PMAY: Way to Fulfilling Dreams of Your Own Abode

The Government of India introduced the Pradhan Mantri Awas Yojana Scheme in 2015, intending to provide housing to all at affordable prices. This scheme offers financial support via the subsidy facility at the lowest home loan interest rate under the Credit Link Subsidy Scheme banner.

PNB Housing Finance Limited provides a seamless disbursal of housing loans under the Pradhan Mantri Awas Yojana to people from all walks of life so that they can realise their dreams of owning their own homes as soon as they can.

Eligibility Criteria For PMAY

Mentioned below are the factors which are pivotal to availing the subsidy scheme at the lowest home loan interest rate under Pradhan Mantri Awas Yojana:

• The beneficiary applicant should not be the owner of a pucca house anywhere in the country. 
• The yearly family income of any applicant should not exceed ₹ 18 Lakh. 

• The applicant must not be a beneficiary of any other financial support under the other Government housing schemes in the past.
• It is mandatory to include the name of a female member of the family in property documents or the deed. You are also eligible to apply for Pradhan Mantri Awas Yojana if you have joint ownership with a female member of your family.
• All towns notified by the Census 2011 and the towns enlisted after that fall under Pradhan Mantri Awas Yojana.
• The construction, expansion or revamping of the property for which home loan has been procured must be done within 36 months from acquiring the loan amount.

Income Groups Notified Under PMAY

The four income groups eligible for the benefits under the Pradhan Mantri Awas Yojana home loan scheme are:

• EWS or Economically Weaker Section – The annual family income should not exceed Rs. 3 lakh.
• LIG or Low-Income Group – The annual family income should range between Rs. 3 lakh to Rs. 6 lakh.
• MIG-l (Middle Income Group 1) – The annual family income should come between Rs. 6 lakh to Rs. 12 lakh.
• MIG-ll (Middle Income Group 2) – The annual family income should come between Rs. 12 lakh to Rs. 18 lakh. 

Basic Steps To Get Interest Subsidy Under PMAY

Critical steps to avail the lowest home loan interest rate under Pradhan Mantri Awas Yojana are as follows:

• Apply for a subsidised home loan under the Pradhan Mantri Awas Yojana Scheme with PNB Housing Finance. 
• PNB Housing Finance will examine your application and, if they deem you eligible, your application will be sent for appraisal to the Central Nodal Agency.
• If your application is devoid of any discrepancies, it will be approved, and the Central Nodal Agency will pay out the subsidy to the lending organisation.

• The lender will credit the subsidy to your account, which will reduce your net loan amount.
• You can continue disbursing the EMIs towards the balance loan amount.

Conclusion

The Pradhan Mantri Awas Yojana Scheme takes a giant leap to help cherish your dream of having a house of your own. It gives you the mental boost to approach a lender, such as PNB Housing Finance, for securing a home loan, as the facility of repaying through EMIs makes it more affordable and attainable.