31 OCTOBER, 2019

Pradhan Mantri Awas Yojana is a scheme launched by the Central Government of India to make housing affordable for different sections of the society. The goal of this scheme is to enhance the quality of life for different sections of the society.

The PMAY scheme is well designed by considering the real-time problems of the real estate industry. People belonging to the following income groups can apply for a home loan under PMAY scheme,

  • Economically Weaker Section (EWS): Income up to Rs. 3 lakh
  • Low Income Group (LIG): Income between Rs. 3 lakh to Rs. 6 lakh
  • Middle Income Group 1 (MIG 1): Income between Rs. 6 lakh to Rs. 12 lakh
  • Middle Income Group 2 (MIG 2): Income between Rs. 12 lakh to 18 lakh


Along with fitting under the income categories, an individual should not be a house owner in order to apply for Pradhan Mantri Awas Yojana. Moreover, individual whose family members (spouse and unmarried children) are house owners are also not considered as eligible for PMAY.

You can apply online for a home loan subsidy under PMAY scheme through approved banks and housing financing companies. In fact, you can apply for Pradhan Mantri Awas Yojana scheme through Kotak Mahindra Bank by filling up an online application for Home Loan. You can apply through PMAY official website as well.If you are willing to apply for PMAY through PMAY website, let us tell you that you can either choose an online or offline process.


The online process to apply for Pradhan Mantri Awas Yojana through PMAY website
You have to use the official website of PMAY to submit the online application. You need to fill the different types of the form depending on the benefit you wish to apply.
Also, you can use PMAY subsidy calculator to calculate amount of home loan subsidy.

Features of PMAY Credit Linked Subsidy:
Under this scheme, housing loans with lower interest rates will be made available. It is a direct loan subsidy, which can be availed from approved banks.

In Situ Slum Development:
Under this scheme, the Government will be co-ordinating with private developers to provide affordable residential units to the people living in slums. The goal of this scheme is to strategically convert the slums in cities into affordable housing units and commercial properties.

Specific Preferences:
According to guidelines of PMAY, women, transgender people, disabled people and senior citizens are given preferences.

 

Additional Read: How Pradhan Mantri Awas Yojana works?

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.