The Modi government launched the PMAY Gramin (Pradhan Mantri Awas Yojana Gramin) scheme to fulfill millions of Indians’ dream of owning their own homes.
Under the PM Housing scheme, those who purchase their own house will receive a subsidy on a home loan up to a maximum of 2.5 lakhs.
Owning a home is everyone’s dream, and many people work hard to achieve it. However, buying a house requires a significant amount of money.
Saving up to build a house can take a long time. On the other hand, if you buy a house through a home loan from a bank, you can quickly pay the interest to the bank in manageable monthly installments.
To help make the dream of home ownership a reality, the Modi government is offering a subsidy on the interest paid under the Pradhan Mantri Awas Yojana (PM Home Loan Scheme).
PMAY
Pradhan Mantri Awas Yojana (PMAY) is a significant social security initiative by the Government of India to provide affordable housing to the urban and rural poor.
The scheme aims to construct two crore affordable homes by 31st March. PMAY is divided into Pradhan Mantri Awas Yojana Urban (PMAY-U) and Pradhan Mantri Awas Yojana Gramin (PMAY-G).
Eligibility Criteria for PMAY
Eligibility for PMAY is determined based on income and other criteria:
- EWS: Families with an annual income up to Rs. 3 Lakh.
- LIG: Families with an annual income between Rs. 3 Lakh and Rs. 6 Lakh.
- MIG-I: Families with an annual income between Rs. 6 Lakh and Rs. 12 Lakh.
- MIG-II: Families with an annual income between Rs. 12 Lakh and Rs. 18 Lakh.
Through this scheme, loan interest can be subsidized up to Rs. 2.50 lakh. Millions of people have already benefited from this scheme, and the central government is considering increasing it further.
As per the existing rules, subsidized loans under the PMAY Housing for All Scheme are provided for houses valued at up to 25 lakhs.
In the last five years, beneficiaries have received around 59 thousand crore rupees worth of subsidy, which Union Finance Minister Nirmala Sitharaman also announced in Parliament.
To benefit from the PMAY Housing scheme, you can apply online by visiting the PMAY Gramin website and entering your Aadhaar number.
The application form requires accurate personal details, address, and income information. After completing the form, you must submit it with your identity card, address proof, income certificate, and other necessary documents.
Eligible applicants can receive a subsidy on their home loan interest rate, which can reduce the construction cost of their house to some extent. After applying online, applicants can check their application status and track it over time to stay updated.
How to apply for this PMAY Scheme?
Beneficiaries can apply for PMAY Subsidy through the following:
- A. Online: To apply online, individuals can visit the scheme’s official website. They must have a valid Aadhaar Card.
- B. Offline: Beneficiaries can apply for the PMAY scheme offline by filling up a form available through the Common Service Centre (CSC). The price of these forms is Rs. 25 + GST.