PM Awas Yojana Subsidy Detail: This is a Credit Linked Subsidy Scheme (CLSS)! Which means that the beneficiaries are eligible for interest subsidy under the PMAY scheme. If they take a loan to buy or build a house! Pradhan Mantri Awas Yojana was launched on 1 June 2015 to provide affordable housing to the urban poor! However, before applying for the scheme, applicants should check the eligibility criteria! The mission of this scheme (PM Free Housing Scheme) is to provide housing to all by the end of 2022!
PM Awas Yojana Subsidy Detail
To meet the housing needs of the sparse urban population in our country! Credit Linked Subsidy Scheme (CLSS) strives to increase credit flow! This scheme (PMAY Scheme) is implemented by two central nodal agencies in India, Housing Urban Development Corporation and National Housing Bank! Apart from this, it (Pradhan Mantri Awas Yojana) also focuses on the demand aspects of the affordable housing finance segment! Credit linked subsidy scheme is a component of PMAY (Pradhan Mantri Awas Yojana)! Under which not only the weaker sections of the society, but also the middle-income group can avail home loans from banks and financial institutions at low EMI!
Eligibility Criteria Required for PMAY
Applicants will be eligible under this mission if they meet the following criteria!
The applicant or any other family member should not own a pucca house in any part of the country. Any family with an annual income up to 18 lakhs can apply for this scheme (Pradhan Mantri Awas Yojana)! The spouse’s annual income can also be included at the time of application!
Beneficiary cannot avail PMAY (PM Free Housing Scheme) on already built house!
The beneficiary family should not avail any central assistance under any of the Government of India / State Government Housing Scheme (PMAY Scheme).
According to the 2011 census, all statutory cities and towns notified later will be eligible for coverage under the mission!
For senior citizens and differently abled, ground floor housing is preferred!
If the applicant is married, either jointly or one of the spouses (PM Awas Yojana) can get a subsidy.
Construction / Expansion for which loan is taken! It should be completed within 36 months from the date of disbursement of the first installment of the loan amount.
PMAY Subsidy Offers and Benefits
The PMAY subsidy benefits low-income groups!
| To plan | Beneficiary |
|---|---|
| PMAY URBAN SCHEME | Economically Weaker Section, Low Income Group and Middle Income Group |
| PMSS Urban’s CLSS | Low income group and middle income group |
| PMAY Rural Scheme | Economically Weaker Section, Low Income Group, Below Poverty Line |
Individuals who meet the following criteria are eligible to get the benefit of PMAY subsidy on home loan!
| The parameters | Middle income group 1 | Middle income group-2 | Lower income group | Economically weaker sections |
|---|---|---|---|---|
| Annual household income | 6 Lakhs to 12 Lakhs | 12 Lakh to ₹ 18 Lakh | 3 Lakh to ₹ 6 Lakh | Up to 3 lakhs |
| Subsidy on home loan interest rate | 4% pa | 3% pa | 6.5% pa | 6.5% pa |
| Loan amount eligible for interest subsidy (Interest) | 9 lakhs | 1.2 million | 6 lakhs | ₹ 6 lakhs |
| Maximum repayment tenure of home loan | 20 years | 20 years | -//- | -//- |
| Maximum amount of concessional interest | 2.35 Lakh | 2.30 Lakh | Lakh 2.67 Lakh | Lakh 2.67 Lakh |
| Maximum carpet area of Dwelling Unit (in square meters) | 160 | 200 | 60 | 30 |
PMAY subsidy
Under the PMAY (Pradhan Mantri Awas Yojana) scheme of the Government of India, a subsidy of up to 6.50% is provided on the interest rate of home loans! The amount of subsidy (PM Awas Subsidy) is decided on the basis of the annual income of the household! However, along with the subsidy limit on the interest rate, this scheme (PM Free Housing Scheme) also has the maximum subsidy limit on the annual interest amount! The maximum amount of subsidy given as per PMAY scheme is limited to ₹ 2.67 lakh!
PM Awas Yojana: How much can you save on buying a home, how much subsidy it receives?
