The Prime Minister Housing Scheme (Pradhan Mantri Awas Yojana) is also known as the "housing for all initiative". This scheme specifically aims at providing affordable houses to those categorised in the Economically Weaker Section (EWS-income in between 2 lakhs to 3 lakhs per annum) and Lower Income Group (LIG-3 lakhs to 6 lakhs per annum) income bracket. The scheme offers benefits through the implementation of Credit Linked Subsidy Scheme (CLSS). The home loan borrowers can get a rebate of up to 6.5 % on the interest rate of their home loan.
Benefits For Those In The Medium Income Group (MIG)
Those who lie in the Medium Income Group (MIG) income category can also get subsidy on the interest of home loan under the scheme. Those having an income in between 6 lakh to 12 lakh p.a. can get a rebate of up to 4% while those in the 12 lakh to 18 lakh income bracket can get a rebate of up to 3%.
Other Conditions
The CLSS & Pradhan Mantri Awas Yojana benefits are available to the citizens of India. The subsidy on interest rates is not available to those who have a property under their name. A family member of the borrower should also not be a property owner, to be eligible for interest rate rebate. An adult earning member will get the PMAY benefits for the purchase of an isolated home if he/she is not owning a pucca residence. Married couples living in rented houses and unmarried children living with their parents are also eligible for the benefits.
Some of the most reputed financial companies of India are also offering home loans that can be used to purchase a home. These loans are also linked with PMAY scheme and help you realise your dream of having your own dwelling.