Generally, people thinks that anyone can not avail the benefits of Pradhan Mantri Awas Yojana (PMAY) if he have a house. But it is not right. If you have a house and because of the increase in the number of family members, you can also take a loan under Pradhan Mantri Awas Yojana for the expansion of the house, in this way you will get interest subsidy and you will get the benefit of 2 to 3 lakh rupees. That means saving you so much money in building a house.
Who is Eligible?
Under this scheme, only EWS & LIG people are included in the Credit Linked Subsidy Scheme (CLSS) for expansion of houses. That is, if your annual income is less than Rs. 3 lakhs, then you will be given the benefit of EWS category and if less than Rs. 6 lakhs, then of LIG. Both categories are given a subsidy of 6.5 per cent.
How much You Can Increase Your Home under Pradhan Mantri Awas Yojana
If you are E.W.S. If you take a loan under EWS category then you will get a loan of up to Rs 6 lakh for your house to be increased to 30 square meters. If you take a loan under LIG category then you will get a loan up to Rs 6 lakh to increase your house to 60 square meters. If you borrow more than that, the bank will charge interest at the normal rate on loan of more than Rs. 6 lakhs. This loan will be given for 20 years.
If you expend the house by taking a loan under this scheme, you will save about Rs 2.75 lakh, because according to the scheme, the total subsidy on your interest reduced by Rs 2 lakh 67 thousand from the principal amount. That is, if you make room, kitchen or bathroom then your total expenditure will reduce such amount.