If you don’t have a pucca home yet in India, you can dream of having your own affordable home.
All that you have to do is – apply for the Pradhan Mantri Awas Yojana (PMAY).
But to do that, you need to meet the PMAY eligibility and get an interest subsidy on a PMAY home loan to pay reduced EMIs.
Read on!
A quick look at the PMAY eligibility conditions
- An applicant or a family member must not have any pucca home anywhere in India. A beneficiary family includes a husband, wife, unmarried sons and unmarried daughters.
- An applicant or a member of the beneficiary family’s annual income must not exceed Rs.18 lakh. The yearly income of the spouse can also be added while applying for the PM Awas Yojana.
- A beneficiary is not allowed to avail of the benefits of the Prime Minister Housing Scheme on an already constructed property.
- You must not have availed of any central assistance under any other previously launched scheme of the Central or State Government.
- For differently-abled and senior citizens applicants, ground floor allotment, is given preference.
- The construction/extension for which the PMAY home loan is availed must be completed within 3 years of the disbursement of the 1st instalment of the loan.
As per your income group, you may enjoy the Pradhan Mantri Awas Yojana home loan interest subsidy of up to Rs.2.67 lakh at 6.5%. This way, one can start paying reduced EMIs and finally fulfil their own home dream. The final subsidized loan amount is rs.12 lakh. A higher amount can be applied for, but it will be nonsubsidized.
Read Also: Check Pradhan Mantri Awas Yojana Benefits for Credit Link Subsidy Scheme
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