Opting for Pradhan Mantri Awas Yojana (PMAY G or PMAY U) will Help One Acquire the Best Interest Rates on Home Loans

The Pradhan Mantri Awas Yojana Gramin helps eligible applicants to afford homes through the following features –

Maximum housing loan – You can avail loans of up to Rs.70,000 under PMAY-G at subsidised rates.

House sizes – All units developed under PMAY-G will measure 25 sq. metres.

Cost-sharing – The Centre and State Governments share the cost of building such affordable housing. The ratio depends on the location of properties. On plane areas, this ratio tends to be 60:40, and in north-eastern or Himalayan regions, the ratio is 90:10.

Use of eco-friendly materials – All houses built under this scheme use eco-friendly construction materials. Doing this ensures minimal environmental pollution.

Financial assistance for toilets – PMAY Gramin is associated with the Swachh Bharat Mission Gramin. Therefore, beneficiaries can claim additional assistance of Rs.12,000 for the construction of toilets.

Beneficiaries receive financial assistance under this credit-linked scheme in their Aadhaar-linked savings account or post office accounts.

Documents necessary to avail PMAY-G

Eligible applicants would need to submit the following documents when applying for benefits under PMAYG –

Savings account details.

Aadhaar number.

MNREGA registration card number.

Swachh Bharat Mission registration number.

A document authorising the usage of a beneficiary’s Aadhaar information.

Opting for Pradhan Mantri Awas Yojana Gramin will help one acquire the best interest rates and terms on home loans for affordable repayment. For instance, eligible applicants can lower their home loan interest burdens by more than Rs.2.60 lakh.

However, not every housing finance company will extend credit under this scheme. Thus, PMAY Gramin applicants limit their home loan applications to only those institutions which offer this facility.

A HFC can also come up with pre-approved offers to reduce the hassles involved with availing credit. These offers are available on a range of secured and unsecured loans, including home loans and loans against property. You can check your pre-approved offer by providing a few personal details.

PMAYG is a beneficial initiative, especially for those rural Indians who lack a permanent residence. Such individuals can acquire affordable homes with minimal investment to secure housing for their families.