Many people in this country live
in rented spaces. Some have to share their accommodation with several other
family members. The main reason is that a large section of the Indian
population is unable to afford their own home.
To address this problem, the Government
of India has started a new home financing scheme. The Pradhan Mantri Awas Yojana (PMAY) offers home loans at subsidised
rates. This enables people from all walks of life to have their own homes.
What is
the PMAY Home Loan?
Let us look at the various
features of the PMAY:
●
Subsidised Home Loan Interest Rate: The PMAY aims to give subsidised home loan
interest rates to consumers. The government has appointed two nodal agencies,
HUDCO and NHB, to coordinate this scheme. These agencies, in turn, have tied up
with various banks and non-banking financial companies (NBFCs. The financial
organisations disburse the home loans directly to applicants at the subsidised
interest rates.
●
Affordable Housing
Solutions: You can get a housing loan at lower rates through the PMAY. Hence, the
financial burden of borrowers decreases. It has become possible for more people
to own homes by subscribing to this scheme.
Details
of the PMAY Scheme
The following table outlines some
key income and loan details of this scheme:
Category
|
Maximum
loan amount
|
Maximum
subsidised interest rate
|
Maximum
loan tenor
|
Maximum
subsidised interest amount
|
Middle income group (Maximum
salary: Rs.18 lakhs per year)
|
Rs.12 lakhs
|
3%
|
20 years
|
Rs.2.3 lakhs
|
Lower income group (Maximum
salary: Rs.6 lakhs per year)
|
Rs.6 lakhs
|
6.5%
|
20 years
|
Rs.2.6 lakhs
|
Weak economic section (Maximum
salary: Rs.3 lakhs per year)
|
Rs.6 lakhs
|
6.5%
|
20 years
|
Rs.2.6 lakhs
|
You will first need to calculate
your annual salary to determine if you are entitled to a PMAY home loan. Then,
you can apply to the category you fall under. This way, you will also get the
subsidy you are eligible for.
How to
Apply for a PMAY Home Loan?
As mentioned above, this scheme
is available via several banks and NBFCs. To avail the benefits of the PMAY,
all you have to do is:
●
Identify various lenders associated with this scheme.
●
Select a lender and visit their official website.
●
Fill in the housing loan application form.
●
Submit required documents along with a letter stating your desire to
avail this scheme.
●
Submit the form and wait for an approval.
Important
Guidelines for Applying to the PMAY
While the PMAY is a very useful
financial scheme, here are a few vital points that you must keep in mind:
●
You cannot apply for a home loan under the PMAY if you already have a pucca house in your name.
●
You cannot apply for a home loan under the PMAY more than once. This
includes your immediate family members. In other words, one family is eligible
for just one subsidy under this scheme.
●
If your income is more than Rs.18 lakhs per year, you are not eligible
for the subsidised interest rates of this scheme.
Remember these guidelines when
applying for a PMAY home loan. If your application is correct, your loan will
be processed and disbursed at a faster pace.
Summing
Up
PMAY housing loans are helpful
for people belonging to lower and middle income groups. It is crucial to choose
a good lender who will help you get the home loan best suited to your needs. With
this scheme, your dream of moving into your own home can now become a reality.
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