#Shorts Govt Buys Home

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The Government of India has launched the Pradhan Mantri Awas Yojana (PMAY), aimed at providing affordable housing to the urban and rural poor. The PMAY has two components: Pradhan Mantri Awas Yojana (Urban) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) for the rural poor.

Under the PMAY scheme, eligible beneficiaries can avail of an interest subsidy of 6.5% on housing loans for a period of 20 years under the credit link subsidy scheme (CLSS). For MIG-I, the interest subsidy is 4%, and for MIG-II, it is 3%.

To be eligible for the scheme, the beneficiary's age should not exceed 70 years, and they should not own a dwelling unit anywhere in India. Additionally, the family income of the beneficiary should not exceed ₹3 lakhs per annum for EWS, ₹6 lakhs per annum for LIG, ₹12 lakhs per annum for MIG-I, and ₹18 lakhs per annum for MIG-II.

Home renovation or improvement and self-construction loans are allocated only for EWS and LIG categories. The houses provided under this scheme will be owned by females or jointly with males.

Interested applicants can apply for the PMAY scheme online or offline. To apply online, one can visit the PMAY website and submit the application form. One can see the nearest Common Service Centre (CSC) or bank for offline application and submit the application form.

Source - @indianstockmarketguide @gadekar.kaka

Disclaimer- Please consult a financial advisor before making financial choices. This video is purely for educational purposes.

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