2.5 Lakhs subsidy on a building a house under PMAY

Posted on 28 Oct 2022

Under the Pradhan Mantri Avas Yojna, the loan is provided to any person who has a dream of building a home and comes under the Middle Income Group (MIG) category I and category II. Under the said scheme, the government is providing the subsidy of Rs, 2.5 lakhs on home loans. People are given the subsidy on the basis of their economic ground and the category under MIG. 

After the applicant has applied under the scheme, the government decides the names of the applicants who are eligible to avail the benefit under the Act on the basis of various criteria and upload them on the official website of Pradhan Mantri Avas Yojna. 

If you want to build your house and are wanting to avail the benefits under PMAY then the applicant should have some important documents. These documents include proof of identity, proof of address, proof of income, property papers and documents related to the current loan as well as a 6-month repayment bank statement. 

The applicant should also have an Aadhar card, valid passport, driving licence, photo enabled credit card,  latest utility bill, salary slip of last 2 months, last 6 months bank statement of salary account and latest form, and should have filed Income Tax Return. 

Under the PMAY scheme, the loans are provided under the Middle Income Group (MIG), Weaker Income Group (LIG), and Economic Backward Classes (EWS) category. The maximum amount of subsidy granted is Rs. 2,35,068 and 2,30,156 for MIG 1 and MIG II categories respectively. A person having an annual income of Rs. 6 lakh, will get a loan of Rs 6 lakhs, and a subsidy of Rs. 6.67 lakhs. 

The PMAY scheme was brought in force by the government in 2017 and it targets to bring 2,508 cities in 26 states under it by 2022. For this, the Central Government has extended the credit-linked subsidy scheme under Pradhan Mantri Avas Yojna till 31st March 2021.