The Pradhan Mantri Awas Yojana (PMAY) has emerged as one of India's workable housing solution schemes. It has managed to build scores of affordable homes across the urban and rural regions in the country.
Besides doing that, it is also possible to enjoy PMAY subsidy on home loan interest rate up to 6.5% or Rs.2.67 lakh.
Anyone without having a pucca home and earning a yearly income between Rs.3 lakh and Rs.18 lakh can apply.
If you want to know about PMAY and pocket how much, here is a quick post for you!
PMAY subsidy benefits as per income groups at a glance
EWS (Economically Weaker Section) –
Yearly income – up to Rs.3 lakh with a permissible loan amount of up to Rs.6 lakh. PMAY subsidy on home loan interest is allowed at 6.5% with savings of Rs.2.67 lakh.
LIG (Lower Income Group) –
All benefits remain like EWS except yearly income should be between Rs.3 lakh and Rs.6 lakh.
MIG 1 (Middle Income Group 1) –
Annual income between Rs.6 lakh and Rs.12 lakh with a maximum home loan of up to Rs.9 lakh. The PMAY subsidy on housing loan interest is 4%, with savings of Rs.2.35 lakh.
MIG 2 (Middle Income Group 2) –
Yearly income between Rs.12 lakh and Rs.18 lakh with a maximum home loan of up to Rs.12 lakh. The most PMAY subsidy on home loan interest is 3%, with savings of Rs.2.3 lakh.
Based on your income category, you can avail PM Awas Yojana subsidy and buy or build your first home with savings on repayments.
Read Also: Boon for the Home Buyers by Choosing PMAY
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