The Government of India introduced Pradhan Mantri Awas Yojana, intending to provide 2 crore houses by 2022. In this direction, not long ago, it approved the construction of 90 lakh affordable houses. The basic nature of the PMAY scheme is of providing subsidies on home loan interest.
Following are the conditions you need to meet for getting the subsidy benefit under PAMY:
- No pucca house owned
- First time home buyer
- No benefit availed under any other housing loan government scheme
- It is in a location listed by the government
- The applicant is either covered under EWS, LIG, or MIG.
The Pradhan Mantri Awas Yojana has divided applicants based on annual household income. These categories are:
- Economically weaker sections with income up to Rs. 3 lakhs.
- The lower-income group with income between Rs. 3 lakhs to Rs. 6 lakhs.
- The middle-income group with income between Rs. 6 lakhs to 18 lakhs. MIG-I covers Rs. 6 lakhs to 12 lakhs, while MIG-II covers Rs. 12 lakhs to 18 lakhs.
You can avail the PMAY benefit in three simple steps:
- Avail a home loan from any financial institution that is enlisted with PMAY.
- Download the application form from PMAY official website and take the printout.
- Fill out the form correctly and submit it with all required documents to the nearest office.
Additional Reading: pradhan Mantri Awas Yojana Eligibility Criteria
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