Owning A Home Is Easier With PMAY

Posted by arwindsharma on June 6th, 2019

Pradhan Mantri Awas Yojana (PMAY) was launched in 2015. Its aim is to provide ‘housing for all’ by 2022. PMAY has brought many benefits for first-time home buyers. It works through four components: credit-linked subsidy scheme (CLSS), rehabilitation of slums, affordable housing, and beneficiary individual house construction.

The current guidelines to avail CLSS are aimed towards the Economically Weaker Section (EWG), the Lower Income Group (LIG), and the Middle Income Group. Here are the PMAY eligibility criteria for CLSS:

  1. Those applying under the EWG cannot have a household income exceeding Rs.3 lakh per annum.  

  2. Those applying under the LIG cannot have a household income exceeding Rs.6 lakh per annum.

  3. Those applying under the Middle Income Group I (MIG I) cannot have a household income exceeding Rs.12 lakh per annum.

  4. Those applying under the Middle Income Group II (MIG II) cannot have a household income exceeding Rs.18 lakh per annum.

  5. Special consideration will be granted for women under the EWG and LIG Groups.

  6. No family member should own another pucca home in their name in India.

To find out more, you can use a PMAY eligibility calculator. The Pradhan Mantri home loan can be availed from banks or non-banking financial companies (NBFCs) like Bajaj Finserv.

Pradhan Mantri Awas Yojana (PMAY) was launched in 2015. Its aim is to provide ‘housing for all’ by 2022. vail The Pradhan Mantri Home Loan Yojana, you could follow these easy steps:

  1. Fill in the home loan application with your lending institution. To receive the subsidy, it has to be already signed by the MOU with two central nodal agencies. These are the National Housing Bank and the Housing Development Corporation.

  2. The lending institution will now take your application and check for loan eligibility.

  3. Once your documents are submitted, the institution will approve the application. The subsidy amount will then be transferred to the lending institution.

  4. Finally, the institution will deposit this amount into your account for the loan.

After successfully applying for PMAY Scheme 2019, you can check PMAY List for your name. This list will show the names of the individuals whose applications are selected for the scheme.

Housing loan interest rate: The subsidy interest for the LIG and EWG is 6.5%. In comparison, the interest subsidy for MIG I is 4% and MIG II is 3%. You can repay these home loans with interest either by post-dated cheques (PDCs) or electronic clearing service (ECS) based on the instructions given to the lender. The home loan application can be for a single applicant or a joint applicant. For EWS and LIG, women’s ownership is compulsory. The tenor of the home loan will be between one year and 30 years. It will not extend beyond 60 years or the retirement age. If an individual is self-employed, the loan can be given until the age of 70. Check out the various banks and NBFCs to know the housing loan interest rate for which you would be eligible.

PMAY has helped a lot of people in fulfilling a dream of owning a home. Fifty lakh houses have already been built in four years. Three crore houses are planned to be built by 2022. This has also provided the opportunity for work to local people. The construction time was 18 months in the past. This has now been reduced to 12 months. Earlier, an amount of Rs.12,000 was given to an owner to build a common toilet between a few houses. This money would mostly be wasted. To prevent this, not only has the area of the house been increased but they also come equipped with toilets and an LPG connection.

The PMAY is improving the lives of many people by providing them with a roof over their heads. With soaring real estate prices in the last 10 years, home ownership has become increasingly difficult. With a subsidy in home loans, the overall cost of borrowing has come down.

 

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