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Pradhan Mandhir Aawaz Yojana : Housing Loan - criteria for eligibility!
Posted on: 26/Jul/2019 3:34:27 PM
Under the Housing subsidy scheme called ‘Pradhan Mandhir Aawaz Yojana’ the Indian citizen is eligible to get a maximum subsidy of Rs. 2,67 Lakhs.
This scheme is basically divided into 3 categories based on the monthly salary income:
- A person with a low annual income
- A person with medium annual income - 1
- A person with medium annual income - 2
Persons who earn an annual income of up to Rs. 6 Lakhs, when a buying a house of 645 sq ft area, can get a maximum subsidy of Rs. 267 Lakhs under this scheme. This category also can avail the facility to renovate the existing own house.
Persons earning an annual income of up to Rs. 12 Lakhs can avail a maximum subsidy of Rs. 2.35 Lakhs while buying a house of 1722 sq ft. It may be noted that earlier, the housing area was fixed at 1291 sq ft and it has now been revised.
Persons earning an annual income of Rs. 18 Lakhs can avail a maximum subsidy of Rs. 2.30 Lakhs while buying a house of 2153 sq ft. This was earlier 1614 sq ft and has been revised now.
Note that this subsidy cannot be availed those who got housing loans prior to 10th January 2017. However, the persons who took housing loans after 10th January 2017 can avail and get this subsidy by applying even now!
23-years old youth, living under the care of his parents, can avail this subsidy when deciding to buy and own a house with his own earnings.
Note - Those who intend to buy a house after availing the housing loan and those who plan to build a house have to thoroughly check with the lending bank whether they are eligible for this subsidy!
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