Get Home Loan Subsidy Under Pradhan Mantri Awas Yojana; Details Here

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In the Pradhan Mantri Awas Yojana (PMAY), a person receives interest rate on the home loan but someone is eligible for it only if the loan borrower or his/her family members do not have their house. If you have availed the benefit under a government housing scheme before then you become ineligible for this scheme.

According to the scheme, the applicants are classified as the economically weaker sections (EWS) and lower income groups (LIG) whose income of up to Rs 6 lakh an annum for a household and the second category is the middle-income group whose income is between 6 lakh to Rs 18 lakh annually.

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As per the income group, the carpet area of the home should not be more than 60-200 square meter and the interest rate is between 3% and 6.50% for a loan amount of Rs 6 lakh to Rs 12 lakh. The loan borrowers belonging to the economically weaker sections (EWS) and lower income groups (LIG) get an interest rate subsidy of up to 6.50% for a maximum loan amount of Rs 6 lakh.

Interest rate subsidy is not given for the entire loan amount and is available for a maximum loan tenure of 20 years. Although the there is no fixed loan amount or size of the property but the interest rate subsidy given is available only up to a limit.

The details of the loan borrower are verified once the loan has been sanctioned. Once all the details have been verified, the person becomes eligible for the interest subsidy. When the loan has been given, the financial institution claims the subsidy on the borrower’s behalf and the amount is sent to the financial institution and is credited to your home loan account.


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The EMI of borrower eventually decreases once it gets credited. Woman ownership is compulsory in order to avail the subsidy under economically weaker sections (EWS) and lower income groups (LIG) category. The borrower belonging to the category of the middle-income group (MIG) has to submit the Aadhaar number and is mandatory.

Apart from the Pradhan Mantri Awas Yojana, the Narendra Modi government has revised the decision for the pension of retired faculty and other non-teaching staff in central universities and colleges under the 7th Central Pay Commission and this decision is said to benefit more than 23 lakh retired employees of universities and colleges.

Prakash Javadekar who is the current Union HRD Minister stated that under the recommendations of the 7th Central Pay Commission, the central government has decided to increase the pension of retired faculty and other non-teaching staff in central universities and colleges. This decision will affect the 25,000 present pensioners in these institutions and they will be given the monetary benefit of Rs 6,000 to Rs 18,000.


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