The Pradhan Mantri Awas Yojana (PMAY) is an initiative by the Indian government to make home ownership more affordable for individuals, especially for those belonging to low-income groups. With this scheme, you can take the plunge and become a proud homeowner sooner than you had actually planned.
How Can You Benefit from the PMAY Scheme?
The PMAY scheme consists of two components: PMAY-U and PMAY-G or PMAY-R. PMAY-U refers to the PMAY subsidy scheme offered to the urban poor: people living in the urban parts of the country. On the other hand, PMAY-G and PMAY-R refers to the subsidy scheme available for the rural poor. The two components differ in terms of the PMAY eligibility criterions and also based on the maximum subsidy amount available.
You can benefit from the initiative by applying for a Home Loan under the PMAY program or by utilizing the credit linked subsidy on your existing Home Loan.
Eligibility Criteria for PMAY Home Loan.
The eligibility criteria for PMAY-R and PMAY-U are different, as said above. So, let’s take a look at both of them. To start with, to be eligible for benefits under the PMAY-R, you must be listed as a rural contender under the Socio-Economic Caste Census of 2011.
To be eligible for the benefits under the PMAY-U, you need to qualify some conditions.
> You must not be a pucca house owner.
> You must not have availed central assistance earlier.
> You must belong to the EWS, LIG, MIG 1&2 category.
> Your gross household income mustn't exceed the set threshold.
> The eldest women in the family must be a co-owner of the house.
If you deem yourself eligible as per the mentioned criteria, check the other terms and conditions regarding the PMAY scheme on the website. Find a PMAY approved bank and then apply for the loan.
Also Read: Make your Dream Come True with PMAY
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.