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Pradhan Mantri Awas Yojana

By Finserv MARKETS - Nov 26,2019
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Pradhan Mantri Awas Yojana (PMAY): Features, Eligibility Criteria & Benefits

What is Pradhan Mantri Awas Yojana (PMAY)?

The Pradhan Mantri Awas Yojana is a scheme launched by the Indian government in 2015, with a mission – “Housing for All”. With the scheme, the government aims to provide affordable housing facilities to almost 20 million people by 2022.To accomplish the mission, the government in association with various banks and other financial institutions offers the applicants/beneficiaries a subsidy on home loans at attractive interest rates.

Features & Benefits of PMAY Home Loans

At online platforms like Finserv MARKETS, you can enjoy the benefits of PMAY, by availing home loan with interest subsidy benefits.There are some eligibility criteria that have to be met for availing the PMAY scheme.Primarily, if a beneficiary and his/her family owns a brick and mortar house or solid structured(pucca) house, under their name or any other family member’s name, then they will not be eligible to apply for the scheme. A beneficiary family includes husband, wife, unmarried sons and/or unmarried daughters. Also, the Families/individuals in the following income brackets (family income per year) are eligible: Economically Weaker Section (EWS) – up to Rs. 3 Lakhs, Lower Income Group (LIG) – Rs. 3 to 6 Lakhs, Middle Income Group I (MIG I) – Rs. 6 to 12 Lakhs, Middle Income Group II (MIG II) – Rs. 12 to 18 Lakhs. Your interest subsidy depends on the income bracket you fall into – it’s 3% for MIG-II, 4% for MIG-I, 6.50% for EWS and LIG groups, with a maximum savings of Rs. 2.67 Lakhs, thereby helping a great deal in reduction of Home Loan EMIs.
Also, under PMAY scheme, an adult earning member can be treated as a separate household, regardless of their marital status. In addition, PMAY also provides exclusive benefits for women, so that more women applicants come forward and avail the scheme, and be proud homeowners. For EWS category, it is necessary for woman to have ownership or co-ownership of the property. And for the rest of the categories, though not mandatory, the female ownership is desirable. One more important point to consider is that the location of the property should be listed under the statutory towns as per 2011 census and or adjacent planning area which is updated by the government.

If you are eligible for PMAY, it is advised to take a Home Loan from trusted online platforms like Finserv MARKETS. This will guarantee you a host of benefits like minimal documentation, flexible repayment tenor up to 20 years, zero foreclosure charges and complete transparency right from application to its disbursal. To avail these advantages and more, visit the website.

 

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