Benefits Of Buying Your First Home Under PMAY:
|Particulars||MIG I||MIG II|
|Household annual Income(Rs)||6-12 lakhs||12-18 lakhs|
|Eligible Loan Amount for interest subsidy(Rs)||9 lakhs||12 lakhs|
|Carpet Area||90 sq mt (968.752 sq ft)||110 sq mt (1184.03 sq ft)|
|Dwelling unit carpet Area||90 Sqm||110 Sqm|
|Loan Purpose||Purchase/Self construction||Purchase/Self construction|
|Max Loan tenure(in years)||20 Yrs||20 Yrs|
|NPV Subsidy||Rs 2.35 Lakhs||Rs 2.30 Lakhs|
|Woman Ownership||Not Mandatory||Not Mandatory|
|1 sq mt=10.7639 Sq Ft|
Know Your Eligibility:
- The beneficiary family should not own a pucca house and the beneficiary family should not have availed of central assistance under any housing scheme from Government of India.
- A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters. To avoid duplication, beneficiary family members have to provide their Aadhaar numbers while applying for the loan.
- An adult earning member (irrespective of marital status) can be treated as a separate household, provided that he/she does not own a pucca (an all weather dwelling unit) house in his / her name in any part of India.
- If children (married or unmarried) are staying with their parents in a house owned by the parents (or on rent, in the same or another city), they can opt for PMAY provided they are earning and don’t own any other home.
- For a married couple living on rent and even if their parents own a home, will anyhow is treated as a separate household. However, if they wish to avail PMAY benefits, they will be eligible for a single house, bought by either of the spouses or both together in joint ownership.
In the MIG – I category, individuals will get 4 per cent interest subsidy on a loan amount up to Rs 9 lakh, and in the MIG – II slab category individuals will get a 3 percent subsidy on a loan amount up to Rs 12 lakh. If one needs an additional loan, the lender will prove it but the additional loans beyond the subsidised loan amount will be at a non-subsidised rate.
How does it work:
Say, someone in the MIG II category, wishes to buy a house costing Rs 60 lakh. After the mandatory minimum down payment of 20 percent i.e. Rs 12 lakh, the balance of Rs 48 lakh can be arranged through a loan. But under PMAY, a subsidy of 3 percent would be applicable till Rs 12 lakh, hence, the lender’s home loan interest rate will be applicable on the balance of Rs 36 lakh.
From Where To Get Subsidised Loans:
One can avail PMAY linked loans from any primary lending institutions such as scheduled commercial banks, housing finance companies, Regional Rural Banks s), State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks, Non Banking Financial Company etc. There will not be any processing charge for eligible housing loan amount as per income criteria under the Scheme. interest subsidy lenders can charge the normal processing fee.
Panchsheel group is fully RERA complaint, if you want to know more about the scheme, do contact us at email@example.com or 8287-789- 789 , we would be happy to help