What is Pradhan Mantri Awas Yojana Subsidy

 

PMAY scheme is a scheme that was launched by the Government of India in 2015 with the motive of “Housing For All”. The government plans to provide housing to everyone by 2022. Under this scheme, the government provides Pradhan Mantri Awas Yojana Subsidy on interest paid by the borrower for up to 6.5% per annum. PMAY scheme is linked with the CLSS (Credit Linked Subsidy Scheme) and provides subsidies through this method only. The Credit Link Subsidy Scheme is only available to first-time home loan borrowers who meet specific PM Awas Yojana eligibility requirements for the loan amount, annual income, and carpet area of the house. The Pradhan Mantri Awas Yojana subsidy scheme has divided applicant’s on the basis of their income into four categories such as:

1. Economically Weaker Sections (EWS)
2. Lower Income Groups (LIG)
3. Middle Income Groups I (MIG I)
4. Middle Income Groups II (MIG II)

Each year, the national government publishes the names of beneficiaries on the PMAY list. Here's how to look up the names of the beneficiaries.

• Log on to the PMAY website and choose the appropriate category, such as Gramin or Urban.
  
  
• Individuals must enter information such as their Aadhaar number or a reference number.
  
  
• Return to the previous page and choose the submit option.
  

There are various Indian finance companies that work in the field of providing loans to people. These companies are verified PMAY lenders and the loan under PMAY from these companies are eligible for the PMAY subsidy scheme. Therefore a first-time borrower who wants to obtain a loan under PMAY should consider these Indian finance companies.

Read Also: Check about Pradhan Mantri Awas Yojana – subsidy calculator & its eligibility criteria