How does it work?Through the PMAY and the credit-linked subsidy scheme, families in India have an opportunity to buy a home at a lower cost by availing interest subsidies. The volume of the subsidy is determined by the level of income earned by the family.
Who can benefit from PMAY?A family can apply for the benefits offered by the PMAY only if the applicant and his/her family members do not own a pucca house anywhere in India. In the eyes of the PMAY scheme, a family is considered to be a husband and wife along with their unmarried sons and/or unmarried daughters.
How much is the subsidy?The subsidy is calculated based on the annual income of the household. There are 4 income groups that qualify for the PMAY subsidy. All classes are eligible for a maximum loan tenure of 20 years.|
1. Economically Weaker Section (EWS) - Annual income of less than 3 lakhsUnder the EWS category, families are eligible for a housing loan of upto 6 lakhs with a 6.50% p.a. interest subsidy. Under the EWS category, a family may purchase a house with a maximum carpet area of 30 square meters.
2. Lower Income Group (LIG) - Annual income of 3 - 6 lakhs.Under the LIG category, families are eligible for a housing loan of upto 6 lakhs with a 6.50% p.a. interest subsidy. Under the LIG category, a family may purchase a house with a maximum carpet area of 30 square meters.
3. Middle Income Group 1 (MIG 1) - Annual income of 6 - 12 lakhs.Under the MIG 1 category, families are eligible for a housing loan of upto 9 lakhs with a 4.00% p.a. interest subsidy. Households under the MIG 1 category are allowed to purchase a house with a maximum carpet area of 160 square meters.
4. Middle Income Group 2 (MIG 2) - Annual income of 12 - 18 lakhs.Families under the MIG 1 category are eligible for a housing loan of upto 9 lakhs with a 3.00% p.a. interest subsidy. Households under the MIG 1 category are allowed to purchase a house with a maximum carpet area of 200 square meters.
Click here to apply for Pradhan Mantri Awas Yojana & Affordable from Aditya Birla Home Finance here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Will My Health Insurance become Costly upon Relocating to the Countryside after Retirement?
Spending your old age in the country side can be an excellent idea, given you have adequate health cover, the cost of which might rise if you happen to move to a rural area.
4 Benefits of Buying Student Travel Insurance
Student travel insurance is a mandate in the US and Schengen countries. Learn more about why investing in it can help your child succeed while studying away from home.
Financial Instruments Traded in Stock Market
Shares, mutual funds, bonds and derivatives are some of the important financial instruments traded in the stock market.
Why Business Loans Application Are Rejected?
From low credit scores to insufficient collateral, there are plenty of reasons why your business loan application can get rejected.