Home is not just a place; It is about our dream, emotion, lifestyle, and much more. That is the scheme that helps us in affordably building our own house. Let’s know how it helps to get a dream home in an affordable manner.
PMYA stands for The Pradhan Mantri Awas Yojana. The Indian government took the most vital step to provide housing to the urban and Gramin poor in 2020. 1 June 2015 was the date on which the government launched this scheme. The PMAY scheme offered an interest rate starting from 6.50% per annum and worked for 20 years.
Deadline and Beneficiaries:
The government has extended the deadline for getting benefit from the PMAY scheme to 31 March 2021 for MIG-I and MIG-II that is Middle Income Group I, II having an income of 6-18 lakhs, and 31 March 2022 for LIG that is low-income groups of having an income of 3-6 lakhs, and EWS that is an economically-weaker section having an income of 3 lakh.
How it helps:
This scheme offers subsidized home loan interest rates based on your household income. A subsidized home loan means the government provides interest subsidies under the Credit Linked Subsidy Scheme (CLSS). One has started the process of purchasing a home till can apply for PMAY. It is always easy to understand a thing with an example. Suppose someone falling in the MIG II category wants to buy a house that is 60 lakh. After the required minimum payment of 20%, that is 12 lakhs, the balance of 48 lakhs can be manageable through a loan. Under PMAM, the applicable subsidy Will of 3% up to 12 lakhs. Hence, 36 lakh only is the amount on which the interest rate will be applicable.
The government helps to manage a loan for buying a home. That is how PMAY helps in getting affordable housing.
Banks that offer loans under PMAY:
Ten banks offer home loans under PMAY. Those banks are Bank of Broad, State bank of India, Axis Bank, ICICI Bank, IDFC Bank, Bandhan Bank, Bank of India, HDFC, IDBI, Punjab National Bank, and Canara Bank.
Pradhan Mantri Awas Yojana Beneficiaries
The beneficiaries under the PMAY scheme can be listed as follows:
|Middle Income Group I (MIG I)||Rs.6 lakh to Rs.12 lakh|
|Middle Income Group I (MIG II)||Rs.12 lakh to Rs.18 lakh|
|Lower Income Group (LIG)||Rs.3 lakh to Rs.6 lakh|
|Economically Weaker Section (EWS)||Up to Rs.3 lakh|
PMAY Interest Subsidy
|Particulars||Interest Subsidy||Maximum Loan for Subsidy|
|EWS||6.50% p.a.||Rs.6 lakh|
|LIG||6.50% p.a.||Rs.6 lakh|
|MIG -1||4.00% p.a.||Rs.9 lakh|
|MIG-2||3.00% p.a.||Rs.12 lakh|
PMAY Customer Care Helpline Numbers:
- 1800-11-6163 (Urban, HUDCO)
- 1800-11-3388 (Urban,NHB)
- 1800-11-3377 (Urban,NHB)
- 1800-11-6446 (Gramin)