PMAY Home Loan Interest Subsidy Scheme Extended due to COVID-19 Crisis

Corona virus outbreaks and national locking have caused a slowdown in the nation in this country. But still this is the best time to invest in real estate as you can buy big flat in low budget. If you want to buy your own home the you should invest now. Check these 2 bhk flats in jagatpura jaipur staring are the rate 23lakh only.

Considering work losses and salary deductions that influence ordinary people during a pandemic, the Ministry of Finance has announced a one-year extension of the Pradhan Mantri Awas Yojana (PMAY), offering credit related subsidies for middle-income groups (MIG). II. Enabled home buyers can now register for this scheme until the next financial year i.e. Until March 31, 2021.

On May 14, 2020, Minister of Finance Nirmala Sitharaman announced that the last day to utilize the PMAY-U scheme subsidy was changed from March 31, 2020 to March 31, 2021 for the MIG segment. In the case of EWS (the more economically weaker part) and the LIG segment (low income group) the last date will be March 31, 2022. This extension is expected to benefit the beneficiaries of additional 2.5 lakh in this country. Open real estate builders that this is the right decision by the government and it will bring the urge that is needed for the Indian housing sector.

What is PMAY Scheme & its Advantages?

The Pradhan Mantri Awas Yojana (PMAY) scheme was launched in 2015 by the Indian government with the aim of “housing for 2022” in connection with the anniversaries of the birth of Gandhi Ji which falls in the same year. The main objective of this initiative is to make affordable housing and can be accessed for all and build 20 million new homes throughout the country. Beneficiaries under the PMAY scheme qualify for interest subsidies up to 2.67 lakh if ​​they use loans to buy or build homes.

Under the PMAY-U yojna, a home loan borrower at MIG-I & II qualified to get interest subsidies by Rs 2, 35,068 and Rs. 2, 30,156 in that order. The MIG-I group consists of buyers whose yearly earnings fell between Rs 6 lakh and Rs 12 Lakh and they will get interest on subsidies by 4% in the loan amount to RS 9 Lakh. The MIG-II group consisted of buyers whose annual income between Rs. 12 lakh and hospital. 18 lakh and they are eligible to obtain interest subsidies of 3% in the loan amount to the RS. 9 lakh. For the EWS and LIG section, the subsidy of the home loan interest rate is 6.5%. Thus the maximum amount of subsidies that can be given is Rs 2.67 lakh. Applicants must provide sufficient evidence to claim the benefits.

Feasibility Criteria for Pradhan Mantri Awas Yojana (PMAY)

The feasibility criteria for the PMAY scheme are as follows: In addition to the above, the applicant is needed to meet the following criteria to utilize the benefits of the PMAY scheme.

  1. Family beneficiaries consist of husband, wife, unmarried son or / and daughter
  2. Applicants or one of the close family members should not have a home in any part of the country
  3. Annual income from the recipient must be in 18 lakh including couple’s revenue
  4. Property must be owned by female members from the family
  5. The Applicant or his family should not take advantage of the benefits of other housing schemes by the state or central government
  6. Applicants cannot take advantage of the benefits of the scheme in the home that has been built
  7. If the applicant is married, both of them together in shared ownership or one partner can get a single subsidy
  8. Property Location must fall under all cities of law according to the 2011 census and their adjacent planning area
  9. The existing home loan borrower meets the requirements for this scheme as long as it fulfills all relevant feasibility criteria.

How do I file a PMAY scheme?

Beneficiaries can submit a PMAY scheme either through online or offline mode. Individuals can register online through the official website https://pmaymis.gov.in/ and can also track application status through the website. The applicant must have a valid Aadhaar card to be applied. Another option is to register by filling out the application form provided through the Common Service Center (CSC).

If you plan to buy a home this year, check your feasibility for this subsidized scheme to take advantage of its benefits. This is the ideal time to invest in buying dream home. Don’t hesitate to contact our property advisor to find out more details about home loans and payment schemes. Use your brain, keep these things in your mind and take an advantage of these schemes, by 2 bhk flat in Jaipur.

Leave a Reply

Your email address will not be published. Required fields are marked *

Do NOT follow this link or you will be banned from the site!