Pradhan Mantri Awas Yojana or PMAY Urban is an affordable housing scheme launched in 2015 directed towards the EWS, MIG and LIG population residing in urban areas. Under this scheme, applicants who meet the PMAY eligibility are entitled to subsidy on home loan interest rates.
To make the most of this housing scheme, individuals must find out its accompanying features and benefits.
Here’s a list of the most common features and associated benefits of PM Awas Yojana –
- Eligible applicants can receive subsidies of up to 6.5% on their home loan interest rate.
- The applicable subsidy on interest rate is provided on a loan quantum of up to Rs.6 lakh.
- Only those who have registered under this credit linked subsidy scheme can benefit from it.
- An adult female member must own or co-own the property in question.
- Under PMAY Urban, the maximum carpet area for EWS beneficiaries is 30 sq. m, and for LIG is 60 sq. m.
- Senior citizens are given priority when it comes to allocating ground floor properties.
- Minorities, including widows, transgender community, etc., are given preference in this PMAY home loan scheme.
- The maximum home loan tenor allowed under this scheme extends up to 20 years.
- Qualifying candidates are entitled to tax benefits under Section 24(b), Section 80C, Section 80EE and Section 80EEA.
Note that, Aadhaar card is mandatory to become a beneficiary of this affordable housing scheme. One can easily apply for PMAY urban through its official website and fill up the application form with the required details.
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