Pradhan Mantri Awas Yojana or PMAY is a home loan subsidy scheme. It is known as the Credit Linked Subsidy/Incentive Scheme (CLSS).
You can opt for Pradhan Mantri home loan plan to enjoy home loans at a subsidized interest rate of just 6.5% onwards(always check your lender’s website). You can also avail the home loans for a longer tenor and only for the purpose of housing.
Pradhan Mantri Awas Yojana plans to have more than 2 crore Pucca houses in India by 2022. The plan of Central Government can easily be availed by anyone irrespective of his/her creed, caste or religion.
If you wish to explore the features, benefits and other aspects of Pradhan Mantri home loan scheme, then here is a post that will guide you.
Home loan interest rates are subsidized and are offered at affordable rates up to a tenor of 20 years
Differently-abled citizens and senior citizens are to be offered ground-floor houses under the special preference
The construction of the houses are to be completed using only eco-friendly and sustainable technologies
The Pradhan Mantri Awas Yojana loan scheme will cover around 4041 towns in India
You can enjoy some exclusive benefits when you avail of the Pradhan Mantri home loan subsidy scheme such as:
The Pradhan Mantri Awas Yojana (PMAY) will help everyone with housing solutions by the end of the year 2022
The Pradhan Mantri Awas Yojana also includes Scheduled Tribes and Scheduled Castes – allowing almost everyone from the sections of society to enjoy the benefits if the annual income is below Rs.6 lakh
The PMAY plan is also beneficial for members of marginalized communities like widows and transgender individuals
Under the special preference of the project, senior citizens and differently-abled people will be given ground-floor homes
The Pradhan Mantri home loan credit-linked subsidy scheme is targeted to urban areas of India
The Pradhan home loan subsidy scheme has 4 aspects to ensure that maximum benefits get transferred to less privileged sections of society and they include:
A Central grant of the average amount of Rs.1 lakh is to be offered to every subscriber of the PMAY scheme in India
A total of Rs.1.5 lakh Central Assistance is to be given to each beneficiary for improving his/her housing stock
50% of the subsidy amount will be offered to Economically Weaker Sections (EWS), and Low Income Groups (LIG) via the credit-linked subsidy scheme
For new houses and even for the renovation purposes of existing homes, a total of Rs.1.5 lakh are to be given to an urban poor residing in India
Phase 1 – It will cover 100 cities in India, and Phase 1 is up to March 2017. Such cities will enjoy home loan interest rates at a subsidized rate.
Phase 2 – Start time is April 2017 and will cover around 200 cities with the same objective of offering lower home loan interest rates.
Phase 3 – Phase 3 will begin in 2019 and will end by 2022. This phase will cover all other remaining cities, and their residents will be able to enjoy lower home loan interest rates.
Many banks and NBFCs can offer you a home loan at subsidised rates, and you should get in touch with them today to apply it via Pradhan Mantri home loan scheme. You just have to share your basic details such as your name and mobile number to check out your pre-approved loan offers now.
- People take loans to fulfill many dreams of life. However, despite economic growth, retail loan demand is steadily decreasing in India.