The Pradhan Mantri Awas Yojana, based on the government’s mission of housing for all, was fully implemented in 2015. This far-reaching scheme aims to help individuals from lower and middle-income groups avail of loans to buy or construct homes. The Pradhan Mantri Awas Yojana aims to provide housing solutions for more than 20 million individuals. The government has also reduced the GST rate on home loans for individuals applying under this scheme. This scheme also subsidizes home loan rates by 3% to 6.5% for individuals belonging to different income groups. Given below are ways to avail of the Pradhan Mantri Awas Yojana benefits:
• The applicant or a member of the family should not own a pucca house anywhere in India.
• These benefits cannot be availed of a house that is already built.
• There should not be an annual household income exceeding Rs. 18 lakhs, and this can include the spouse’s income too.
• The beneficiary of the scheme should not have availed of any form of financial assistance previously. This will include both Government of India and State Government sources.
• If the applicant to the scheme is married, either spouse can avail of the subsidy. This can also be availed in joint ownership of the property.
• Ground-floor housing is preferred for senior citizens and differently-abled individuals.
• Construction or extension of the property must be completed within 36 months of the disbursement of the first installment.
• There is an official Pradhan Mantri Awas Yojana site that applicants can access to apply for the loan.
• The process requires an Aadhaar number, which will be verified as the application is being processed.
• There is a Pradhan Mantri Awas Yojana list available to check if you qualify for benefits under this scheme.
Once you verify your eligibility for Pradhan Mantri Awas Yojana benefits, you can easily avail of loans from major financial services.
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