Pradhan Mantri Awas Yojana- What You Need to Know

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Pradhan Mantri Awas Yojana- What you need to know
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• The real estate market is rife and the government
  and banks alike are doing their best to ensure
  that anyone and everyone can avail of its
  benefits.
• In his much-awaited address to the nation on the
  eve of the New Year, the Prime Minister of our
  country announced the Pradhan Mantri Awas Yojana
  for the middle-income groups.
• This is an interest subsidy scheme that has been
  named as 'Credit Linked Subsidy Scheme for Middle
  Income Groups - CLSS(MIG)'.
• As per this new subsidy, middle-income groups
  with incomes in the eligible range will get a
  subsidy on their interest rate of three to four
  percent.
• This scheme has been devised to ensure that more
  and more people can avail of home loans and
  fulfil their dreams of owning a home of their
  own.

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• In recent times the home loan eligibility
  criteria for the Pradhan Mantri Yojana scheme has
  been revised.
• Previously this scheme was mostly extended to
  people with an annual income below 6 lacs.
• As per this revision people in the higher income
  groups too are now eligible for the Pradhan
  Mantri Home Loan scheme.
• The tenure of this scheme, which was previously
  only 15 years has now been extended to 20 years
  as well.

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Here are the Income Slabs as be the Revision of
the Pradhan Mantri Awas Yojana
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• People with an annual income of Rs.6 lacs and
  below can avail of loan of Rs.6 lacs at an
  interest of 6.5 for a tenure of 20 years.
• People with an annual income of Rs.12 lacs and
  below can avail of loan of Rs.9 lacs at an
  interest of 4 for a tenure of 20 years.
• People with an annual income of Rs.18lacs and
  below can avail of loan of Rs.12 lacs at an
  interest of 3 for a tenure of 20 years.

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• The disbursing of home loans under the Pradhan
  Mantri Yojana scheme has already begun.
• People with an annual income of up to Rs.18 lacs
  are now eligible for loans under this scheme in
  urban areas only.
• Even government employees who pay regular income
  tax can avail of the benefits of home loan under
  this scheme.

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• Under this scheme, special preference is given to
  women.
• Widows, single working-women, persons belonging
  to scheduled castes and scheduled tribes,
  backward classes, differently abled and
  transgender people are also given more
  preference.
• Non-banking finance companies and micro finance
  institutions are also recognised under this
  scheme in order to ensure that maximum number of
  people can benefit from it.

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Thank You