List Of Housing Finance Companies From Which You Can Easily Avail PMAY Benefits

The Pradhan Mantri Awas Yojana (PMAY) scheme is a government of India's flagship scheme that was launched in June 2015 to provide affordable housing to individuals falling under LIG and MIG.

 

With a mission of "Housing for All" in urban areas by the year 2022, the government provides a credit-linked subsidy to first-time homeowners on interest rates on their home loans. They are contributing about 1 lakh to 2.6 lakh for each home falling under the different vertical scheme.

 

Additionally, the government announced that the GST rate applicable on home loans would be reduced from 12% to 8% for those who apply for the loan under the Pradhan Mantri Awas Yojana schemes.

 

Take a quick look at the housing finance companies from which you can easily avail the PMAY benefits:

 

1. Shubham Housing finance:

The Pradhan Mantri Awas Yojana scheme caters mainly to the housing requirements of the urban poor. Shubham believes in the mission of Housing for All. A key growth driver of this initiative is Pradhan Mantri Awas Yojana - Credit Linked Subsidy Scheme (PMAY- CLSS). More than 10.5 lakh families have benefitted from this scheme.

 

Once you know you are eligible, you can avail a home loan from Shubham Housing Finance to finance the purchase of your first house and reduce your EMI burden with the help of PMAY.

 

2. Indiabulls Housing Finance:

Lakhs of homes have been constructed in 500 Indian cities and towns, since the launch of PMAY scheme

 

Indiabulls provides the affordable housing benefits of Pradhan Mantri Awas Yojana scheme through a credit-linked subsidy scheme known as CLSS. The maximum subsidy amount is calculated basis the minimum loan amount of 6 Rs. 6 lakhs for EWG/LIG customers, Rs 9 lakhs for MIG I & Rs 12 lakhs for MIG II customers with a loan tenure of 20 years.

 

You can also apply for loans at Indiabulls Housing Finance and enjoy the benefits of PMAY subsidy.

 

3. Aadhar Housing Finance

 

Adhaar empowers all the first time home buyers with a subsidy of up to 2.67 lakhs to own a house and build a house for their family. The beneficiary family should not own a pucca house in the name of any member of his/her family. Aadhar Housing finance allows you to own dream home and avail the PMAY interest subsidy.

 

4. Bajaj Finserv

PMAY has played a significant role in providing affordable housing. The purpose of this scheme is to offer interest subsidy for home purchases and by constructing affordable housing too.

 

Once you are eligible, you can then apply for a Home Loan under PMAY with lenders like Bajaj Finserv. This will allow you to avail of the benefits of the PMAY scheme along with the flexible terms of repayment, thereby adding affordability to your home purchase.

 

5. Art Housing Finance

 

For availing the subsidy under the Pradhan Mantri Awas Yojana, you have to apply for the home loans from NBFC or Housing Finance companies whichever you find best as per your requirement. After the approval of the Central Nodal Agency, the subsidy amount will be transferred directly to your bank account.

 

These are some of the best Housing Finance companies from which you avail the benefits of the PMAY Home Loan scheme. Do let us know in the comment section, if you want us to add anything more or if you have any queries.

Pradhanmantri Awas Yojana Home Loan

If you are in search of a website which not only offers complete housing solutions but also helps you by guiding you at each and every step, Shubham is the place for you! We are one of the leading home loan providers in the country. Our aim is to extend our support to those who are outside the normal income circle. Everyone deserves to have a house of his own a place he can call his world and do whatever he wants and live the way he likes. We offer home loans at lowest interest so that people from all walks of life and benefit from them without worrying too much about their salaries and income.

In this article, we will primarily focus on one of the best initiatives by the government of India in the recent years- the Pradhan mantri awas yojna. This yojna mainly focuses on providing 20 million homes by the end of March 2022. The scheme is divided into two parts:

1. Pradhanmantri Awas Yojna (Urban) or PMAY-U: It provides homes to the poor people living in cities and other urban areas.

2. Pradhan Mantri Awas Yojna (Gramin) or PMAY-G: It focuses on providing houses to the poor people living in rural areas such as villages.

It is quite understandable that simply constructing a building does not make it a proper home. To make it sustainable, it must have access to proper light, water, drainage, etc. Therefore, this yojna is converged with several other schemes such as Saubhagya Yojana for electricity connection, toilet facilities, Ujjwala Yojana for LPG connection, proper drinking water, and Jan Dhan bank facilities. The economically weaker section which includes people with an income of fewer than 3 lakhs per year or the LIG section is benefitted from this scheme.

The rate of interest of home loan under the Pradhan mantri awas yojana is as less as 6.5%. You can avail a loan for a period of 15 years too. All the private and nationalized banks have high- interest rates for a home loan which makes it extremely difficult for a person with a meager salary to avail them. There are certain eligibility criteria that you must fulfill if you wish to apply for this scheme. For an instance, the applicant must belong to either EWS or LIG and he or she must not own a pucca house. Furthermore, women candidates are preferred and given more weightage. Also, if you are disabled or a senior citizen you can get the ground floor apartment for yourself.

There are thousands of people who wish to avail the benefits of this yojana but are unable to get them as they do not know where to go and how to begin. Now the problem is solved as ourwebsite, Shubham works exclusively for people who wish to apply for pradhan mantri awas yojana home loan. We provide the answer to all of your questions regarding this scheme. We dream of an India which has a home for every person irrespective of his financial and social status and we work tirelessly towards building this new India. Our modern loan programmes make it feasible for low-income families to avail them and use the money to achieve their wish of a beautiful home. Every person has the right to have a house and we have joined hands with all such initiatives brought by the Government of India which promise a home for every individual of our country.