If you are someone who has taken, a home loan before then, you must be aware of the process of returning the amount back to the bank as EMI’s. Many people avoid taking a loan from banking institutions since they can’t afford (unable) to pay the amount back.
PMAY is an active scheme that was introduced, by the current government to provide relief to such individuals who wants to work his/her way towards becoming big but, can’t really collect the courage to fulfil the dream. Here is a comprehensive outlook on the eligibility of this government scheme:
The Weaker Class of The Government Are Eligible
PMAY eligibility includes the economic suppressed or weaker section of the society that can apply for a home loan. The banking groups will provider relaxation or, a subsidy of 6.5% on the rate of interest. The tenure of repayment is long, which is 20 years thus, providing enough time to repay the amount back.
Middle Income Group section 1
PMAY eligibility consists of individuals who have a yearly income of INR. 6 to 12 Lakhs. The time for clearing the dues from banking institutions is 30 years.
Middle Income Group 2
Individuals with a yearly income of INR. 12 lakh to INR. 18 lakh can be a beneficiary of the scheme.
All in all, it is evident that the PMAY has been instrumental in making sure that the needy have the means to construct their own homes. It is a great step taken by the Central Government and more similar schemes should be introduced in the future.
If you have already applied for PMAY Scheme 2019, you can check your name in Pradhan Mantri Awas Yojana List. This list contains the names of the individuals whose applications got approved.