Pradhan Mantri Awaz Yojana
Updated: Apr 16, 2020
PMAY is Interest Subsidy Scheme up to 2.67 lakh per house is admissible for Beneficiaries of Economically Weaker Section (EWS)/Low Income Group (LIG), Middle Income Group (MIG)-I and Middle Income Group (MIG)-II seeking housing loans from Banks, Housing Finance Companies and other such institutions for acquiring/constructing houses. The interest subsidies of 6.5%, 4% and 3% on loan amount up to Rs. 6 lakh, Rs. 9 lakh and Rs. 12 lakh are admissible for a house with carpet area of up to 60, 160 and 200 Sq.Meter for EWS/LIG, MIG I and MIG II respectively.The benefit for EWS/LIG beneficiaries under CLSS works out to as high as Rs. 6 lakh over a loan period of 20 years.
1.Applicant can not own a House in his/her name .Can Own a Plot
2.Applicant annual income has to be less than 18 Lacs to qualify under EWS/LIG,MIG 1 & MIGrespectievely
3.A Female Applicant or Co Applicant is a must
Subsidy is based on CLSS - Credit Linked Subsidy Scheme , Whereas the Subsidy amount gets Credited to the Principal amount after approval from NHB & EMI Reduction happens on Principal Amount Reduction & N ew EMI will also reduce simultaneously
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