Categories: Business

Pradhan Mantri Awas Yojana Eligibility and rules


Pradhan Mantri Awas Yojana

new Delhi. Many families are taking advantage of the Pradhan Mantri Awas Yojana being run by middle class people coming from low income group to fulfill their dream of home. Housing loans are for a long time, in such a situation, the beneficiary of the scheme should take care that they keep following all the important conditions related to the scheme during the loan period, there are some conditions which the beneficiary should not follow the scheme Cannot get benefits.

Often people transfer their loan to another bank on the hope of better loan rates or for some additional amount. Which is called balance transfer. However, if you transfer the loan of PM Awas Yojana to another bank, then the benefit of this scheme is lost. In fact, in a balance transfer, a bank issues a new loan on its behalf by repaying the customer's ongoing loan in another bank. Payment of PM Awas Yojana on such balance transfer will be treated as prepayment and the benefit you get will be lost. Keep in mind that the subsidy under the scheme is evaluated on the basis of the entire loan term, so you will not get full benefit on balance transfer.

Under the Pradhan Mantri Awas Yojana, the beneficiary family is given an interest subsidy on their home loan, to reduce the burden of EMI on it. The money given in it can be used to buy a new house or to build a house. For this, applications with annual income up to Rs 3 lakh to Rs 18 lakh can be applied. However, the condition is that the applicant should not have a pucca house of his own.

This post was published on August 27, 2020 4:16 am

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