DHFL Pradhan Mantri Awas Yojana (PMAY): Home is a basic requirement of every human being. Everyone wants to own a home where they can live happily with their family. In India, high-income groups and some middle-class people can buy their dream house easily. But low-income group people cannot afford to buy their dream house. If low-income group people want to buy their dream house, it is difficult for them. Due to their financial condition, it is not possible for them to buy or construct a house. There is no substitute for accommodation in the low-income group. To overcome this low-income group problem, Pradhan Mantri Awas Yojana (PMAY) is introduced by the government of India that aims to make the dream of owning a house for thousands of Indians a reality. Under the Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS), DHFL provide a chance which enables every Indian to own a home. Through this scheme, the applicant is eligible to avail interest subsidy on the purchase or construction of a house. This scheme makes sure that buying a home would be affordable for the people belonging to minorities such as Scheduled Castes and Scheduled Tribes, economically challenged groups, women, etc.
The aim of the Government of India is to making housing affordable for all by 2022. In order to empower people to get their dream home, the Honorable Prime Minister Shri Narendra Modi has announced a comprehensive and progressive mission, called ‘Pradhan Mantri Awas Yojana (PMAY)’. Under this initiative, the Credit Linked Subsidy Scheme (CLSS) provides affordable home loan for Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) 1 and 2 customers. Through this scheme, the applicant is eligible to avail interest subsidy on the purchase or construction of a house. This scheme aims to target EWS, LIG and MIG 1 and MIG 2 customers in the urban market who are the first time home buyers i.e. a household who does not own, at present, they don’t have any pucca residential house in India and want to buy a dream home for them stay may avail the benefit under this scheme. The main objective behind this scheme is to ensure that the poor sections of urban India can live under their own roof and to provide the financial assistance to those people who cannot afford the full cost of building residential property.
Features and Benefits of DHFL Pradhan Mantri Awas Yojana (PMAY):
- This scheme, DHFL Pradhan Mantri Awas Yojana is beneficial to provide financial assistance to those people who cannot afford the full cost of building residential property.
- The applicant under the EWS and LIG can avail a Home Loan of up to Rs. 25 lakhs including insurance, and the applicant under MIG can avail a home loan up to Rs. 1 crore 40 lakhs including insurance.
- The minimum loan amount for DHFL Pradhan Mantri Awas Yojana is Rs. 50,000 excluding insurance.
- The tenure of your Home Loan is 1 to 30 years.
- The term, however, does not extend beyond the retirement age or 60 years, whichever is earlier (70 years for self-employed individuals).
- Credit Linked Subsidy Scheme under DHFL Pradhan Mantri Awas Yojana will be available for housing loans availed for new or resale purchase of the home, construction of a new home, and EWS/ LIG they can extend or improve their home or rooms, kitchen, toilet, etc.
- Easy repayment options are available under this scheme.
- Resident Indians are eligible for certain tax benefits on principal and interest amount of a home loan in DHFL Pradhan Mantri Awas Yojana.
- Adding a co-applicant in your home loan can enable you to enhance your loan amount and gain access to additional funds.
- While allocating the houses on the ground floors, the physically disabled and the senior citizens will be given a higher priority.
- Once the subsidy issued, it will be credited directly to the account of the borrower and will be adjusted against the principal loan amount of the borrower. Therefore, the outstanding principal of the loan will be reduced, resulting in EMI will decrease.
Eligibility Criteria for DHFL Pradhan Mantri Awas Yojana (PMAY):
- The beneficiary family should be a first time home buyer and they should not have a permanent house in any part of India in the name of any member of their family.
- People who belong to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group 1 (MIG-I) and Middle Income Group 2 (MIG-II) are eligible for DHFL Pradhan Mantri Awas Yojana scheme.
- In the case of the married couple, both husband or wife or both of them together will be eligible for a subsidy in joint ownership.
- If your spouse is also claiming interest subsidy for the home, you cannot take advantage of this scheme.
- Female property ownership is mandatory only for EWS/ LIG. If there is no adult female member in the family, the property can be in the name of a male member of the family, or in the case of a construction loan if the land is purchased before the start date of scheme, the property may be in the name of a male member of the family.
- Female property ownership is not mandatory for MIG 1 & MIG 2 category in DHFL Pradhan Mantri Awas Yojana.
- The applicant has not received Central assistance under any housing scheme from the Government of India and there should not be any benefit under any scheme in DHFL Pradhan Mantri Awas Yojana.
- This scheme is not applicable to renovation or improvement loans for MIG category.
- The property should be in urban areas basis of 2011 census.
Interest Rate on DHFL Pradhan Mantri Awas Yojana (PMAY):
|Category||Household Income (Rs.)||Subsidy||Maximum Loan Amount||Maximum Tenure||Max Carpet Area (sqm)||Loan Purpose||Max Subsidy (Rs.)|
|Economically Weaker Section (EWS)||Up to Rs. 3 lakhs||6.50 %||Rs. 6 lakhs||30 years||60 sqm||Purchase/Self Construction/
|Rs. 2.67 lakhs|
|Low Income Group (LIG)||Above Rs. 3 lakh and up to Rs. 6 lakh||6.50 %||Rs. 6 lakhs||30 years||60 sqm||Purchase/Self Construction/
|Rs. 2.67 lakhs|
|Middle Income Group (MIG 1)||Above Rs. 6 lakh and up to Rs. 12 lakh||4.00 %||Rs. 9 lakhs||30 years||120 sqm||Purchase/Self Construction||Rs. 2.35 lakhs|
|Middle Income Group (MIG 2)||Above Rs. 12 lakh and up to Rs. 18 lakh||3.00 %||Rs. 12 lakhs||30 years||150 sqm||Purchase/Self Construction||Rs. 2.30 lakhs|
Documents Required for DHFL Pradhan Mantri Awas Yojana (PMAY):
|Identity Proof (any 1)||
|Address Proof (any 1)||
|Category Identification||SC/ST/OBC/Minority certificate|
|Proof of income||