The government of India introduced the Pradhan Mantri Awas Yojana (PMAY) in 2015 as its flagship housing scheme. It was started to make housing affordable for all Indian citizens by the end of March 2022. The scheme’s main proposal was to build homes for financially underserved economic groups such as Middle-Income Groups (MIG), Low-Income Groups (LIG), and the Economically Weaker Sections (EWS). A beneficiary of such a scheme is entitled to several monetary benefits, which makes owning a home a reality for them. The scheme has been divided into two sub-sections, namely PMAY Gramin and PMAY Urban. This article will talk about how one can avail of the benefits of the PMAY Gramin scheme for themselves as long as they meet the eligibility criteria.
PMAY Gramin Application Process
- You can initiate the PMAY Gramin application process by visiting the program’s official website.
- You will then need to fill in details such as your Aadhaar card number and a few others to log in.
- Once that is done, you must fill out the required details and then submit the application form. And just like that, you would have successfully applied for the benefits of the PMAY Gramin scheme.
Note that it may take around 3-4 months for the benefits of the scheme to make it to the beneficiary in the form of interest subsidy on the home loan availed through the scheme.
You must also note that the process in itself is subject to a detailed verification process.
Benefits of the PMAY Gramin Scheme
A beneficiary of the PMAY Gramin scheme is entitled to:
- An interest subsidy (as per the PMAY subsidy scheme guidelines) of up to 6.50% on housing loans with a repayment tenor of up to 30 years. It must, however, be noted that the interest rate subsidy rate varies from one income slab to another.
- A credit-linked subsidy of up to 6.50%* is also available for loan amounts of up to Rs. 6 lakh.
- Beneficiaries earning up to ₹12 lakh per annum, on the other hand, will get a 4% interest subsidy on a home loan of an amount of up to ₹9 lakh
The PMAY scheme has aided many Indian citizens to make their dream of owning a proper home a reality. Complete with subsidies on interest amounts and reduced property prices, it has proven to be instrumental in making sure that every Indian citizen can secure a home in their name. When the scheme was launched, the government had stated that it intended on building about 20 million homes for the economically underserved sections of Indian society.
Through financial services aggregator portals, one can always learn more about the Pradhan Mantri Awas Yojana. Portals like this one are home to all kinds of information pertaining to the scheme and its various aspects.
Alternatively, an individual can also look at the various home loan options provided by lending partners. Users can avail of several benefits such as a free credit health check report (CHCP), home loan balance transfer facility, flexible repayment tenor, and highly affordable interest rates.