Pradhan Mantri Awas Yojana offers subsidies on home loan interest rates. Such subsidies are directed to make availing housing loans and purchasing/constructing a home affordable. Benefits can be availed by those fulfilling the Pradhan Mantri Awas Yojana eligibility criteria.
With the introduction of this scheme, the government aims to provide finances for housing in not only urban but rural areas as well. It also aims to employ environment-friendly construction methods.
Home loan borrowers are benefitted under PMAY Scheme 2020 by several concessions which are included in the Credit Linked Subsidy Scheme. CLSS benefits can be divided into the following segments –
- Middle Income Group I - In the case of MIG I, the annual family income of individuals is up to Rs.12 lakh.
- Middle Income Group-II - Individuals with an annual income of Rs.18 lakh or more belong to this category.
- Low Income Group - This category comprises individuals with an annual family income of up to Rs.6 lakh.
- Economically Weaker Section - Individuals who have an annual family income of up to Rs.3 lakh belong to the EWS category.
PMAY Eligibility
To avail this scheme, individuals need to meet the demands of the Pradhan Mantri Awas Yojana eligibility criteria. These are –
- Be an Indian citizen to apply for this scheme.
- Applicants have to belong to the EWS, LIG or MIG-1 sections of the society.
- This subsidy scheme is applicable for first time home buyers only.
- The property for which the home loan is availed has to be owned or co-owned by at least one female family member (in some cases).
- Applicants must not have availed the benefits of any other government scheme.
Individuals fulfilling the above PM Awas Yojana eligibility criteria and conditions will be able to receive home loan subsidy under PMAY.
