Real Estate Benefits: Pradhan Mantri Awas Yojana (PMAY)
PMAY is the flagship mission by the central government launched in 2015 to address the urban housing shortage amongst economically weaker groups (EWG), lower income groups (LIG) and middle income groups(MIG). If your family income is below the range of Rs.18,00,000 per year and you or anyone in your family do not own a pucca house in any part of the country, you are eligible to avail the benefit of this scheme if you are buying a new house. Most of us are not aware of this scheme and fail to avail the benefits. Are you looking to buy a house in Hyderabad then check out the details of the scheme and eligibility for each group in urban areas below.
Pradhan Mantri Awas Yojana Eligibility 2021-22:
|Category||Economically Weaker Section (EWS)||Lower Income Group (LIG)||Middle Income Group 1 (MIG-1)||Middle Income Group 2 (MIG-2)|
|Household annual income||Up to ₹ 3 lakh||₹ 3 lakh to ₹ 6 lakh||₹ 6 Lakh to ₹ 12 lakh||₹ 12 lakh to ₹ 18 lakh|
|Subsidy on home loan interest||6.5% per annum||6.5% per annum||4% per annum||3% per annum|
|Loan amount eligible for Interest subsidy||₹ 6 lakh||₹ 6 lakh||₹ 9 lakh||₹ 12 lakh|
|Maximum amount of subsidised interest||₹ 2.67 lakh||₹ 2.67 lakh||₹ 2.35 lakh||₹ 2.30 lakh|
|Maximum loan repayment tenure||20 years||20 years||20 years||20 years|
|Maximum house carpet area in square meters||30 sqm||60 sqm||160 sqm||200 sqm|
|Maximum house carpet area in square feet||322.91 sqft||645.83 sqft||1722.23 sqft||2152.78 sqft|
As you can see you can save a maximum of Rs. 2.3 Lakhs to Rs. 2.67 Lakhs based on your eligibility in this scheme. Another advantage in this scheme is there is no cap to the total loan amount or property value. After the subsidy limit the normal loan rate is applicable on the remaining loan amount if any. You can avail this scheme at all primary lending institutions in India. To learn more about the PMAY, you can visit their official website or contact your banker.
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