Every man or a woman for that matter desires to own a home of their own. This desire gets intense with time and then, buying a home becomes an absolute requisite - for the sake of mental peace and for the fulfilment of a major life goal. That said, not everyone at every time is in position - mentally or financially, to take this decision and achieve their dream. This maybe due to multiple reason:-
- Lack of sufficient savings to pay the downpayment.
- High interest rates of home loans.
- Absence of government based subsidies.
Clearly, if the above shared problem prevails, buying a home can be an impossible task for most Indians. But, you don’t have to worry anymore! In the last couple of years, the home loan interest rates have incredibly gone down and the government has introduced the Pradhan Mantri Awas Yojana home loans.
PMAY home loans which also stand for Pradhan Mantri Awas Yojana housing loans is a funding scheme introduced by the government of India to help people (rural and urban poor) own a house of their own. As a part, applicants belonging to EWS, LIG, MIG 1 and MIG 2 category can avail a home loan at subsidized interest rates. However, there are a few conditions which every home loan applicant eyeing for PMAY benefits has to qualify. The eligibility criterions are shared on PMAY website. You can also contact your nearest bank or NBFC listed in PMAY home loan list to find out more about it.