{"id":9348,"date":"2023-08-28T16:16:46","date_gmt":"2023-08-28T16:16:46","guid":{"rendered":"\/blog\/?p=9348"},"modified":"2024-09-03T17:27:46","modified_gmt":"2024-09-03T11:57:46","slug":"how-to-get-subsidy-benefit-under-pmay-home-loan-this-2020","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/how-to-get-subsidy-benefit-under-pmay-home-loan-this-2020\/","title":{"rendered":"How to Get Subsidy Benefit Under PMAY Home Loan This 2020?"},"content":{"rendered":"\n

Due to the rising costs of property, owning a home remains a dream for many Indians. To make affordable housing a reality for everyone, the Indian Government introduced the Pradhan Mantri Awas Yojana (PMAY) back in 2015. <\/strong><\/p>\n\n\n\n

What Is Pradhan Mantri Awas Yojana 2020?<\/strong><\/h2>\n\n\n\n

The PM Awas Yojana 2020 or PMAY<\/a> 2020 is a welfare scheme under which the Government of India aims to provide an interest subsidy on housing loans to the economically weaker sections of the society. Through the PMAY-U the Government intends to achieve its mission of \u201chousing for all\u201d in urban areas by 2022. <\/p>\n\n\n\n

PMAY Subsidy Benefit <\/strong><\/h2>\n\n\n\n

One of the most significant features of the PMAY scheme is the Pradhan Mantri Awas Yojana subsidy. This subsidy is provided through the Credit Linked Subsidy Scheme (CLSS), which is one of the four segments of the Pradhan Mantri Awas Yojana (PMAY-U). The beneficiaries include- Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG).<\/p>\n\n\n\n

Under CLSS, the sections mentioned in the table below are given a Pradhan Mantri Awas Yojana subsidy on home loan interest rates. This home loan subsidy on the interest rates allows the urban poor to avail of housing finance at cheaper ROIs. The PM Awas Yojana makes female homeownership or co-ownership of the property a mandatory clause under the EWS and LIG categories, and an optional clause under the MIG-1 and MIG-2 categories. <\/p>\n\n\n\n

The eligible applicants can avail of PMAY subsidy benefit under the following guidelines.<\/p>\n\n\n\n

\n Beneficiary<\/strong>\n <\/td>\n Annual\n household income<\/strong><\/strong>\n <\/td>\n Maximum loan<\/strong>\n amount allowed<\/strong>\n for availing\n subsidy<\/strong>\n <\/td>\n Interest rate <\/strong>\n subsidy<\/strong>\n <\/td>\n Maximum loan tenure <\/strong>\n (in years)<\/strong>\n <\/td><\/tr>
\n Economically Weaker Section (EWS)\n <\/td>\n Up to Rs.3 lakhs\n <\/td>\n Rs.6 lakhs\n <\/td>\n 6.5% p.a.\n <\/td>\n 20\n <\/td><\/tr>
\n Low Income Group (LIG)\n <\/td>\n Rs.3 to 6 lakhs\n <\/td>\n Rs.6 lakhs\n <\/td>\n 6.5% p.a.\n <\/td>\n 20\n <\/td><\/tr>
\n Middle Income Group 1\n <\/td>\n Rs.6 to 12 lakhs\n <\/td>\n Rs.9 lakhs\n <\/td>\n 4% p.a.\n <\/td>\n 20\n <\/td><\/tr>
\n Middle Income Group 2\n <\/td>\n Rs. 12 to 18 lakhs\n <\/td>\n Rs.12 lakhs\n <\/td>\n 3% p.a.\n <\/td>\n 20\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Additional Read<\/strong>:- How to Complete your Dream of Owning a House Using PMA <\/a><\/p>\n\n\n\n

PMAY Eligibility <\/strong><\/h2>\n\n\n\n