Date: March 29, 2022 Author: Team Piramal Realty
Buying a home is a dream that most people nurture, but making it a reality is something that many people struggle with. Right from finding the perfect abode to arranging the finances, the home buying/ process can be a bit overwhelming, to say the least. The government tries to ease this struggle with various home loan schemes, but there still lacks enough information on how you can avail of these schemes.
If you have recently forayed into the residential real estate and wish to buy a flat in Mumbai, the Pradhan Mantri Awas Yojana can help you make your dream come true. Let’s find out how.
The Pradhan Mantri Awas Yojana was launched on 25th June 2015 by the Hon’ble Prime Minister of India, Mr. Narendra Modi. The scheme empowers women by enabling them to own a house in their name or under joint ownership. The scheme also gives preference to lower-income groups, single women, minorities, transgender, and scheduled castes and tribes by helping them own a house in their name.
The housing scheme was put in place to address the shortage of pucca housing among the eligible households in the EWS (Economically Weaker Section/LIG (Low Income Group) and MIG (Middle Income Groups) categories by 2022 on the 75th anniversary of India’s independence.
The Pradhan Mantri Awas Yojana can offer you the following benefits:
In addition to the information above, the following rules also apply:
If an individual from the Economically Weaker Section (EWS) category needs a housing loan from a bank or housing finance firm for purchasing a home, they can avail of a 6.5% interest on the loan amount of up to ₹6 lakhs. The same is applicable from the Lower Income Group (LIG) category.
If a beneficiary from the Middle-Income Group (MIG)-I wants to buy a house with a loan, they are eligible for a 4.0% interest on the loan amount of up to ₹9 lakhs. A beneficiary from the Middle-Income Group (MIG)-II avail of an interest of 3.0% on a loan amount of up to ₹12 lakhs.
It is important to note that while the beneficiary may choose to build a larger house than the designated sq.m carpet area under each of the categories, the interest subvention will be limited to first 6 lakhs4 only.
Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.
The Pradhan Mantri Awas Yojana can be of considerable help to buy a flat in Mumbai, a city where real estate can be an extremely costly undertaking. You can use this scheme and own the house of your dreams in a hassle-free way.
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