Pradhan Mantri Awas Yojana or PMAY scheme allows the lower middle-class families with housing and accommodation loans. The lower income strata of the society benefit from this scheme and can avail a 6.5% interest rate. Additionally, you'll also receive 20-30 years of the repayment period.

Now, let's find out how to avail the PMAY scheme:

1st Step - Opt for a bank or NBFC of your choice and apply for the home loan scheme.

2nd Step - Visit the PMAY website and download the official subsidy scheme application form. Make a print of the form

3rd Step - Fill up the required information on the form in the correct order.

4th Step - Visit an office near you which collects these application forms. Remember to carry all your KYC documents for emergency needs.

5th Step - Your form will then be sent to the CAN for further eligibility and approval.

6th Step - If your form receives the final approval, the CNA sends ou the amount for loaning to the bank you've chosen for the scheme.

7th Step - Your home loan account will receive the subsidy amount as credit, thus reducing the credit's principal amount.

The scheme prioritizes women, older individuals and disabled for these applications. Remember the following criteria for availing the PMAY scheme:

- Your family should not own a house anywhere in the country.
- A married couple can opt for single or joint ownership over the loan. Only one loan permitted for a couple.
- There should be no history of housing-loans or schemes taken by the family in the past.