Pradhan Mantri Awas Yojana (PMAY) is a government-driven endeavour to secure economical housing options for all societal segments, including the middle class.
Among the frequently raised inquiries is whether individuals can vend PMAY homes. This composition comprehensively tackles this inquiry and answers pivotal FAQs linked with the PMAY program.
PMAY initiative encompasses diverse facets, incorporating the Credit Linked Subsidy Scheme (CLSS), designed to alleviate the home loan load for eligible recipients. Before venturing into PMAY home sales, let's elucidate fundamental underpinnings.
A. PMAY stands for Pradhan Mantri Awas Yojana, a government initiative striving to furnish housing for all, focusing on the middle class.
A. CLSS denotes Credit Linked Subsidy Scheme, wherein the government extends subsidies to alleviate the burden of home loan interest payments.
A. MIG 1: Middle Income Group 1 (Income – INR 6 lakh to INR 12 lakh per annum)
MIG 2: Middle Income Group 2 (Income – INR 12 lakh to INR 18 lakh per annum)
EWS: Economically Weaker Sections (Income – up to INR 3 lakh)
LIG: Low Income Group (Income – up to INR 6 lakh)
A. PMAY extends interest rate subsidies on home loans. For instance, a borrower from the MIG category acquiring an Rs. 60 lakh house would secure a subsidy of 3% on the loan sum up to Rs. 12 lakhs. The standard home loan interest rate would apply to the remaining amount.
A. No fixed maximum loan amount exists; eligibility hinges on various factors. However, subsidy perks are constrained according to income brackets.
A. Crucial documents include the Aadhaar cards of all household members and a Notarized Affidavit cum Undertaking, submitted as per IIHFl Credit Policy.
A. No, availing a home loan under Pradhan Mantri Awas Yojana does not entail any processing fee.
A. No size limitation is enforced for homes, but the scheme covers a carpet area of 30 sq. m. for EWS beneficiaries and 60 sq. m. for LIG beneficiaries.
A. Carpet area pertains to the enclosed space within walls, excluding the thickness of inner walls.
A. Eligibility criteria related to income and property ownership must be met; hence, you can apply if lacking ownership of a pucca house.
A. MIG 1 and MIG 2 beneficiaries gain interest subsidies of 4% and 3%, respectively, on loan amounts up to specific limits.
A. No, beneficiaries are entitled to avail of benefits from only one component.
A. Eligibility for maximal subsidy necessitates specific disbursal sums, income categories, and loan durations.
A. If eligible, subsidies can be procured for constructing individual homes.
A. Dwellings procured through PMAY cannot be sold within five years of acquisition, as the program aims at furnishing affordable housing to those in genuine need.
PMAY scheme confers considerable advantages to individuals in pursuit of economical housing solutions.
While the prospect of vending PMAY homes is pertinent, the scheme's primary objective of serving legitimate beneficiaries remains pivotal.
The government's imposition of a five-year retention period ensures the preservation of the scheme's intent, guaranteeing that affordable housing is extended to those who authentically necessitate it.