Article published by : loanandfinance on Monday, November 06, 2017 - Viewed 97 times

Category : Investing

5 Things You Probably Didn't Know About P M Awas Yojana



The Pradhan Mantri Awas Yojana is one of the most important steps taken by the NDA Government to realise its Housing for all dream by the year 2022.While the scheme was originally intended for EWS (Economically Weaker Sections) and LIG (Low Income Group), the scope of the scheme has now been expanded to benefit MIG (Mid-Income Group) as well.

Let us have a look at five essential things that one should know about this scheme.

1. Concession on Home Loan

With the help of P M Awas Yojana, people from EWS, LIG and even MIG can get a concession between 3%-6.5% on home loans. People from EWS and LIG looking for a home loan of up to Rs. 6 lakhs for a tenure of 15 years can get a subsidy (concession) of 6.5%. Even people from MIG can get a subsidy of 3% on loans of up to Rs. 12 lakhs.

2. Selecting the Right Lender

If you are planning to take advantage of this scheme, it is important to select the right lender as not all the financial institutions are part of this scheme. Only some of the housing financing companies and cooperative banks are involved. So, ensure that you thoroughly check the list of lenders who are involved in the scheme before approaching any lender.

3. Women will be given Preference

As per the guidelines of the scheme, women will be given preference. Single-working women, widows, people belonging to scheduled tribes and castes, differently abled, transgender people will also be given preference. Moreover, during the allotment of houses, senior citizens and differently abled people would be considered for ground floor houses.

4. Mother and/or wife Name is Must when Registering

At the time of registration, you’ll have to provide the name of your mother and/or wife. This is because the allocation of the houses would be done in the name of the family matriarch or there can also be joint owners (female and the male head of the family).

5. Government Grant of Rs. 1 Lakh

The beneficiaries of the scheme will also be given Rs. 1 lakh by the government. Apart from this, it will also give Rs. 1.5 lakhs to urban poor who are eligible as per the scheme guidelines and want to construct a home in urban areas. The same amount will also be given to eligible people who want to renovate existing homes. Moreover, there are also loans for constructing toilets in the existing homes.

The Pradhan Mantri Awas Yojana is surely a step in the right direction for the country. If you are eligible for this scheme, you can now fulfil your long-cherished dream of buying a home of your own. Start looking for a lender who is part of this scheme to know more.

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Keywords: P M Awas Yojana

By: loanandfinance

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