The Pradhan Mantri Awas Yojana policy was introduced by the Government of India to provide affordable housing solutions for the citizens. It offers subsidies on home loan interest payments for eligible homeowners.
Loan under PMAY is divided according to the annual income of individuals. They are –
- Lower Income Group (LIG).
- Economically Weaker Section (EWS).
- Middle Income Group (MIG-I).
- Middle Income Group (MIG-II).
The PMAY benefits for a home loan are as follows –
EWS and LIG –
- Subsidy on interest - 6.5% p.a.
- Loan amount of up to Rs.6 lakh.
- Maximum subsidy on interest amount - Rs.2.67 lakh.
- Carpet area for EWS is 30 sq. m and LIG is 60 sq. m.
MIG-I & MIG-II, respectively –
- Subsidy in interest 4% p.a. and 3% p.a.
- Loan amount of up to Rs.9 lakh and Rs.12 lakh.
- Maximum subsidy on interest amount Rs.2.35 lakh and Rs.2.30 lakh.
- Carpet area 160 sq. m and 200 sq. m.
Basic features offered under PM Awas Yojana are as follows –
- Encouraging women to register as homeowners under the LIG and EWS category.
- Reserved ground floor accommodations for physically challenged and senior citizens.
- Usage of environment-friendly material for construction.
Online PMAY registration is applicable for individuals with less than Rs.50,000 income p.a. Here are the steps to do so –
- Visit their official website and choose ‘Benefits Under 3 Components’.
- Type in your name and Aadhaar number.
- Fill up the form.
- Enter the captcha and save the form.
Know all about PMAY and apply successfully for this government scheme without any difficulties.