The Narendra Modi government's goal is for every family to have their own home by the year 2022.To accomplish this,the government has not only expedited the work, but has also increased monitoring through the housing app.It may be mentioned that the Pradhan Mantri Awas Yojana has been instrumental in helping the BJP win the elections to come to power.The beneficiaries of this scheme are both Hindus and Muslims.To date,one crore and seven lakh houses have been constructed for the poor in rural and urban areas.
PradhanMantri Awas Yojana(PMAY)
In more than 81 lakh cities in rural areas, 26 lakh houses have been built for the poor, with most of the beneficiaries shifting. The government has emphasized on rural areas as the poorest live here and hence the target of building houses for them is also big. About 99 lakh houses have been sanctioned for the village till date.
Are You Eligible For The Subsidy?
Pradhan Mantri Awas Yojana For first time home buyers,many benefits are given to them under this scheme.The most important of which is the subsidy in interest.There are some conditions that need to be met-
1.Neither you nor any member of your family should have a house. If you already have a building,you will not be able to apply for PMAY.
2.You or any member of your family should not have availed of any government housing scheme before this.
3.You need to have Aadhaar card to apply under the scheme.
4.To apply in the category of ‘Economically Weaker Class’ (EWS), your total family income should be less than 3 lakhs.
5.To apply in the category of ‘Low Income Class’ (LIG), the total income of your family should be between 3 lakhs to 6 lakhs.
6.To apply in the category of ‘Middle Income Class-1’ (MIG-1), the total income of your family should be between 6 lakhs to 12 lakhs.
7.The total income of your family should not be more than 18 lakhs to apply in the category of ‘Middle Income Class-2’ (MIG-2).
Benifits Of PMAY
The biggest benefit of this scheme is the interest subsidy on home loans. Even if you don't have the money saved, you can still buy a home with low interest payments. This will make you question whether you can really get a subsidy.
How Much Subsidy Can You Get?
Under Pradhan Mantri Awas Yojana, maximum subsidy of Rs. 2.67 lakhs can be obtained on home loan. What percentage of subsidy you get depends on what income group you are in and how big a house you want to buy.
If you are in EWS or LIG category, you can get 6.5 per cent credit link subsidy on home loans up to Rs 6 lakh. It requires that the carpet area be 30 square meters in the EWS range and 60 square meters in the LIG range.
You can get 4% credit link interest subsidy on home loans up to Rs 9 lakh in MIG-1 category. It requires that the carpet area of the house you are buying is 160 square meters.
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You can get 3% credit link interest subsidy on home loans up to Rs 12 lakh in MIG-2 category. It requires that the carpet area of the house you are buying is 200 square meters.
There is no limit to the loan amount in all these categories.However, for EWS and LIG category, interest subsidy will be available up to a maximum of Rs 6 lakh,while for MIG-1 up to Rs 9 lakh and for MIG-2 up to Rs 12 lakh.The carpet area for MIG-1 and MIG-2 is currently extended. Through it you can buy on large building subsidies Keep this in mind.
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