Things to consider before applying to Pradhan Mantri Awas Yojana for home loan

 Pradhan Mantri Awas Yojana (PMAY scheme) is an initiative of the Central Government of India headed by PM Narendra Modi. It was launched in 2015 to help the poor population get into their own pucca home across India. 

Anyone or family not having any pucca home anywhere in India can apply under the PMAY scheme. This way, they can pocket home loan interest rate subsidy of up to 6.5% or Rs.2.67 lakh as per their income group. 

However, before applying for the PMAY scheme for home, one needs to consider many crucial things. 

Read on and know more!  

PMAY eligibility criteria at a glance

Unless you don’t meet the PMAY eligibility criteria, you can’t apply for a home loan under this and enjoy the interest subsidy. Take a look: 

• You or the beneficiary family must not own a pucca home anywhere in India in your or their name. 

• A beneficiary family comprises a husband, wife, unmarried sons and unmarried daughters. 

• The beneficiary family or the applicant under the PMAY scheme is not allowed to enjoy the benefits offered under this plan on an already built home. 

• You or the beneficiary family must not have availed of the perks offered under the previously launched scheme of the Indian Government. 

• If you are a married couple, either single or joint applications could be submitted. And in that case, only one subsidy will be allowed. 

• You or your family’s yearly income must be up to Rs.18 lakh to become eligible for applying under this PMAY scheme. 

• The construction or extension for which the PMAY home loan is taken must be completed within 36 months of the 1st date of disbursement. 

If you can fulfil the mentioned PMAY scheme eligibility terms, you may not have any issues in applying for it and start saving on EMIs.     

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Know How to Complete your Dream of Owning a House Using PMAY

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. 

If you can meet these PMAY eligibility criteria, you can easily fulfil your wish of having your own pucca home and paying the reduced home loan EMIs.  

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