It is the dream of everyone to have their own home. But not everyone is able to achieve it. It is because the cost of investing in a home is not under the budget of all.
But if you still don’t have a pucca home in India, you can now fulfil your wish today.
All that you have to do is – apply for a home loan and enjoy an interest subsidy under PMAY.
PMAY stands for the Pradhan Mantri Awas Yojana. It was launched by PM Narendra Modi in 2015 to help the poor population of India to have their own home.
But to do that, you will need to meet the PMAY eligibility criteria.
Read on and know more!
Meet the PMAY eligibility criteria and fulfil your wish of owning a home
A Pradhan Mantri Awas Yojana applicant or any other member of the beneficiary family must not own any pucca home anywhere across India.
A beneficiary family comprises a husband, wife, unmarried sons and unmarried daughters.
You or the annual income of the beneficiary family must be up to Rs.18 lakh. The annual income of your spouse can also be included.
It is not applicable for a PMAY applicant to avail of the benefits of this housing scheme on an already built home.
You must not have taken any assistance from Central or State Governments under any previously launched schemes.
Senior citizens and differently-abled citizens are given preferences in the allotment of the ground floor.
If you are married, both together in joint ownership or either of the spouses can avail of a single subsidy.
The construction/extension for which the home loan under the PMAY is availed must be completed within 36 months from the first disbursement of the amount.
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