How PMAY Scheme has Raised Interest for Young HomebuyersFinancial Report AnalystsUpdated on Jan 4, 2019 View more like this | Visit India, UN | Contact Anamika Verma |
The Central Government when it came to power in 2014 has one intention that it wanted to fulfil always – to provide affordable houses to the poor urban household. We are in the 79th year of the Independence and still many people don’t have homes to find a shelter.
In the same context, the Prime Minister Housing Scheme known as the Pradhan Mantri Awas Yojana (PMAY) scheme was initiated by the Government in June 2015.
The motive of the PMAY scheme is to offer affordable Housing to All by 2022. Under the plan, the Government is committed to building around 2 crore affordable homes with eco-friendly materials all over India. The scheme is to be regulated in more than 4000+ towns in India with first priorities to 500 Class A towns.
The Prime Minister Housing Scheme is committed to addressing some basic housing problems of the Indians such as:
- Slum rehabilitation
- Credit-linked subsidy scheme for the weaker section so that they can avail a home loan and enjoy home loan interest rate subsidy
- Provision to provide affordable housing by associating with private and public sectors
- Beneficiary-based house construction and enhancement
Prime Minister Housing Scheme eligibility
To avail the Prime Minister Housing Scheme benefits, you will need to fulfill the PMAY eligibility criteria to become eligible against the following terms such as:
- Anyone availing either the beneficiary-based house construction or enhancement or credit-linked subsidy scheme to get subsidized home loan rates, must not have a pucca home in their names/or any family members in India
- You should not have availed any assistance either from the Central or State Government to build/buy a home under any previous housing schemes
- It is a must for a female to be a co-owner in the property
- The property’s location needs to be fall in the zone as per the 2011 census or in any of the 4000+ towns listed in the Prime Minister Housing Scheme
What is the credit linked subsidy scheme?
Anyone who is unable to get a home in the 2 crores list can always apply for a home loan under the credit linked subsidy scheme and avail subsidized home loan rates.
Yes, the credit linked subsidy scheme is a boon for an eligible poor household to apply for a home loan for the purpose of purchase or construction of the house.
The Government has the provision to offer a home loan interest rate subsidy at the rate of 6.5% for housing finances availed by the beneficiaries of a 15-year tenor. You can avail the subsidy for an amount between Rs.6 lakh and Rs.18 lakh with minimum subsidy being 3% and maximum being 6.5% as per your income level.
Like this, you can easily pay a lower home loan equated monthly installments (EMIs) and help yourself save money on the home loan repayment to realize a home dream.
The Central Government intends to give first preference to scheduled castes/scheduled tribes/minorities and other backward classes while approving the subsidy request.
Which banks are participating in the PMAY scheme?
All banks under the banner of Reserve Bank of India (RBI) are participating in the scheme along with many non-banking finance companies (NBFCs) and more.
You can contact your preferred lender to know more about the credit linked home loan subsidy scheme.
The Bottom Line
With the Prime Minister Housing Scheme emerging as a boon for eligible urban poor population, now anyone can realize their home dreams and live happily! Check your PMAY eligibility today and apply online!
In the same context, the Prime Minister Housing Scheme known as the Pradhan Mantri Awas Yojana (PMAY) scheme was initiated by the Government in June 2015.
The motive of the PMAY scheme is to offer affordable Housing to All by 2022. Under the plan, the Government is committed to building around 2 crore affordable homes with eco-friendly materials all over India. The scheme is to be regulated in more than 4000+ towns in India with first priorities to 500 Class A towns.
The Prime Minister Housing Scheme is committed to addressing some basic housing problems of the Indians such as:
- Slum rehabilitation
- Credit-linked subsidy scheme for the weaker section so that they can avail a home loan and enjoy home loan interest rate subsidy
- Provision to provide affordable housing by associating with private and public sectors
- Beneficiary-based house construction and enhancement
Prime Minister Housing Scheme eligibility
To avail the Prime Minister Housing Scheme benefits, you will need to fulfill the PMAY eligibility criteria to become eligible against the following terms such as:
- Anyone availing either the beneficiary-based house construction or enhancement or credit-linked subsidy scheme to get subsidized home loan rates, must not have a pucca home in their names/or any family members in India
- You should not have availed any assistance either from the Central or State Government to build/buy a home under any previous housing schemes
- It is a must for a female to be a co-owner in the property
- The property’s location needs to be fall in the zone as per the 2011 census or in any of the 4000+ towns listed in the Prime Minister Housing Scheme
What is the credit linked subsidy scheme?
Anyone who is unable to get a home in the 2 crores list can always apply for a home loan under the credit linked subsidy scheme and avail subsidized home loan rates.
Yes, the credit linked subsidy scheme is a boon for an eligible poor household to apply for a home loan for the purpose of purchase or construction of the house.
The Government has the provision to offer a home loan interest rate subsidy at the rate of 6.5% for housing finances availed by the beneficiaries of a 15-year tenor. You can avail the subsidy for an amount between Rs.6 lakh and Rs.18 lakh with minimum subsidy being 3% and maximum being 6.5% as per your income level.
Like this, you can easily pay a lower home loan equated monthly installments (EMIs) and help yourself save money on the home loan repayment to realize a home dream.
The Central Government intends to give first preference to scheduled castes/scheduled tribes/minorities and other backward classes while approving the subsidy request.
Which banks are participating in the PMAY scheme?
All banks under the banner of Reserve Bank of India (RBI) are participating in the scheme along with many non-banking finance companies (NBFCs) and more.
You can contact your preferred lender to know more about the credit linked home loan subsidy scheme.
The Bottom Line
With the Prime Minister Housing Scheme emerging as a boon for eligible urban poor population, now anyone can realize their home dreams and live happily! Check your PMAY eligibility today and apply online!
