a house is still a dream for many in India. The Government of India
has introduced a scheme called "Pradhan
Mantri Awas Yojana."
It is a financial scheme which offers subsidies on home loan interest
rates for low and middle-income groups.
for Different Sections - The subsidies are available
to three groups – the middle-income group (MIG), the lower-income
group (LIG) and the economically-weaker section (EWS).
Subsidy - This scheme grants subsidies
to people LIG or EWS segments. This subsidy can be used only for
possessing a house. Lower the income, higher the subsidy.
rate of interest - The
Pradhan Mantri Yojana
promises a substantial decrease in the rate of interest. If you avail
a loan under this scheme up to Rs 6,00,000, the applicable rate of
interest will be 6.5% as against the market rate of 10.5%.
for Subsidized Loan
Identify the income group you fall under.
Locate a bank which provides home loans under the PMAY.
Submit a regular home loan application. Submit a letter stating
your intent to opt for PMAY.
must be an Indian citizen.
family’s combined income must be less than Rs. 18 lakh a year.
applicants are given preference over male applicants.
buildings get approved faster.
is a beneficial scheme to get your dream house. This scheme covers
millions of people. So, grab this golden opportunity to own a home of
How to check PMAY Application Status
You can check PMAY List
online to see if your application is approved or not.