Most of the people have a dream of buying and owning a home of their own. However, due to low income and complex home loan process, it has become very difficult for many people to get the home of their own. Also, the skyrocketing real estate prices have made it very difficult for the low-income group people to buy a house.
To assist these lower income group people and make the home loan process easier, the honorable Prime Minister has announced a very fabulous scheme of ‘Pradhan Mantri Awas Yojana – Housing for All’. This scheme has empowered many of the economically weaker section of the society to fulfill their dream of buying the house. This scheme was launched on 25th June 2015 and the government is determined to build 2 crore houses by 2022 at affordable prices. This scheme has grown the hopes of many home seeking people across India.
An applicant for this home loan can be availed up to maximum 2.67 lacs home with maximum interest subsidy. This has helped in reducing the principal amount of the loan to a considerable extent. The subsidy is actually given according to Credit Linked Subsidy Scheme which is also called as CLSS.
The beneficiaries of these loans are also categorized into two main categories which are The Economically Weaker Section (EWS) and Low Income Group (LIG). The people whose annual income is between 3 lakhs to 6 lakhs come under EWS and the people whose annual income is up to 3 lakhs come under LIG. The interest rate is 6.5% per annum under Revised Credit Linked Subsidy Scheme. The tenure is the loan is availed up to 20 years.
Banks which offer interest subsidy under Pradhan Mantri Awas Yojana:
The banks which have signed with the Central Nodal Agencies for providing the home loans to the applicants can offer the subsidy. These banks may be private and public banks, regional and co-operative banks and other non-banking finance companies. Payment of the EMI has become very low as compared to normal EMI for the home loans.
Benefit of Home Loan under PMAY Credit Linked Subsidy Scheme:
This scheme has given a massive opportunity to many of the people to buy the house at affordable prices. The statutory towns up to 4315 and other planning areas will be covered under this scheme. All the economically weaker section and middle-class people should definitely leverage the benefit of this scheme.
In this way, you can save 2.67 lakh while buying home loan under Pradhan Mantri Awas Yojana. This scheme has received a massive response from the public all over the country. The lower income people are really bedazzled by this wonderful scheme for home loans. This wonderful scheme has empowered many of the people to have their home in an easier way. The people who are satisfying all the eligibility criteria for this scheme should definitely apply to take advantage of this scheme.