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)
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%.
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
Married couples living in rented houses and unmarried children living
with their parents are also eligible for the benefits.
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
and help you realise your dream of having your own dwelling.