The Pradhan Mantri Awas Yojana (PMAY) is a Central Government scheme which is undertaken to help even the urban poor population to have an own home.
The Pradhan Mantri Awas Yojana has plans to build around 2 crore homes in around 4000+ cities with first priorities given to first 500 A-class cities. The Government plans to build these homes only with the best of the eco-friendly materials.
Even people who are unable to get an affordable home in the list need not worry. The Pradhan Mantri Awas Yojana also has a credit-linked subsidy scheme (CLSS) under which you can avail a home loan and get 6.5% interest subsidy as per your income level.
The PMAY scheme also gives preferences to senior citizens, differently abled people, and women in allocation of the homes and home loans under it.
Let’s talk about the home loan benefits that you can claim under the Pradhan Mantri Awas Yojana home loan.
Claim Interest Discounts on the Home Loans
As per your income level, the economic group under which you come is decided. For instance, if your income is between Rs.3-6 lakh, you can claim a rebate of 4% on the home loan repayment. Like this, the Government lets you save up to 6.5% as per your income level and it helps you repay a home loan without paying higher EMIs.
Get Benefitted from Some Simple Eligibility and Easy Disbursal
Everyone who is an Indian citizen is eligible to avail the Pradhan Mantri Awas Yojana. Yes, the tagline – Housing for All means that everyone can get the benefits of it. All that you need to follow is some basic PMAY eligibility terms such as:
- You can’t have a pucca house anywhere in the country
- You should not have taken assistance from the Government to buy a home before this
- Your home loan application should include the name of a female member of the family as a joint/sole owner of the property
Buy Houses Approved by the Scheme
The Government has tied up with many leading developers from every area, including the known names in private sector builders and organizations to build affordable homes. You can check Mohua.gov.in/cms/progresspmay.php to know if your area is listed or not. This is the website address of the Ministry of Housing and Urban Affairs.
Enjoy Other Benefits on Home Purchase by Selecting a Known Lender
Once you have the approval of the Pradhan Mantri Awas Yojana, you can apply for a housing finance from any leading bank or non-banking finance companies (NBFCs). However, before applying, ensure that your creditor is approved by the PMAY.
Example – If you select an NBFC such as Bajaj Finserv, you not only get the benefit of the PMAY but even extra home loan perks such as flexi home loan, wider repayment tenor, online home loan account access, top up loan on home loan and more. You can also get a higher home loan amount of up to Rs.3.5 crore at a reasonable interest rate of up to 20 years duration.
The Bottom Line
The Pradhan Mantri Awas Yojana is definitely an amazing plan from which a lot of its targeted audiences have great hopes.
If you have the eligibility for the home loan under the PMAY, it is the tight time to move into a home you can call your own at a lower interest subsidy. Check it online at the PMAY website today and get going!