If you are planning to purchase a new house for you, you should definitely be aware of PMAY facility. Pradhan Mantri Awas Yojana or PMAY is “Housing for All” scheme which was started under the Narendra Modi Government in India, to provide housing for all in both urban and rural sector for the economically weaker sections of the society. You must have a complete knowledge about PMAY and then apply for a Home Loan under Pradhan Mantri Awas Yojana scheme.
Under the Credit Linked Subsidy Scheme or CLSS, there are different categories like the Credit Linked Subsidy Scheme for EWS/ LIG and the Credit Linked Subsidy Scheme for MIG. If you belong to these categories, you can avail Home Loan interest rate subsidy up to Rs 2.67 lakhs under PMAY.
The eligibility criteria of PMAY includes:
No pucca house in your name, your parents name or children name, in the country.
The total family income should be less than Rs 3 lakhs for LIG and Rs 6 lakhs for MIG.
An unmarried female must earn less than Rs 30,000 per month to apply for the facility.
The house with the loan subsidy must be in the name of the female head of the family. She may jointly hold with the male head of the family.
Women, widows and transgenders, SC/ ST and OBC group people, and differently- abled people, will get preference.
To know the other factors related to PMAY, read: