Home Loan Subsidy Scheme – Pradhan Mantri Awas Yojana
India is not a developed country it is a developing country. In India, lots of people are struggling to live. So our India Government Introducing lots of services for the people who are struggling in their life. The Pradhan Mantri Awas Yojana is that kind of a scheme provided by Government of India. Pradhan Mantri Awas Yojana is a home loan subsidy scheme and it can helps you to your dream home comes true. In our life, we have some essential elements Food, Clothes, Shelter, Medicine etc. Today, people build good homes in their own idea and concept. You can also make your dream home with the help of Pradhan Mantri Awas Yojana.
About Home Loan Subsidy Scheme – Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana is a Credit-Linked Subsidy Scheme. If you are looking for a housing loan to build your home, this is definitely a good option for you. Because all housing loan interest starting from 8%, but it offers very low rate interest starting from 2%. So this scheme is really helpful for middle-class families. Because the other housing loan schemes interest rate is not affordable for their income. But it does not get for everyone if you want to build your dream home in this subsidy scheme, you should satisfy the eligibility conditions of Pradhan Mantri Awas Yojana.
Eligibility Conditions of Pradhan Mantri Awas Yojana
- Your Total(income of every member) annual household income is between Rs 6-18 lakh.
- This is your first home you want to buy or this is a new construction.
- This Scheme Provided For the People who are living in Urban Areas.
- The Maximum area allocated to build the home is 1184 Sq ft.
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The Economic Times reported that the Pradhan Mantri Awas Yojana has now been extended until March 2019. So you have enough time to apply for Pradhan Mantri Awas Yojana subsidy scheme. The procedures as same as normal housing loan schemes. If you get the bank loan sanction and you are eligible for this subsidy scheme, then the bank will contact the central government for the subsidy. And then initiate your interest scheme as low as possible.
In Pradhan Mantri Awas Yojana scheme, there are four subsidy schemes are available.
- EWS Category – Annual household income is up to 3 Lakh
- LIG category – Annual household income is in between 3 lakh to 6 lakh
- MIG-1 category – Annual household income is in between 6 lakh to 12 lakh.
- MIG-2 category – Annual household income is between 12 lakh to 18 lakh