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:
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.
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Who is eligible for PMAY subsidy
How to apply for PMAY subsidy
- 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.
| 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 |
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Authors Of The Question
Can existing home loan get benefit of Pradhan Mantri Awas Yojana?
Anandita
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1 Answers
3 Year
2021-10-11T12:23:42+00:00 2021-10-11T18:46:36+00:00Comment
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