If you or your household (husband, wife, and unmarried children) do not have any pucca home anywhere in India, you can apply for the Pradhan Mantri Awas Yojana (PMAY).
Yes, you can now cherish the dream of having your own home. And that’s what the PMAY scheme intends with a ‘Housing for All by 2022’ tagline.
You can get a home loan interest subsidy of up to 6.5% to Rs.2.67 lakh as per your income group. It is available under PMAY’s credit linked subsidy scheme (CLSS).
Let’s check how to get a home loan interest subsidy under the Pradhan Mantri Awas Yojana!
These income groups can avail of PMAY scheme subsidies
Economically Weaker Section (EWS) – Yearly income of up to Rs.3 lakh
You belong to the EWS group if your yearly income is up to Rs.3 lakh. You can get a home loan interest subsidy of 6.5%, amounting up to Rs.2.67 lakh. The home loan amount is up to Rs.6 lakh with a 20 year tenor. The home carpet area can’t exceed 30 sq mt.
Lower Income Group (LIG) – Annual income between Rs.3-6 lakh
Your income group is LIG if your yearly income is between Rs.3 lakh and Rs.6 lakh. Everything remains the same as EWS except the home carpet area increasing to 60 sq mt.
Middle Income Group 1 (MIG 1) – Yearly income between Rs.6-12 lakh
Your income category is MIG 1 if your yearly income ranges between Rs.6 lakh and Rs.12 lakh. The subsidized loan amount is up to Rs.9 lakh with a tenor of 20 years. The maximum carpet area of a home has to be 160 sq mt. The allowed interest subsidy is 4% amounting up to Rs.2.35 lakh.
Middle Income Group 2 (MIG 2) – Annual income between Rs.12-18 lakh
If your annual income is between Rs.12 lakh and Rs.18 lakh, you belong to MIG 2. The subsidized amount of housing loan in India is up to Rs.12 lakh over a 20 years tenor. The carpet area of a home built under Pradhan Mantri Awas Yojana can’t exceed 200 sq mt. The interest subsidy stands at 3%, amounting up to Rs.2.3 lakh under the MIG 2 group.
If you fall under any of these income categories, you can pocket interest subsidies on home loans under the Pradhan Mantri Awas Yojana.
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