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Pradhan Mantri Awas Yojana (PMAY) falls under the Government’s mission - “Housing for All by 2022” for urban housing. It makes home loans affordable for the urban poor by providing subsidy on the Interest Rate of a home loan during repayment by way of EMI.
PMAY is loaded with features and benefits as broadly outlined below:
The PMAY benefits can be availed if you wish to acquire a new house from the developer or the builder and also for buying a house on resale. You may even take a loan for the construction of a house. Moreover, it is interesting to know that PMAY also applies for upgrading a ‘kutcha’ house to a ‘pucca’ house under the Credit Linked Subsidy Scheme (CLSS) component.
The preferential and key beneficiaries under PMAY are;
Provisions have also been made for widows, transgender, senior members and differently able individuals.
Pradhan Mantri Awas Yojana takes a giant stride to help fulfill your dream of owning a home. It energizes your enthusiasm to approach a bank or a private housing finance company for a home loan given the fact that EMIs can turn out to be more affordable.