PMAY - Pradhan Mantri Awas Yojna

CONNECT TODAY FOR BEST DEALS UNDER PMAY

Transforming the slogan “Housing for all” into reality is now a definite possibility with the Pradhan Mantri Awas Yojana (PMAY) finally making houses affordable for countless families looking to owning their very own home. The Pradhan Mantri Awas Yojana is a government initiative aimed at providing central assistance to Urban Local Bodies for the rehabilitation of existing slum dwellers using land as a resource through private participation. The PMAY plan is to deliver 2 crore permanent houses in urban as well as rural areas by 2022.

At Fin Connect, we have taken the initiative in ensuring that our customers benefit from the pluses of the scheme by offering a wide portfolio of affordable homes in Navi Mumbai & Mumbai.

The Pradhan Mantri Awas Yojana enables housing loan seekers to receive subsidies of upto Rs 2.67 lakhs on their loan amount.

Let us explain the PMAY’s credit linked subsidy scheme in detail for your easy reference.

The scheme classifies beneficiaries into four categories based upon their yearly income.

The below mentioned chart lists the category types and their respective interest subsidies

The beneficiary family will comprise a husband, wife and unmarried children.
   
Married children will be treated as separate family. 

PMAY Scheme Specifics

1. Aadhar number(s) of the beneficiary family are mandatory for MIG category.
2. The interest subsidy will be available for a maximum 20 year loan tenure or the loan tenure whichever is lower.
3. The interest subsidy will be credited upfront to the loan account of beneficiaries thereby ensuring reduced effective housing loan and Equated Monthly Instalment (EMI).
4. The Net Present Value (NPV) of the interest subsidy will be calculated at a 9% discount rate.
5. The additional loan beyond the specified limits, if any will be given at non-subsidized rate.
6. There is no cap on the loan amount or the cost of the property.