PMAY scheme – Vital things to know about it

Pradhan Mantri Awas Yojana (PMAY scheme) is one of the most ambitious housing plans initiated by the Central Government. 

It was launched in 2015 by PM Narendra Modi for the poor population to have their very own pucca home. 

If your income is between Rs.3 lakh and Rs.18 lakh and you don’t have a pucca home, you can apply for it. 

Let’s know about the basics of the PMAY scheme in this quick post!

1. Under the PMAY, the Central Government of India has a plan to build affordable homes across India using sustainable construction technologies.
   
   
2. If you don’t have any pucca home or any beneficiary family, then only you can apply for the PM Awas Yojana.
   
   
3. If your or a beneficiary family’s income is between Rs.3 lakh and Rs.18 lakh, then you can apply for the PMAY scheme.
   
   
4. A beneficiary family consists of a husband, wife, unmarried sons and unmarried daughters.
   
   
5. The PMAY scheme comes with the Credit Linked Subsidy Scheme (CLSS). It helps you to enjoy a subsidy on home loan interest. Based on your income groups, it is up to 6.5% at Rs.2.67 lakh.
   
   
6. The maximum home loan availed under the PMAY scheme to enjoy interest subsidy is between Rs.6 lakh and Rs.12 lakh. Any amount more than can be applied, but it will be at a nonsubsidized rate.
   
   
7. The loan amount under the PMAY scheme can’t be used on an already built home.
   
   
8. The loan amount availed must be used within 36 months of the 1st disbursement of the loan. 

If you want to realize the dream of having your home, you can apply under the PMAY scheme.

Read Also: How will you get a subsidy under Pradhan Mantri Yojana?