAY subsidy scheme are the annual income of the borrower, eligibility of PMAY to be met by him, comparison with various housing schemes in India, and the benefits that the subsidy will provide him. 

Apply for an affordable home loan with recognised Indian companies offering housing loans to enjoy the benefits of the PMAY scheme. Here the eligible beneficiaries 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.

If you have any query related to  Lap Loan or Home loan and PMAY then you can  fill  your query here our team members will assist you related to your query as soon as possible.


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