Table of Contents
Is Pradhan Mantri Awas Yojana applicable for men?
Any household that includes a married couple and unmarried children can apply for PMAY benefits. Any earning adult member of the family who is unmarried is considered as a separate household. Female ownership or co-ownership is mandatory for EWS and LIG categories.
How does Pradhan Mantri Awas Yojana work?
How is the subsidy under PMAY given. The subsidy under this scheme is given as upfront relief, in the form of a reduction in the overall loan liability. The present value of the interest subsidy is calculated at 6.50\%, for a maximum tenure period of 20 years, on the maximum loan amount of Rs 6 lakhs.
How can I get Pradhan Mantri Awas Yojana benefit?
The process to claim PMAY interest subsidy benefit is given as follows:
- After your home loan is disbursed, the lender will send the required details to the National Housing Bank (NHB) for data validation and other checks.
- NHB after due diligence approves the subsidy to eligible borrowers.
Who is eligible for Pradhan Mantri Awas?
Individuals who are eligible for PMAY scheme are: Any household with an annual income between ₹ 3 lakh to 18 lakh can apply for this scheme. The applicant or any other family member must not now own a pucca house in any part of the country. The beneficiary cannot avail PMAY benefits on the already built house.
What is the income limit for PMAY?
Pradhan Mantri Awas Yojana Eligibility Criteria
| Section | Annual Family Income |
|---|---|
| EWS | Rs.3 lakh |
| LIG | Rs.6 lakh |
| MIG1 | Rs.6 lakh to Rs.12 lakh |
| MIG2 | Rs.12 lakh to Rs.18 lakh |
How much time does it take for PMAY subsidy?
When will an eligible customer receive a PMAY subsidy? The complete process from application to the amount being credited into the Home Loan Account takes anywhere between 3-6 months (within 1 year). The government will release the funds only after the verification of all the documents provided by the borrower.
What is the income limit for Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana Eligibility Criteria
| Section | Annual Family Income | Maximum carpet area |
|---|---|---|
| LIG | Rs.6 lakh | 60 square meters (645.83 square feet) |
| MIG1 | Rs.6 lakh to Rs.12 lakh | 160 square meters (1722.33 square feet) |
| MIG2 | Rs.12 lakh to Rs.18 lakh | 200 square meters (2152.78 square feet) |
Can we close House after PMAY subsidy?
Yes, the PMAY subsidy availed is subject to keeping the loan alive for the entire period. In case the loan is prepaid the subsidy amount is reversed and you will lose part of the benefit.
What are the features of Pradhan Mantri Awas Yojana?
The features of Pradhan Mantri Awas Yojana are that the government will provide an interest subsidy of 6.5\% (for EWS and LIG), 4\% for MIG-I and 3\% for MIG-II on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme (CLSS) from the start of a loan.
What is Indira Awas Yojana?
With the launch of Indira Awas Yojana (IAY) by the then Prime Minister Rajiv Gandhi in 1985, the public housing programme in India got a boost. IAY was launched as a rural housing programme targeting SC/ST and Minority population.
How to get credit for Awas Yojana?
Applicants will get credit to pay for the Awas yojana. In case an applicant desires to get a credit of 6 lakhs, they need to make an applicant only of their annual income that is no more than 6 lakhs. These candidates will be awarded a subvention of 6.5\% with tenure of 20 years to repay the credit.
What is Rajiv Awas Yojana (RAY)?
“Rajiv Awas Yojana (RAY)” was an Indian government program that attempts to help slum dwellers gain appropriate housing and address the processes by which slums are created and reproduced. It was introduced by the Indian government’s Ministry of Housing and urban poverty Alleviation.