Owning a home is still a dream of millions in India. The Government of the country fully recognises this aspiration of common people and has hence launched the Pradhan Mantri Awas Yojana scheme. Through the scheme, the government aims to provide affordable housing to poor people of India in rural as well as urban areas. The Government of the country will be delivering around 20 lakh houses by the end of the year 2022, under the scheme.

Features of PMAY Scheme:

The PMAY scheme is for citizens of India living in both urban and rural areas. Therefore the scheme has two parts, viz. PMAY (R) or rural, and PMAY (U) or urban. The Government of India will provide a subsidy of up to 6.5 % on the interest of housing loans for 20 years to the beneficiaries. This subsidy will be provided under the Credit-Linked Subsidy Scheme (CLSS).

Eligibility:

Because the scheme aims to provide homes to those who do not have shelter under their own ownership, the eligibility criteria for the PMAY scheme are quite stringent. An individual who owns any kind of property is not eligible under the scheme. Those who have their family members owning a house or property are also not eligible.

The age limit for eligibility is 70 years. The low-income group with income in between 4 lakh to 6 lakh per annum and EWS or Economically Weaker Section of the society with income less than 3 lakh are eligible for the benefits of PMAY scheme and its benefits.

Leading financial companies in India including Bajaj Finserv have attractive housing loans that have been linked with the PMAY scheme. Choose the company for a hassle-free loan application and disbursal process and own your dream home in the very near future.

Additional read: A Complete Overview Of The Pradhan Mantri Awas Yojana Scheme