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.
