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PMAY Home Loan Applicants Should Know These Things

· PMAY scheme

Housing for all by 2022 is one of the most prestigious campaigns initiated by the current PM Mr. Modi and his government. The campaign, as the name makes it very evident, is focused on providing people (mostly the urban and rural poor) with affordable financing options to purchase their own home. The scheme was initially launched only for the rural poor i.e. the EWS and LIG class, but it was later extended to the MIG category as well.

As a part of this scheme, whoever is planning to buy their first home can do so while taking advantage of the subsidized home loan offered by Pradhanmantri Aavas Yojna. That said, the PMAY scheme is available only for eligible candidates.

Who is Eligible to Apply for PMAY Home Loan?

  • People who don’t own a ‘Pucca’ house in any other part of India.
  • They legitimately belong to either of the four categories: EWS, LIG, MIG.
  • The property they plan to purchase is in accordance to parameters set by PMAY.
  • Your income must not exceed the maximum income limit specified by PMAY.

Bottom Line: Housing has been recognized as a basic human need by all governments of the world. In India, the housing scenario presents a multitude of problems. With the rising costs of real estate and lack of affordable housing, not every family in India is privileged to own a house they can call their own. In such circumstances, the PMAY home loan and the CLSS under Housing for all campaign provides a sigh of relief.

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