PMAY Home loan or the Pradhan Mantri Awas Yojana is ‘housing for all’ mission undertaken by the Government of India so as to provide houses to all the eligible families/beneficiaries by 2022.
The central assistance is provided by the Government of India under the honorable leadership of the Prime Minister of India, Shri Narendra Modi. With this scheme, all the families of the country will be provided with housing options at an affordable cost.
Eligibility for Pradhan Mantri Awas Yojana (PMAY) loan
The house will be owned either in the sole name of the female member or in joint ownership with the wife. This condition is however not valid or mandatory in case of houses being constructed or for houses you have an already existing plot or for the extension/renovation of the existing houses.
The family applying for the house should not hold any pucca house either in their name or in the name of any family member anywhere across the country.
As for EWS beneficiaries, the carpet area is up to 30 sq. mts and for LIG beneficiaries it is 60 sq mts.
The subsidy on the maximum term of a loan is calculated for a period of 15 years.
How Can You Apply for Loans Under PMAY?
If a family wishes to acquire a new house from any developer or builder or they want to buy a house from a secondary market by repurchasing it, then the family can take a loan for the construction of the house. However, these families should not hold any type of house either in their name or in any of the family member’s name anywhere across the country.
For families who already own a house but still want to buy a home in the PMAY benefit, can apply for enhancements or incremental to the existing house under the CLASS scheme. So a family can easily apply for an addition to his home under the PMAY loan scheme and a home loan provider cannot decline to their needs.
For families who are seeking to apply for PMAY loan under the PMAY scheme can easily process it with the leading home loan provider in the country, Antworks Money.
At Antworks Money we help you get the required home loan applied easily, fast sanctioned, low interest, easy EMI, long tenure, minimum documentation and above all also help you take the benefit of home loan offers facilitated by banks.