The Government of India launched PMAY or the Pradhan Mantri Awas Yojana, which aims to make housing affordable for all Indians by the year 2022. One of the most beneficial aspects of this scheme is its credit-linked subsidy scheme under which individuals from economically weaker section can opt for a home loan at a subsidised interest rate.
However, the subsidy on the rate of interest applicable to home loans will vary for different individuals based on their annual income. Apart from that, the loan amount one can qualify for according to his/her income is also mentioned in the PMAY list of beneficiaries released after due selection.
Hence, before opting for credit under this scheme, one should gain a comprehensive idea regarding the Pradhan Mantri Awas Yojana beneficiary List.
- Economically weaker section – The category includes households wherein annual earnings remain below Rs.3 lakh. They can qualify for a loan amount of up to Rs.6 lakh at a subsidy rate of 6.50%.
- Lower Income Group – Households or individuals whose annual income is between Rs.3 lakh and Rs.6 lakh are identified under this group. They can also qualify for a home loan of up to Rs 6 lakh at a subsidised interest rate of 6.50% and can find their name in the Pradhan Mantri Awas Yojana list if selected for the benefits.
- Middle Income Group-I – Individuals with an annual income between Rs.6 lakh and Rs.12 lakh can avail a loan up to Rs.9 lakh at an interest rate subsidy of 4.00%.
- Middle Income Group-II – Individuals within this group from the PM Awas Yojana list are identified as per their annual income between Rs.12 lakh and Rs.18 lakh. They can qualify for a loan amount of up to Rs.12 lakh at a subsidised interest rate of 3.00%.
While applying for a home loan under the scheme, individuals should look for more features from suitable financial institutions, such as customisable tenure, pre-approved offers, nominal documentation, part- prepayment and foreclosure facilities, and so on.
