PMAY – Features and Benefits
The Mission has been made effective from 17.06.2015 to provide central assistance to the executive agencies under the “Home for All” mission in the urban area. Credit Linked Subsidy Scheme is being introduced under this mission.
The middle income group (MIG) will be given subsidy at the interest rate of housing loan for building or acquiring (repurchasing).
Economically Weaker Section (EWS) / Low Income Group (LIG) will be subsidized on interest of housing loan for construction or acquisition of house as incremental housing as new construction in existing residence and additional rooms, kitchen Benefit of credit linked subsidy on home loan will also be available for toilets etc.
The benefit of interest subsidy will be given first on the outstanding principal amount.
The availability and amount of interest subsidy is subject to fulfillment of income norms of various categories under the scheme.
- A beneficiary family would include husband, wife, unmarried son and / or unmarried daughters.
- The earning person (irrespective of the marital status) may be considered as a separate household
*The above details are based on the Pradhan Mantri Awas Yojana (PMAY) scheme prepared by the Government of India. There will also be changes if the Government of India changes the scheme.
Also Read : Faqs