What is Pradhan Mantri Awas Yojana scheme ?
If you want to avail interest subsidy under this scheme, you are required to purchase a property that is part of a approved project. Also, you are required to avail a home loan from any authorized financial institution to benefit from the PMAY scheme.
Lenders claim interest subsidy on behalf of the borrowers. After the implementation of subsidized rates, the EMI amount gets reduced. The process to claim subsidy can take up to a few months in some cases. Hence, the extra amount paid by a borrower is adjusted with the upcoming EMI’s.
The government has categorized the beneficiaries in four different groups under this scheme based on the annual household income. The categories are here as follows –
Lower-income group (LIG I) – Annual household income of between Rs. 3 Lakh and Rs. 6 Lakh.
Economically weaker section (EWS) – Annual household income of less than Rs. 3 Lakh.
Middle-income group I (MIG I) – Annual household income of between Rs. 6 Lakh and Rs. 12 Lakh.
Middle-income group II (MIG II) – Annual household income of between Rs. 12 Lakh, and Rs. 18 Lakh.
Individuals applying under the EWS and LIG category can avail an interest subsidy of 6.5%. On the other hand, applicants under the MIG I and MIG II categories can avail subsidies of 4% and 3% respectively.
The PMAY scheme is initiated to benefit the female home-owners in this country considerably. One crucial PMAY eligibility criteria are that the purchased home should be entirely or co-owned by women.
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