The Central Government of India rolled out the Pradhan Mantri Awas Yojana Gramin, PMAY Gramin or the PMAY-G.
It was launched to address the home-based discrepancy in rural areas.
PMAY Gramin was also launched to provide Pucca homes with basic amenities. It also includes a hygienic kitchen for people residing in Kutcha homes.
Here is a quick post about the PMAY Gramin if you wish to know more!
PMAY Gramin – Vital things you should know
The homes built under the PMAY Gramin scheme are to be affordable and disaster resilient. Under the PMAY-G scheme, the minimum size of the houses is 25 square meters. Central and State Governments are to share the cost of home assistance in a ratio of 90:10. It is for hilly areas and 60:40 in plain areas. It is at Rs.1.2 lakh and Rs.1.3 lakh in the plain and hilly regions, respectively.
Under the PMAY Gramin, it is also possible to apply for home loans of up to Rs.70,000 from leading banks and non-banking finance companies (NBFCs).
It is possible to enjoy a maximum subsidy amount under the PM Awas Yojana Gramin. The maximum loan amount that you can save stands at Rs.2 lakh.
Applying for a home loan of more than Rs.2 lakh will mean interest subsidy applied only up to Rs.2 lakh. The maximum home loan tenor under the PMAY Gramin is up to 20 years.
Based on your PMAY eligibility for Gramin, you can apply and pocket savings on the home loan interest portion. If you have already applied under the scheme, you can check the PMAY list online on the official website.
If you fail to meet the eligibility criteria for PMAY Gramin, you can approach a lender of your choice and avail of a home loan. Leading financial institutions offer high-value home loans at affordable rates and simple terms.
Additionally Read: Things Home Buyers Under PMAY Gramin Should Know About RERA Acts
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