The Pradhan Mantri Awas Yojana (PMAY) was incepted in 2015, and it was launched by Prime Minister Narendra Modi.
The intention of this PMAY scheme was to provide affordable housing solutions to the poor population in India. Under this, low-cost homes using eco-friendly and sustainable materials were to be done.
Besides building affordable homes, Pradhan Mantri Awas Yojana also has a provision to provide an interest subsidy on home loans.
The Pradhan Mantri Awas Yojana subsidy is being given up to 6.5% or Rs.2.67 lakh. It is as per one’s income groups.
Let’s know about the Pradhan Mantri Awas Yojana subsidy benefits as per income groups in this post!
Pradhan Mantri Awas Yojana Subsidy Benefits
- If your yearly income is up to Rs.3 lakh, you belong to the Economically Weaker Section (EWS). The largest loan amount you can get the interest subsidy is up to Rs.6 lakh to 6.5% or Rs.2.67 lakh.
- Applicants with an annual income between Rs.3 lakh and Rs.6 lakh can avail of a loan of up to Rs.6 lakh with similar other benefits like EWS. This income group is called the Lower Income Group (LIG).
- You belong to Middle Income Group 1 (MIG 1) if your yearly income is between Rs.6 lakh and Rs.12 lakh. The loan amount available is Rs.9 lakh. The Pradhan Mantri Awas Yojana subsidy is 4% or Rs.2.35 lakh.
- MIG 2 is your income group if your yearly income is between Rs.12 lakh and Rs.18 lakh. The maximum loan value is Rs.12 lakh, with PMAY interest subsidy being 3% or Rs.2.35 lakh.
If you apply for an amount higher than the permissible limit as per your income group, you will not enjoy a PMAY interest subsidy on the surplus amount.
