PMAY: Central govt with a mission in mind “Housing for all” has implemented PMAY scheme from June 2015, which grants subsidy to home buyers, when they avail a housing loan from Banks/NBFC. This scheme is valid for new home purchase or purchase of resale home. This subsidy is also applicable on addition of rooms or improvement of existing home. Currently, scheme is valid upto 31st March 2021.
PMAY scheme is further classified into 4 categories based on earning capacity of family. It has been classified as EWS (Economically weaker section), LIG (Lower income group), MID 1 & 2 (Middle income group).
Amount of subsidy varies on multiple parameters, which will be discussed below in the article.
- It should be first home purchase within immediate family. Immediate family members mean husband, spouse & their dependent children. Single adult person, can be considered as a separate family.
- Annual income of the family to be within specified limits (Refer below table)
- Size of house should be within specified limits (Refer below table)
Note: Above mentioned rules are highlights of the scheme, but not all the points are covered. It is advisable to check with your bankers at the time of application for home loan for individual eligibility under the scheme.
Alternative, you can reach out to us to understand, if you are eligible under this scheme or not. We as PropAmigo, assist home buyers in selecting property from multiple residential projects option and further help them in their home loan process. We are no brokerage or no commission-based company. You can check out our website https://www.propamigo.com to know more about us. If you are looking to avail a housing loan, you can reach out to us by submitting a form on this link. Form appears on the right side on this page. https://www.propamigo.com/homeloancalculator.