Know More On PMAY Scheme

What is PMAY Scheme?

Pradhan Mantri Awas Yojana is a program by Government of India to guarantee “Housing for all by 2022”. Under this, there is a Credit Linked Subsidy Scheme on home loans for properties in urban market having a place with Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group 1 and 2 (MIG). It can be profited for new or resale buy of home, development, or for extension or improvement of rooms, kitchen, bathroom and so forth.

What is the subsidy benefit?

  • The subsidy offered is dependent upon the loan amount and the salary group you fall in. Candidates with salary up to 6 Lakhs, can benefit a greatest subsidy of 2.67 Lakhs.
  • Candidates with pay up to 12 Lakhs, can profit a most extreme subsidy of 2.35 Lakhs.
  • Candidates with pay up to 18 Lakhs, can profit a most extreme subsidy of 2.30 Lakhs.

Eligibility Criteria for PMAY Scheme

The qualification is subject to the salary group you fall in. For EWS and LIG, it is compulsory for a female to be the property proprietor. In certain special cases, the lender may educate you. Additionally, the candidate or its dependents ought to be a first time home purchaser and should not possess a pucca property at the season of claiming the plan.

Till When PMAY Scheme is Live?

The Center has chosen to expand the timeline for availing interest subsidy of around Rs 2.6 lakh on home loans under the Pradhan Mantri Awas Yojana (Urban) by the middle income groups (MIG) up to March 2019.

Benefit on GST

Initially users will be asked to pay a GST of 12%, but once you submit the PMAY scheme approved papers, you will be given back with the 4% of GST amount that you have paid, so on availing the PMAY scheme, you will enjoy the benefit of  8% of GST.

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