Pradhan Mantri Awas Yojana is an affordable housing scheme introduced by the Government of India in 2015. The aim of this scheme is to provide affordable housings to every Indian. Under this scheme, individuals will receive a subsidy on the home loan availed for the construction of new homes or renovation of an existing one.
Home loan subsidy available under this scheme for the middle-income group is limited to 3% on a loan amount of up to Rs.12 lakh. For the loan amount of up to Rs.9 lakh, applicants will enjoy a subsidy of 4%.
On the other hand, the applicants of PMAY from the EWS and LIG category will also receive a 6.5% subsidy on the loan amount of Rs.6 lakh. Moreover, they will be able to avail up to 3% concession on the loan amount of Rs.12 lakh.
However, to avail this subsidy, borrowers need to fulfil these following criteria –
Applicants who wish to receive benefits of this housing scheme must not have a pucca house anywhere in India.
Borrowers must not have availed benefits of any other government-backed housing scheme.
The guidelines of PM Awas Yojana strictly advises that women must own a property as a co-owner or a sole owner.
Individuals need to find a lender that has an MoU with concerned authorities to extend credit under this scheme.
Also, the property location must be within the limit of a town, as identified by 2011 Census.
Lastly, these benefits can be availed only on home loan applied on and after 17th June 2015.
CLSS or Credit Linked Subsidy Scheme is the mainstay of this plan. Under this scheme, applicants from different economic sections will receive the benefits of interest reduction on their housing loan repayment. Recently, the government has extended the timeline for CLSS under Pradhan Mantri Awas Yojana to 31st March 2022.
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