PMAY Pradhan Mantri Awas Yojana (Urban Only ) – Pradhan Mantri House for All Scheme, Complete Details | Notification | Subsidy | Loan
Owning a home is probably the best achievement for any individual . For those who earn handsome amount of money, this is not a big thing. But for financially weaker section this is a big deal. Pradhan Mantri Narendra Modi has come forward to help such people under Pradhan Mantri Awas Yojana . This Awas Yojana is of two type – 1) Pradhan Mantri Awas Yojana (Urban or Shehari) 2) Pradhan Mantri Gramin Awas Yojana (Rural). In this article, we are focusing on Awas Yojana (Shehari).
There is a lot to know about Pradhan Mantri Awas Yojana like what does it has to offer ? Who can apply ? What is the procedure to apply and lots and lots of similar questions. Through this article our aim is to provide every piece of information regarding this scheme. So, kindly read the complete article to so that you can understand everything that is to know about this scheme.
Prime Minister Narendra Modi has a vision. He wants that when the nation celebrates 75 years of Independence i.e. in 2022, people has a reason to celebrate. He want to deliver Pucca houses to financially weaker sections. To complete this huge task Pradhan Mantri Awas yojana scheme has been released. Under this scheme affordable Pucca Houses with water facility, toilet facility, 24*7 electricity supply and access will be built.
This scheme will remain functional from 17th June 2016 to 31s March 2022
EWS – Annual income should not exceed Rs. 3 Lakhs per annum
LIG – Annual income should not exceed Rs. 6 Lakhs per annum
The carpet area of the houses being constructed would be –
|Loan Amount||Interest Rate||Notes|
|Upto 6 Lakhs||6.5 per annum||This interest rate is fixed. It would not have any effect from RBI rate|
|Upto 9 Lakhs||4% concession on current interest rate||This depends on the current interest rate being provided. if current interest rate is 9 % than the applicant has to pay (9-4) = 5% interest|
|Upto 12 Lakhs||3% concession on current interest rate||This depends on the current interest rate being provided. if current interest rate is 9 % than the applicant has to pay (9-3) = 6% interest|
Once the applicant is allotted a home under Awas yojana, he will have the freedom to choose subsidized loan through any participating bank. These banks could be Scheduled commercial banks, Regional Rural Banks, Housing finance companies, State Cooperative banks or any other approved institutions.
Under this scheme, the subsidy amount will be credited upfront to the beneficiary loan account. This will result in reduced EMI. Any one can calculate the subsidy using this great tool –