A beneficiary family that does not have any pucca house in any part of India is eligible for a subsidy through PMAY, as per the income criteria defined for the family.
The beneficiary family as defined under PMAY will comprise of the husband-wife and their unmarried children. An adult earning member (irrespective of marital status) can be treated as a separate family/household.
Women ownership or co-ownership is mandatory for EWS and LIG only. However, this condition is not mandatory for self-construction / extension. Women ownership is not mandatory for MIG-I and MIG-II.
Once the subsidy amount is received from the NHB, it is credited to the borrower’s home-loan account as a part payment, and the EMI is proportionately reduced.
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
* Rs. 5,000 Flat processing fee applicable for women applicants.