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.
