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All you Need to Know About Pradhan Mantri Awas Yojana for Existing Home Loan

All you Need to Know About Pradhan Mantri Awas Yojana for Existing Home Loan

For many in India, owning a home is an unachievable dream. To make this dream a reality, the Government of India has introduced an initiative called the Pradhan Mantri Awas Yojana (PMAY).

What Is the PMAY Scheme?

The PMAY Scheme aims to provide affordable housing to the economically weaker sections of society. You can become a homeowner on easy terms and benefits under the PMAY scheme. One of the major verticals of this programme – the Credit-Linked Subsidy Scheme, offers a Pradhan Mantri Awas Yojana subsidy on home loan interest rates. This home loan subsidy benefits the urban poor in availing of housing finance at cheaper ROIs. The PMAY subsidy amount depends on the applicant’s income and category. 

The beneficiaries of PMAY-U include.

  • Economically Weaker Sections (EWS)
  • Lower Income Groups (LIG)
  • Middle Income Groups (MIG)

Additional Read – What is the Eligibility for PMAY Scheme?

Can Existing Home Loan Get Benefit of Pradhan Mantri Awas Yojana?

If you are wondering how to apply PMAY for existing home loan, then, unfortunately, you don’t qualify for the scheme. PMAY is open only for those people who are looking to buy a home for the first time. 

The most vital criteria to get a PMAY subsidy is that the applicant must not own any pucca house in their name across India. This is why PMAY on existing home loan is not a possibility. 

To understand more about Pradhan Mantri Awas Yojana for existing home loan and why PMAY for existing home loan is not possible, you need to take a look at the eligibility criteria of the PMAY scheme.

Who Can Avail PMAY?

  • A beneficiary family should comprise of husband, wife, and unmarried sons or daughters.
  • The beneficiary must be a first-time homebuyer.
  • The beneficiary should not own any pucca house in their name or the name of any family member.
  • The beneficiary or their family should not have availed central assistance under the PMAY scheme or any other Government housing scheme.
  • Married couples can apply for subsidy under individual or joint ownership of the property; both options will receive just one subsidy.

Additional Read – Why Should You Keep Women as a Co-owner to Avail PMAY Benefits?

Here is a detailed outline of PMAY eligibility.

BeneficiaryAnnual household incomeMaximum loan allowed for availing subsidyInterest rate  Subsidy
 EWSUp to Rs.3 lakhsRs.6 lakhs6.5% p.a.
LIGRs.3 to 6 lakhsRs.6 lakhs6.5% p.a.
MIG-1Rs.6 to 12 lakhsRs.9 lakhs4% p.a.
MIG-2Rs. 12 to 18 lakhsRs.12 lakhs3% p.a.

You can also apply for the Pradhan Mantri Awas Yojana online. The PMAY online apply process is quite simple. Log onto the official scheme website and click on the ‘Citizen Assessment’ button to be redirected to an online application form. Input your Aadhaar card number in the form and click submit. Remember, before you fill out the application; make sure to check your eligibility and name in the beneficiary section of the PMAY list. 

If you’re wondering about applying for a home loan under this scheme, head to Tata Capital. You can also visit our website, to know more about Pradhan Mantri Awas Yojana for existing home loan.

So, what are you waiting for? Check your Pradhan Mantri Awas Yojana eligibility and apply for a housing loan with Tata Capital today!

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