Benefits you can claim on your home loan under the PMAY scheme

Last Updated: Mon, Jul 16, 2018 17:46 hrs
Pradhan Mantri Awas Yojana Scheme (Image Courtesy: BajajFinserv)

The Pradhan Mantri Awas Yojana is a government initiative undertaken by the Indian Government to provide affordable housing to every strata of society. This scheme offers subsidies on your home loan interest rate, which you can claim based on your economic ranking. This scheme also offers you varied benefits as a homeowner such as ground floor accommodation for senior citizens, special preference to women, and guaranteed eco-friendly material used for building construction. Knowing about these benefits will help you understand what is in store for you when you plan to purchase a home availing a home loan under the Pradhan Mantri Awas Yojana scheme.

Here is how you can claim benefits of PMAY on your home loan.

Claim interest subsidies on home loans

Based on your household income, the economic group under which you can claim PMAY subsidies is decided. So, for example your household income is within Rs.3-6 lakh then you can claim a subsidy of 4% on the interest of your home loan. This way the government allows you to claim an interest subsidy of up to 6.5%. This subsidy offers you a breather and reduces the interest obligation on your loan making repayment affordable on your pocket.

Gain from simple eligibility and easy sanctions

All Indian citizens are eligible to avail the PMAY scheme. The no limitation 'housing for all' idea of the Pradhan Mantri Awas Yojana scheme makes it easier for you to qualify as a beneficiary of the scheme. Here, you just need to ensure that you abide by the few key pointers of the scheme such as you cannot own a pucca house in any parts of the country, you should not have availed any other form of assistance from the government to buy a house before this, and your application should include the name of a female member of the family as a joint or sole owner of the property. Once ready with these mandates, you can select your beneficiary category based on your household and apply for PMAY using a simple online application on the PMAY official website.

Buy houses approved by the scheme

The PMAY scheme has tied up with various developers from every arena, including the prominent private sector organisations and builders in partnership with the government to construct affordable housing under the PMAY scheme. The central government has selected 4304 cities across 35 states and union territories in India where PMAY is valid.

You can check if your area is listed on the website of Ministry of Housing and Urban Affairs by logging on to Mohua.gov.in/cms/progresspmay.php then fulfil the area requirements based on your income eligibility slab. For example as a MIG – I category beneficial you are eligible for a house with carpet area up to 120 sq. mts. and for MIG – II this is up to 150 sq. mts.

Get other benefits on your home purchase by choosing the right lender

Once you qualify for PMAY, you can avail a Home Loan from any bank or a NBFC. But before applying you must ensure that your lender is PMAY approved. For example, choose a lender like Bajaj Finserv and this will help you enjoy both PMAY benefits and additional Home Loan lender benefits such as flexible repayment terms, easy online account management, and top-up loan on your Home Loan. Her, you also get to avail a sufficient sanction of up to Rs.3.5 crore on nominal interest for a tenor of up to 25 years.

Ready with this information about the benefits of the Pradhan Mantri Awas Yojana, ensure you check your EMI amounts in advance using the home loan EMI calculator. Further, apply with lenders like Bajaj Finserv after using the online home loan eligibility calculator to ensure that your application will be approved.

Author Bio:

Nishant is a passionate blogger. He has a very diversified skill of amazing artwork like card making, painting and crafting. He loves keeping himself up to date with news and happenings around. He is always open to learning and share his experiences on Greetings of the Day.

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