Pradhan Mantri Awas Yojana (PMAY) is an initiative by the government of India that aims to make the dream of owning a house for thousands of Indians a reality. Under this initiative, the priority is making homes affordable. When we mention affordable homes, home loans are one of the ways to fulfil this dream.
Getting a home loan has become simple these days, as many financial institutions are providing housing loans at a lower interest rate.
Currently, home loan interest rates have fallen down to 8.35%, which makes it easy to own a home.
Under PMAY’s Credit Linked Subsidy Scheme (CLSS), the government will be financially assisting the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) in order to achieve its primary aim at providing home for all.
CLSS Scheme Eligibility:
- Beneficiary family must not own a pucca house on his/her name or in the name of any member of his/her family in any part of India. Understandably, this rule is introduced because of their primary aim to ensure housing to all.
- In the case of a married couple, either of the spouse or both together in joint ownership will be eligible for a single home loan subsidy.
- The beneficiary family should not have availed any central or state government subsidy or benefit for housing under PMAY.
- Every family buying their own home will receive a subsidy on the basis of their income.
- The beneficiary family will comprise of Husband, Wife and Unmarried sons/ or Unmarried daughters.
Home Loans under Pradhan Mantri Awas Yojana:
The benefits offered by PMAY can be availed if you wish to acquire a new house from the developer or the builder. You can also avail a home loan at the time of buying a house from the secondary market in the form of repurchase. You may take a home loan for the construction of the house too.
Features of PMAY:
- Loan Eligibility – For the Economically Weaker Section (EWS) having annual household of up to Rs. 3 lacs and Lower Income Groups (LIG) having annual household between Rs. 3 lacs to Rs. 6 lacs: The carpet area should not exceed 30 sq. mt. and 60 sq. mt. respectively. For Middle Income Groups viz MIG-I having annual household income between Rs. 6 lacs to Rs. 12 lacs and MIG-II having annual household income between Rs. 12 lacs to Rs. 18 lacs: The carpet area should not exceed 90 sq. mt. and 110 sq. mt. respectively.
- Applicant or Co-Applicant – An individual can apply for a home loan from PMAY. The loan amount then is further enhanced by adding an earning co-applicant. For EWS/LIG category, female property ownership is mandatory.
- Term and Tenure – An interest subsidy of up to 6.50% p.a. for a loan tenure of 20 years or the actual, whichever is lower.
With the Pradhan Mantri Awas Yojana, the government aims to make sure that every individual has access to the primary necessity of owning a pucca house, in order to look after his/her basic needs and to lead a secured and dignified life.
To apply for a home loan with Indiabulls Home Loans under the Pradhan Mantri Awas Yojana, contact us here!