Pradhan Mantri Awas Yojana (PMAY) was launched
in 2015 with the objective of ‘Housing for All’ by 2022. The mission of this
scheme was to provide affordable housing solutions to the urban population of
India.
PMAY also has plans to build around 2 crore Pucca homes using eco-friendly materials
and sustainable technologies for the urban poor.
It also includes Economically Weaker Section
(EWS) and Low Income Group (LIG) in urban areas. This mission of the Central
Government of India has a financial backing of Rs.2 trillion.
What is Pradhan Mantri Awas
Yojana (PMAY)?
Pradhan Mantri Awas Yojana (PMAY) is a Credit
Linked Subsidy Scheme (CLSS) via which home loans are being offered at just
6.5% onwards.
The home loan availed under the CLSS scheme of
PMAY comes with a longer tenor and can be used for the purposes of housing
only.
The scheme can be availed by individuals with an
annual income of less than Rs.3 lakh and up to Rs.18 lakh. As a result, you can
apply for the Pradhan Mantri home loan scheme and avail a lower home loan
interest rate. As a result, you can pay smaller EMIs over a long tenor to
manage other expenses easily.
What Are the Highlights of
the Pradhan Mantri Awas Yojana (PMAY)?
Here are some key highlights of the Pradhan
Mantri Awas Yojana loan scheme which can be summarized into the following vital
points:
⮚ Pradhan Mantri home
loans are to be offered at subsidized home loan interest rate of 6.5% for a
longer tenor
⮚ As a special
gesture towards senior citizens and differently abled citizens, they are to be
allocated houses on the ground floors
⮚ Only eco-friendly
and sustainable technologies can be used for the building of the homes
⮚ The Pradhan Mantri
Awas Yojana (PMAY) is a multi-phased scheme with the focus on covering around
4041 known or legal towns and cities
Steps to Avail Home Loan
Subsidy via the PMAY Scheme
By following the below steps, you will be able
to avail Pradhan Mantri home loan subsidy easily. Have a look.
1)
Apply for a housing finance from any bank or NBFC
of your choice participating in the Pradhan Mantri Awas Yojana (PMAY) project
2)
Go to the official website of Pradhan Mantri Awas
Yojana (PMAY) and download the application for the subsidy scheme
3)
You will need to take a printout of this form and
fill it up using the required details with correct information
4)
Submit the duly filled form with the needed
documents to a nearby office accepting these forms
5)
If your application is found correct and
eligible, then it will be forwarded to CNA
6)
If your home loan subsidy application gets
approved, CNA will then send the subsidy amount to the specific lender who has
let you borrow the money
7)
Now, the subsidy amount will be transferred to
your home loan account. As a result, it will reduce the overall principal
amount of your loan
The Pradhan
Mantri Awas Yojana eligibility is that people earning between Rs.6 lakh-12
lakh will get a subsidy of 4% and those in the range of Rs.6-18 lakh will get a
subsidy of 3% on home loans. People whose annual income is between Rs.3-6 lakh
will avail 6.5% subsidy on housing finance.
If you think you are eligible and wish to have
your own home, then you can apply for the Pradhan Mantri home loan scheme and
enjoy subsidized home loan interest rates.
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