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Everything You Should Know About The PMAY

· pmay,home loan,pradhan mantri awas,clss scheme,credit linked scheme
prime minister awas yojana 2019

PMAY or the Pradhan Mantri Awas Yojana is a scheme that aims to build affordable houses for the weaker and lower-income group of the society for both urban and rural areas. This can be done with the help of the CLSS or the credit-linked subsidy scheme.

So here are some of the necessary things to know about the PMAY scheme which is also known as the Prime Minister Awas Yojana.

  • The three different categories of the PMAY scheme are the Economically Weaker section, the Low-Income group, and the Middle-income group. The Middle-income group is again divided into two categories: MIG I and MIG II.

  • The EWS group is entitled to 3 lakh and the LIG and MIG groups are entitled to 3 to 6 lakhs and 6 to 18 lakhs.

  • The beneficiaries of their EWS are eligible to get the full assistance of the housing scheme. But the low-income group is only entitled to the credit-linked subsidy scheme under the Prime Minister Awas Yojana.

  • The loan amount will be provided from all the major banks and NBFCs. And the subsidized rate of interest will be 6.5%.

  • One can avail a housing loan from a bank or an NBFC. Upon approval of the loan, the applicant will get the loan at an attractive rate of interest under the CLSS.

  • The best part is applying for a home loan is very easy and requires minimal documents. Just make sure you meet the eligibility criteria set by the lender you choose.

Eligibility To Be Met:

  • Applicants must not own a pucca house in any part of the nation.

  • No one can take the loan benefit under the PMAY scheme to renovate the existing house.

  • SC and ST categories may also apply for a housing loan under this scheme.

So now it's not a dream anymore to get your own house with PMAY.

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