By Runwal Group Posted On May 10, 2019
Category Market trends and insights
An instrumental housing subsidy scheme designed to aid the government’s agenda of ‘Housing For All By 2022’, Pradhan Mantri Awas Yojana (PMAY) offers many benefits to homebuyers across various socio-economic segments. The government aims to construct housing units for more than 20 million urban dwellers across India, and PMAY plays an important role there with its objectives to provide housing for all, subsidize purchases for various segments, and enable the public sector to join hands with the private sector to provide housing at a large scale.
As part of PMAY, the government has announced two schemes that subsidize the interest amount for home loan borrowers in urban India. The first scheme, which pertains to interest rate subsidy, is applicable to the Economically Weaker Sections (EWS) and the Low-Income Group (LIG). The other scheme is for the Middle-Income Group (MIG). PMAY provides interest rate subsidies to EWS and LIG individuals.
Here’s everything you need to know about the eligibility criteria for the two aforementioned PMAY schemes.
Eligibility for scheme applicable to Economically Weaker Sections (EWS) and the Low-Income Group (LIG):
Eligibility for scheme applicable to purchases made under Credit Linked Subsidy Scheme (CLSS):
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