PM Awas Yojana: Having your own house is the dream of every middle-class family. But nowadays buying a house has become a big financial decision. Things like loans, EMI, registration fees, and taxes shake people’s budgets. People need to keep these things in mind before buying a house, otherwise they have to face difficulties later.
There are many people who are unable to buy a house, and this is where the government helps them. Under the Pradhan Mantri Awas Yojana (PMAY) of the Government of India, such people are helped to get a house. So if you also want to buy a house, then you can get a great return of up to ₹ 2.50 lakh on a new house from the government.
Who will get the benefit of ₹ 2.50 lakh
Actually, under the Pradhan Mantri Awas Yojana (PMAY) of the Government of India, people from the Economically Weaker Section (EWS) and Low Income Group (LIG) get financial assistance. Some special rules have been set for this.
1. Economically Weaker Section (EWS)
If you come in the economically weaker section, and your annual income is up to ₹ 3 lakh, then you can get a subsidy of up to ₹ 2.50 lakh on a house up to 30 square meters. This is a big support for those families who are dreaming of buying their first house.
2. Low-Income Group (LIG)
At the same time, if you come from the low-income group, then your annual income should be between ₹ 3 lakh to ₹ 6 lakh. In this category, you get a subsidy on houses up to 60 square meters in urban areas. This subsidy also reduces the burden of buying a house to a great extent.
3. Middle Income Group (MIG)
The middle-income group (MIG) also gets benefits in the Pradhan Mantri Awas Yojana:
MIG-I: If your annual income is between ₹ 6 lakh to ₹ 12 lakh, then you will get a subsidy of 4% on interest.
MIG-II: If your annual income is between ₹ 12 lakh to ₹ 18 lakh, then you will get a subsidy of 3% on interest.
This subsidy directly reduces the EMI of your home loan, making the cost of the house even cheaper.
How to take advantage of the scheme
If you fall into the EWS / LIG category, you can get a direct subsidy of ₹ 2.50 lakh. At the same time, MIG categories get a discount in interest, which reduces their monthly installment.
To take advantage of the Pradhan Mantri Awas Yojana, you can directly contact the official website of PMAY or you can also get information from your nearest bank. Banks will give you complete information about the application process and required documents.
