The PM Awas Yojana scheme aims to improve the Indian economy by providing subsidized homes loan as per the income gradients of each family in the Indian demographic. The economically weaker sections, lower-income group, and middle-income group individuals. It offers subsidy from 3% to 6.5% to applicants belonging to the mentioned categories.
Subsidy Under PMAY
The subsidy you get to enjoy is categorized depending on your annual income, such as –
Economically weaker sections: You can enjoy a subsidy of 6.5% against a loan amount up to Rs. 6 Lakh. To enjoy such a subsidy, your annual income should be below Rs. 3 Lakh.
Lower-income group: Applicants with yearly revenue between Rs. 3 Lakh and Rs. 6 Lakh can enjoy a home loan amount up to Rs. 6 Lakh at a subsidy of 6.5% under this scheme.
Middle-income group:
MIG-I: Borrowers can enjoy a grant of 4% against a loan amount up to Rs. 9 Lakh. To qualify for such a subsidy if your yearly income should range anywhere between Rs. 6 Lakh and Rs. 12 Lakh.
MIG-II: Individuals with an annual income between Rs. 12 Lakh and Rs. 18 Lakh can enjoy loan amount up to Rs. 12 Lakh at a subsidy of 3%.
The PM Awas Yojana scheme also provides considerable net usable floor area from 30-square meter up to 150-square meter depending on the above-mentioned category. On July 2018, the usable floor area was revised for MIG-I and MIG-II from 120-square meter to 160-square meter and from 150-square meter to 200-square meter respectively.
Any house made under this scheme is constructed using eco-friendly technologies. The Government targets to provide 1.95 Crore houses to all by 2020.
Already applied for this scheme? Check your name in PMAY Beneficiary List
Additional Read: What Essential Things To Know About PMAY?
