Pradhan Mantri Aawas Yojna Details  In English

About PM Aawas Yojna

Pradhan Mantri Awas Yojana This is a scheme of the Central Government, which aims at every individual having his own house. And now if you are thinking that the government will make you a house or will put ₹ 800000 in your account. So you are wrong. In fact, it happens that you take a loan from the bank to build your house and for this, the bank charges you an interest, which is difficult due to problems, then under this scheme, the government will give you a subsidy in the interest which is 4.5%. And the remaining entries which are 4% or 3.5%, you have to give yourself.

eligibility for Pradhan Mantri Awas Yojana

The first condition is that the person who wants to take advantage of this loan must be between 21 to 55 years of age.

The second condition is that the family should not have a home of its own ie family, husband-wife, and children below 18 years of age.

The important thing that many people probably do not care about the scheme is that it is not necessary that you will get the scheme only if you have to build a house. Whether you bought a new house, whether you take the money to build a house or to build more in the built house, you have to make a second floor, to increase some rooms, you can also use the scheme for this.

So if you want to take home or build a house, or if you want to increase your home, then you can get a loan under the scheme for these three purposes. For this, whether you can be a salaried person, a businessman, a professional, this system is applicable to all three categories of people.

Under this scheme, you can take a loan for 20 years at most, not more than that. There is no limit on how much loan you can take under the scheme, it is a matter of whether you will get a loan of 10 lakh or a loan of one crore, you will get a maximum subsidy of around two lakh 65 thousand. If he also depends on the category wise, no matter how big the loan is, how much amount is subsidized, it is very limited.

 So now I talk about its 4 categories. In this scheme, all the people are divided into four categories and according to those categories, how much benefit will be received, how much subsidy will be received, and how much amount will be disbursed. So now we discuss the category wise thing.

 EWS Category

First, let's talk about the economical vicar section of the EWS category, whose household income is less than 300000 of the year. If both of you and your partner's income is less than ₹ 300000 for the year, then under this scheme you fall in the EWS category. If you fall into this category then what is the benefit? You will get a 6.5% subsidy on home loan. Home loan, even if you take 8% to 9%, 10% first, the government will give you a subsidy of 6.5% on it, then suppose you got a home loan at 8.5%, then subsidy of 6.5% on it, then you get a home loan. Had only 2% but the government will have conditions in it.

 What is the first condition? The first condition is that you will get this subsidy only on a loan amount of up to 600000, then under the scheme, you have taken 10 lakh to 2000000 to 5000000. Suppose you took a loan of ₹ 1000000, then you have to pay only 2% interest on the loan which is up to 600000 because 6.5% is subsidized, then 8.5%, then their 6.5% subsidy was given to you at 2%. But it is only up to 600000 which is 400000, if the bank rate is 8.5%, then you have to give 8.5% only, then you will get a 6.5% percent subsidy on the loan amount of 600000 only, irrespective of how much the government.

Mig-1

 Let's talk about the second category which is LIG or not low-income group. This is the people whose household income is between 300000 to 600000 for a year, so if you do this, the government will give you a subsidy of 6.5% up to an amount of ₹ 600000. So again the same thing is you want a loan of 1000000 to 2000000 to 3000000 to 600000, you will get a 6.5% subsidy and your home loan will probably get you 2% at 3% percent but after that, the amount will be 8.5% whatever your The bank has an interest rate that will have to be repaid and the scheme is government or there will be more conditions.

 The largest house you can take under this scheme by the maximum carpet area, if you are in any of these categories, then it is coming home bigger than 645 square feet and if your annual income is less than 300000 then you will get this scheme. You are not under. You have to take a house smaller than 645 feet

In this scheme, if you fall into both these categories, then it is important that you belong to this house, either the owner or the owner is joint or there is no female. If you are applying for a loan only in the name of a match and you fall into both these categories then you will not get these people. Yes, the government believes that its condition is there but it is not too strict, the interest subsidy is getting right up to 600000 and this condition is the same, it is applicable only if you want to build or buy a new house if you want to buy above the house and If you want to construct, then there is no need to have a female owner even if there is no match

The next two categories come from the middle-income group people who have household income between 600000 to 1200000 in a year. If you have a household income of up to 1200000, then you come to middle-income group one. If you come to this group, then you can take a very big house, you will get the benefit of the scheme even if you take home up to about 1700 square feet. But now you will not get 8.5% only 4% subsidy or not, if 8.5% is the home loan rate, then you will have to pay interest around 4.5% and there is a condition

You will get a maximum of this at a loan amount of up to 900000. That is, if you take a loan of ₹ 2000000 then your interest rate will be between 4% to 5% in up to 900000 because 4% you are getting subsidy and the rest 1100000. You will have to pay 8.5% on the rupee according to the rate of that bank, this is MIG 1

Mig-2

Let's talk Mig-2 is for those whose yearly household income is between 1200000 to 1800000 lakh rupees, then the same people can take home up to 2150 square feet under this scheme but there are also conditions in it.

So the first condition is that you were now getting a subsidy of 6.5% in subsidies like LIG and EWS and 4% in mig1 Mig-2 I would get only 3% or have a home loan of around 9%. So you have to take 6%. But there is also a condition that you will get this benefit only on a loan amount of up to 12 lakhs maximum. That is, whether you want a loan of 2000000 to 5000000 to ₹ 1200000, you will get a 3% subsidy. After that whatever is the rate of your bank, you have to pay, then we must have cleared you and the government scheme is good. If you are getting up to 250,000 and because of that, someone's dream of building a house is being fulfilled, even if there are some conditions, some restrictions might sometimes cause problems. Such an online portal has benefited a lot of people and is right with it to build 250000 houses. Now let me tell you how to take advantage of this scheme.

 How to apply for Pradhan Mantri Awas Yojana

 Pradhan Mantri Awas Yojana is available in all public banks, is available in private banks, is available in housing finance companies, and is also available in small finance banks, you can use any option and apply there. Common service centers are open, you can also go and if there is a bank option, then there are three ways by going to the online-offline common service center where you can apply for the scheme.

Now, I may not be welcoming many times and you are not able to apply the scheme even if you want to. If you feel that you are eligible but still you are not getting a loan, then the government has started a toll-free helpline which is inside the National Housing Board, the helpline that you can take help that you are not getting a loan Still not getting it and that helpline will help you, then this helpline number is -1800-11-3377

Documents required for   Pradhan Mantri Aawas Yojana

1. Proof of Identity

• Aadhar card

• Voter ID card

• Pan card

• Passport 

• Driving license

• Photo Credit Card

2. Proof Of Adress 

•  Rent Agreement 

•  Life Insurance Policy

•  Residence Adress Certificate 

•  Aadhar card

•  Voter ID card

•  Pan card

•  Passport 

Courtesy:-Gadgets Today