Updated By: LatestGKGS Desk
Pradhan Mantri Awas Yojana (PMAY) Eligibility New Rules 2018
Pradhan Mantri Awas Yojna has been established by the Government of India to offer affordable houses to various sections of the society
This scheme under the Pradhan Mantri Awas Yojana provides housing solutions across purchase, construction, extension, improvement of a home to cater to the Economical Weaker Section(EWS), Lower Income Group (LIG), Middle Income Group (MIG), driven by the projected growth of urbanisation and consequent housing demands of India.
Eligibility Criteria :
The beneficiary family should not own a house in his/her or in the name of any member of his/her family in any part of India.
In case of a married couple, either of or both spouses together in joint ownership will be eligible for a single subsidy.
The beneficiary family should not have availed of central assistance under any housing scheme from the Government of India or any benefit under any scheme in Pradhan Mantri Awas Yojna.
Aadhar number(s) of the beneficiary family is mandatory for MIG category.
The interest subsidy will be available for a maximum loan tenure of 20 yrs or the loan tenure whichever is lower.
The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%.
The additional loan beyond the specified limits, if any to beat the non-subsidized rate.
There is no cap on the loan amount or the cost of the property.
