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Can existing home loan get benefit of Pradhan Mantri Awas Yojana?

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0 2021-10-11T18:45:43+00:00
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Pradhan Mantri Awas Yojana came into effect in 2015 with an aim to provide affordable housing to the poor of the country. The Housing for all scheme also has a subsidy project known as PMAY subsidy under which people can apply for home loans at lower interest rates. Ever since the announcement of this scheme, many people ask can existing home loan get benefit of Pradhan Mantri Awas Yojana. Unfortunately, this can’t happen. There are certain conditions under which PMAY housing loan benefit can be availed. These conditions are:
  • First time applicants can avail the PMAY subsidy scheme
  • Scheme is run for families with a husband, wife, and unmarried children.
  • The PMAY Subsidy applicant must not own a pucca house across the country
  • If you are married then you can apply for joint ownership under this scheme.
  The credit linked subsidy is available for EWS, LIG, MIG I and MIG II categories. Here is the breakdown for your reference:  
Particulars Annual Income Interest Subsidy Maximum Loan for Subsidy
MIG II Rs. 12 lakh to Rs. 18 lakh 6.50% p.a. Rs. 6 lakh
MIG I Rs. 6 lakh to Rs. 12 lakh 6.50% p.a. Rs. 6 lakh
LIG Rs. 3 lakh to Rs. 6 lakh 4.00% p.a. Rs. 9 lakh
EWS Up to Rs. 3 lakh 3.00% p.a. Rs. 12 lakh
  So to answer your query “can I get PMAY subsidy on existing home loan?” No, that is not possible. If you are looking to take a home loan at a low-interest rate and with minimal documentation, then you should consider NoBroker's home loan services. [widget_emi_calci]   Find out Who is eligible for PMAY subsidy How to apply for PMAY subsidy

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