PMAY scheme aimed to build 1.12 Crore houses across India, out of which 90 Lakh units were already sanctioned by the end of 2018, the rest of which is likely to be sanctioned in the next six months. The Indian government is keen to meet its deadline of Pradhan Mantri Awas Scheme which is based on the mission ‘Housing for All by 2022’.
Once the rest of the houses are sanctioned, it is expected that by the next six months, beneficiaries will occupy around 40-45 Lakh houses. The primary aim of launching this scheme was to provide affordable housing for every citizen of India despite their financial standing. As a result, the scheme was disbursed via four components, namely –
Credit Linked Subsidy Scheme (CLSS)
Beneficiary Led Construction (BLC)
In Situ Slum Redevelopment (ISSR)
The central government provides financial assistance to individuals who want to build their own houses. Hence, when you opt for a home loan, you have to check for Pradhan Mantri Awas Yojana eligibility for a subsidy up to a limit of Rs. 2.67 Lakh.
Regardless, make sure you are aware of how much home loan EMI you can afford based on your repayment capability.
Those criteria are listed below –
Salaried applicants must be between the ages of 23 to 62 years. Their income should be at least Rs. 25, 000 in Tier-II cities and Rs. 30, 000 in Tier-I cities.
For self-employed applicants, the required age should be between 25 and 70 years and the business should be in continuous operation for the last five years.
Choose a suitable lender which extends these advances at subsidized rates of interest for PMAY. It will not only ease the repayment but also help you maintain the continuity of regular payments.
