{"id":9618,"date":"2023-08-28T13:46:10","date_gmt":"2023-08-28T13:46:10","guid":{"rendered":"\/blog\/?p=9618"},"modified":"2024-12-09T11:09:32","modified_gmt":"2024-12-09T05:39:32","slug":"all-you-need-to-know-about-pradhan-mantri-awas-yojana-for-existing-home-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/all-you-need-to-know-about-pradhan-mantri-awas-yojana-for-existing-home-loan\/","title":{"rendered":"All you Need to Know About Pradhan Mantri Awas Yojana for Existing Home Loan"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>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&nbsp;Pradhan Mantri Awas Yojana (PMAY).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Is the PMAY Scheme?<\/strong><\/h2>\n\n\n\n<p>The&nbsp;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&nbsp;PMAY scheme. One of the major verticals of this programme \u2013 the Credit-Linked Subsidy Scheme, offers a&nbsp;Pradhan Mantri Awas Yojana subsidy&nbsp;on <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/interest-rates-and-charges.html\">home loan interest rates<\/a>. This&nbsp;home loan subsidy benefits the urban poor in availing of housing finance at cheaper ROIs.&nbsp;The&nbsp;PMAY&nbsp;subsidy amount depends on the applicant\u2019s income and category.&nbsp;<\/p>\n\n\n\n<p>The beneficiaries of&nbsp;PMAY-U include.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Economically Weaker Sections (EWS)<\/li>\n\n\n\n<li>Lower Income Groups (LIG)<\/li>\n\n\n\n<li>Middle Income Groups (MIG)<\/li>\n<\/ul>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read<\/strong>&nbsp;\u2013&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/what-is-the-eligibility-for-pmay-scheme\/\">What is the Eligibility for PMAY Scheme?<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Can Existing Home Loan Get Benefit of Pradhan Mantri Awas Yojana?<\/strong><\/h2>\n\n\n\n<p>If you are wondering how to apply <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/pmay.html\">PMAY<\/a> for existing home loan,&nbsp;then, unfortunately, you don\u2019t qualify for the scheme. PMAY is open only for those people who are looking to buy a home for the first time.&nbsp;<\/p>\n\n\n\n<p>The most vital criteria to get a&nbsp;PMAY&nbsp;subsidy is that the applicant must not own any&nbsp;<em>pucca<\/em>&nbsp;house in their name across India. This is why&nbsp;PMAY on existing home loan&nbsp;is not a possibility.&nbsp;<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who Can Avail PMAY?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A beneficiary family should comprise of husband, wife, and unmarried sons or daughters.<\/li>\n\n\n\n<li>The beneficiary must be a <a href=\"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/first-time-home-buyers\/\">first-time homebuyer<\/a>.<\/li>\n\n\n\n<li>The beneficiary should not own any&nbsp;<em>pucca<\/em>&nbsp;house in their name or the name of any family member.<\/li>\n\n\n\n<li>The beneficiary or their family should not have availed central assistance under the PMAY scheme or any other Government housing scheme.<\/li>\n\n\n\n<li>Married couples can apply for subsidy under individual or joint ownership of the property;&nbsp;both options will receive just one subsidy.<\/li>\n<\/ul>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read<\/strong>&nbsp;\u2013&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/why-should-you-keep-women-as-a-co-owner-to-avail-pmay-benefits\/\">Why Should You Keep Women as a Co-owner to Avail PMAY Benefits?<\/a><\/p>\n\n\n\n<p>Here is a detailed outline of PMAY eligibility.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Beneficiary<\/strong><\/td><td><strong>Annual household income<\/strong><\/td><td><strong>Maximum loan allowed<\/strong>&nbsp;<strong>for availing subsidy<\/strong><\/td><td><strong>Interest rate&nbsp;<\/strong>&nbsp;<strong>Subsidy<\/strong><\/td><\/tr><tr><td>&nbsp;EWS<\/td><td>Up to Rs.3 lakhs<\/td><td>Rs.6 lakhs<\/td><td>6.5% p.a.<\/td><\/tr><tr><td>LIG<\/td><td>Rs.3 to 6 lakhs<\/td><td>Rs.6 lakhs<\/td><td>6.5% p.a.<\/td><\/tr><tr><td>MIG-1<\/td><td>Rs.6 to 12 lakhs<\/td><td>Rs.9 lakhs<\/td><td>4% p.a.<\/td><\/tr><tr><td>MIG-2<\/td><td>Rs. 12 to 18 lakhs<\/td><td>Rs.12 lakhs<\/td><td>3% p.a.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>You can also apply for the&nbsp;Pradhan Mantri Awas Yojana online. The&nbsp;PMAY online apply&nbsp;process is quite simple. Log onto the official scheme website and click on the \u2018Citizen Assessment\u2019 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&nbsp;PMAY list.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re wondering about applying for a <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">home loan<\/a> 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. <\/p>\n\n\n\n<p>So, what are you waiting for? Check your&nbsp;<a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/pmay-calculator.html\">Pradhan Mantri Awas Yojana eligibility<\/a>&nbsp;and apply for a housing loan with Tata Capital today!<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Get Home Loan Online<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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). <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/all-you-need-to-know-about-pradhan-mantri-awas-yojana-for-existing-home-loan\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":9619,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-9618","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can Existing Home Loan Applicant get Benefit of Pradhan Mantri Awas Yojana? - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Can existing home loan get benefit of Pradhan Mantri Awas Yojana? 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