The Central Government introduced Pradhan Mantri Awas Yojana with the purpose to extend affordable housing facilities to economically challenged individuals by 2022. Under this particular scheme, applicants are provided with credit linked interest subsidy if they meet the set of eligibility parameters set by the Government.
Following are the eligibility criteria one needs to meet in order to avail the benefits of PMAY:
Applicants or anyone from the same family cannot own a pucca house in any part of the country.
The beneficiary cannot avail this particular housing scheme if anyone from the same family has availed Central Government assistance earlier with respect to different housing schemes.
PM Awas Yojana benefits cannot be availed on pre-constructed houses.
In case a married couple applies for the housing loan under PMAY, they will still get a single subsidy according to the income slab they belong to.
There are certain income-related parameters set by PMAY committee. For instance, individuals falling under the EWS or economically weaker section and having annual income up to Rs.3 lakh will be receiving a 6.5% subsidy on home loan interest rate. In case of lower-income group (annual income Rs.3 to Rs.6 lakh), a 6.5% interest rate subsidy will be offered. Similarly, 3% and 4% home loan subsidy will be provided to individuals belonging to MIG 1 and MIG 2, respectively.
Individuals meeting all the eligibility parameters will benefit from the scheme’s advantages, including ground-floor accommodation for senior citizens and differently-abled individuals, houses constructed with environment-friendly materials, etc.
Furthermore, beneficiaries belonging to different income slabs are required to provide relevant proof to substantiate their claim. The arrival of schemes like Pradhan Mantri Awas Yojana has been extremely beneficial for the entire home loan market, as well as for borrowers who were struggling to handle the immoderate interest rates.
