PMAY or Pradhan Mantri Awas Yojana is a Central Government-launched housing scheme that aims to provide affordable housing to Indians in both urban and rural (gramin) areas. Under its ‘Housing for All by 2022’ Mission, the government aims to make house purchase financing affordable so all can manage to repay the PMAY home loan without straining their finances.
It is a credit linked subsidy scheme that allows home loan borrowers to avail subsidy on interest rate and make affordable repayments through reduced EMIs. The important points to know about this scheme include the following.
- Home loan interest rate subsidy varies based on whether you reside in an urban region or a rural one. It is also affected by the individual’s and family’s annual income.
- To claim PMAY subsidies, the ownership of a house must belong to a female family member.
- One needs to meet simple eligibility requirements to avail CLSS scheme subsidy.
- Preferential benefits are provided to disabled and senior citizens under the scheme.
- Existing or non-existing house ownership before applying for benefits under the scheme forms an important part of PMAY eligibility criteria.
Make sure to check your applicability for availing home loan subsidy under the urban or gramin segment of this scheme. Applicable subsidies can significantly bring down the total home loan liability, allowing one to own a house of his/her choice without bearing a significant loan burden. Once applied for PMAY home loan subsidies, make sure to check your name under the PMAY list to confirm the availability of benefits.
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