Pradhan Mantri Awas Yojana – Get Benefits Even Having House

PM Awas Yojana Urban

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.

Read More: Apply Online for PM Awas Yojana || Complete Details

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.

Read More: Apply Online for Home Loan under PMAY Credit Linked Subsidy Scheme

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.

Read More: Latest Central Government Schemes

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4 Comments

  1. I have taken a home loan in 2011 from corporation bank. I belong to the MIG -1 group. Please let me know whether the subsidy under PMAY can be availed. Is it applicable for people like me who have taken the loan long back or is it for only new borrowers.

  2. Please tell what is the subsidy PMAY gave to us? I thought it might 3.75 lacks , is it correct or not?

  3. Please tell what is the subsidy PMAY gave to us? I thought it might 3.75 lacks , is it correct or not?

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