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News India Live, Digital Desk: Government Scheme: Everyone dreams of having their own home, but rising prices and home loans EMI often hinders the fulfillment of this dream. In such a situation, Pradhan Mantri Awas Yojana – PMAY is proving to be a boon. Under this scheme, the government is providing attractive subsidies on home loans to buy people, the maximum amount of which can be up to ₹ 1.80 lakh. This scheme is particularly beneficial for people of low and middle income groups.
What is Pradhan Mantri Awas Yojana (PMAY) and its benefits?
According to TimesBull’s report, PMAY is a major plan of Modi government that aims to provide “housing” to everyone by the year 2022 (although it has now been extended by 2024, this scheme is still active). Under this scheme, people who are buying houses for the first time or building a new house are given subsidy on the interest of home loans based on their income group.
How to get a subsidy of up to ₹ 1.80 lakh?
Subsidies under PMAY are mainly provided through Credit Linked Subsidy Scheme (CLSS) component. The amount of subsidy depends on the income category of the applicant:
- Economically weaker section (EWS) and lower income group (LIG):
- The beneficiaries coming under these categories can get interest subsidy of up to 6.50%.
- A 6.50% interest subsidy is available on home loans up to Rs 6 lakh. This subsidy close 2.67 lakh rupees can happen till.
- Middle income group-I (mig-i):
- For this category, an interest subsidy of 4% is provided on home loans up to a maximum of Rs 9 lakh. This subsidy close 2.35 lakh rupees can happen till.
- Middle income group-II (mig-II):
- For this category, 3% interest subsidy is received on home loans up to Rs 12 lakh. This subsidy close 2.30 lakh rupees can happen till.
A subsidy of ₹ 1.80 lakh mentioned by you can be under a specific calculation or old rules. Currently under PMAY-Clss, the maximum subsidy can go up to ₹ 2.67 lakh, which is for the EWS/LIG category.
How to take advantage of the scheme?
To take advantage of PMAY you have to fulfill the following conditions:
- Income limit: Your family income scheme should be under the respective category (EWS, LIG, MIG-I, MIG-II).
- First house: There should be no firm house in the entire country in the name of you or any member of your family.
- Priority to women: In the scheme, women owned houses are given priority.
If you are dreaming of your home, then this plan can be a big opportunity for you. While taking a home loan from any bank or housing finance company, you can apply for PMAY subsidy.