Pradhan Mantri Awas Yojana 2.0: Interest Subsidy Scheme
Introduction
- Pradhan Mantri Awas Yojana 2.0 has been launched.
- Information about the Interest Subsidy Scheme is provided.
- Financial assistance is available for purchasing a house under this scheme.
Features of the Scheme
- Divided into four verticals.
- Mainly discussing the Interest Subsidy Scheme.
- Subsidy is provided on interest when taking a loan from the bank.
Eligibility Criteria
- Loan must be sanctioned on or after September 1, 2024.
- Income-based category:
- EWS: Annual income up to тВ╣3 lakh.
- LIG: Annual income up to тВ╣6 lakh.
- MIG: Annual income up to тВ╣99 lakh.
- Beneficiary Family:
- Should not own a permanent house in India.
- Family includes husband, wife, and unmarried children.
House and Loan Conditions
- Maximum carpet area: 120 sq meters.
- Maximum value of the house: тВ╣50 lakh.
- Loan amount: тВ╣25 lakh or less.
- Aadhar card is mandatory.
How to Avail the Benefits of the Scheme
- House value should be less than тВ╣50 lakh.
- Apply for a loan at the bank.
- Loan repayment tenure should be 25 years or less.
- Process is through a unified web portal.
- Interest subsidy is received in 5 installments via direct benefit transfer.
Things to Consider
- Subsidy will be provided only once on a house.
- Ensure no subsidy has been taken on the house before purchasing.
- No subsidy will be given on balance transfer of the loan.
- Fill in the family income and property information correctly.
Frequently Asked Questions
- Reduction in EMI: EMI is reduced upon receiving the subsidy.
- Scheme is available for an under-construction house.
- First installment will be received when the outstanding is 50% or more.
Conclusion
- Follow the above criteria and process to avail the benefits of the scheme.
- Use the comment section for more information or queries.
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