PM Awas Yojana Scheme – Vital Benefits at a Glance

Pradhan Mantri Awas Yojana (PMAY) was launched in India on 1 June 2015 to provide affordable housing solutions to the urban and poor populations. 

This PM Awas Yojana Scheme offers a credit linked subsidy scheme (CLSS) to eligible candidates. 

In turn, eligible candidates enjoy home loan interest rate subsidies as per their income groups. The maximum home loan interest rate subsidy available is up to Rs.2.67 lakh at 6.5%. 

Let’s check out the advantages of the PM Awas Yojana Scheme in this quick post!

A quick look at the benefits of the PM Awas Yojana Scheme

1. The offered home loan interest rate subsidy is at 6.5%, amounting to Rs.2.67 lakh. 

2. The maximum subsidized housing loan amount is up to Rs.12 lakh.

3. It is also possible to apply for a large loan amount, but any amount above Rs.12 lakh is at a nonsubsidized home loan interest rate. 

4. The maximum home loan tenor you can repay the loan under the PM Awas Yojana Scheme is up to 20 years. 

5. Eco-friendly and sustainable technologies are being used to construct houses being built under the PM Awas Yojana. 

6. For differently-abled and senior citizens applicants, there is a provision to allocate the ground floor to them. 

7. Income groups are divided into three categories – Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group 1 and 2 (MIG 1 & 2). 

If you or a beneficiary family do not own a pucca home in India, then only you can apply for PM Awas Yojana Scheme. What’s more, applicants also need to earn a yearly income of only up to Rs.18 lakh to apply.

Read Also: PM Awas Yojana – How to check your Name in the PMAY list