Everything to Know About PM Awas Yojana 2020 - Eligibility Criteria, Benefits, FAQs
Posted on August 12th, 2020
Under Pradhan Mantri Awas Yojana 2020, against the target of 1.12 crore houses by 2022, approximately 90 lakh units have already been sanctioned.
While this scheme’s benefits are diverse, its eligibility criteria are kept to a bare minimum -
- Applicant should not possess a pucca house or any ancestral property.
- The age limit is capped at 70.
- The beneficiary family should not be registered under any home-related scheme of the central government.
The key benefits of Pradhan Mantri Awas Yojana 2019 are related to ensuring the ease of accessibility and increased affordability of residential properties.
One such benefit is that of the subsidised interest rate in home loans. This rate of the subsidy varies as per one’s economic strata -
- MIG I - 4% subsidy on loans up to Rs.9 lakhs.
- MIG II – Subsidy of 3% up to loans of Rs.12 lakhs.
- EWS and LIG – Subsidy on loan interest rates of 6.5%.
While home loans from reputed NBFCs and HFCs come with a competitive interest rate, some financers offer a PMAY compliant interest rate. With a lowered rate, the total cost of credit is considerably reduced, thereby bringing in the ease of affordability.
FAQ 1: What is the maximum tenor of applicable subsidy in PMAY?
Answer: 20 years is the highest tenor for the application in PMAY.
FAQ 2: Is it mandatory to provide Aadhaar details for PMAY?
Answer: It is mandatory to furnish all details of Aadhaar card to become a beneficiary of PMAY.