Pradhan Mantri Awas Yojana: Due to the Corona crisis, the Central Government has extended the Credit Linked Subsidy Scheme till 31 March 2021 under the Pradhan Mantri Awas Yojana. Under this scheme, up to Rs 2.67 lakh subsidy is given on home loans. Under this scheme, first time home buyers are benefited. People with an annual income between Rs 6-18 lakh will benefit from it.
Hundreds of people have taken advantage of the subsidy scheme on home loans. The scheme was implemented by the government in 2017, which ended in March 2020. A target has been set to bring 2,508 cities of 26 states under it by 2022.
Under this scheme, loans are provided under Middle Income Group (MIG), Weak Income Group (LIG) and Economic Backward Class (EWS) category. This scheme is beneficial for those who dream of their home but cannot fulfill it due to financial circumstances. This scheme is especially beneficial for the rural population who live in a raw house or without a house. If you are thinking of taking a home loan, then under this scheme, apply for loans in banks and ask for subsidy.
The beneficiaries of this loan include husband, wife and unmarried children in any family. In the case of married couple, either one or both of the spouses are eligible for jointly owned single house loan. For a house with EWS, LIG, the female member of the family should be the property owner or co-owner for the loan. The applicant should not have a pucca house in India by himself or by family name.