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Housing for all -PradhanMantriAwasYojana.
Pradhan Mantri Awas Yojana is a initiative by government of India to fulfill its mission of “ Housing for all by 2022 “ Under this initiative there is allowance on home loans for loans of properties in urban market ownership to Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group 1 & 2 (MIG). This benefit can be utilized by citizens for new or resale purchase of home, construction, or for extension or improvement of rooms, kitchen, toilet etc.
Eligibility to avail this scheme
Eligibility of PMAY program is based on income group one fall in.
| Income Group | Annual Household Income |
|---|---|
| Economically Weaker Section (EWS ) | Up to Rs. 3 Lacs |
| Low Income Group (LIG) | Rs. 3.01 to Rs. 6 Lacs |
| Middle Income Group (MIG 1) | Rs. 6.01 to Rs. 12 Lacs |
| Middle Income Group (MIG 2 ) | Rs. 12.01 to Rs. 18 Lacs |
For EWS and LIG, it is mandatory for a female to be the property owner. In someirregularity cases, the lender may inform you. Also, the applicant should be a first time home buyer and should not own a pucca property at the time of availing the scheme.
Subsidy Offered by PMAY.
Home buyer with income up to Rs. 6 Lacs, can get a maximum subsidy of Rs.2.67 Lacs.
Home buyer with income up to Rs.12 Lacs, can get a maximum subsidy of Rs.2.35 Lacs.
Home buyer with income up to Rs.18 Lacs, can get a maximum subsidy of Rs.2.30 Lacs
| Income Group | Subsidy on maximum Loan Amount | Interest Subsidy (%) | Maximum Subsidy Tenure (In years) | Max. Subsidy amount |
|---|---|---|---|---|
| Up to Rs. 3 Lacs | Rs. 6 Lacs | 6.5% | 20 | 2.67 lacs |
| Above Rs. 3 Lacs up to Rs. 6 Lacs | Rs. 6 Lacs | 6.5% | 20 | 2.67 lacs |
| Above Rs. 6 Lacs up to Rs. 12 Lacs | Rs. 9 Lacs | 4 % | 20 | 2.35 lacs |
| Above Rs. 12 Lacs up to Rs. 18 Lacs | Rs. 12 Lacs | 3 % | 20 | Rs. 2.30 lacs |