In the year 2014, the Pradhan Mantri Awas Yojana scheme was introduced by our Hon'ble Prime Minister Shri Narendra Modi in the Joint Session of Parliament. This scheme aims to fulfil the housing needs of all by constructing affordable and sustainable houses by 2022, on the occasion of the 75th year of independence. This scheme is especially aimed at benefitting the Economically Weaker Section (EWS), Lower Income Group (LIG) and the Middle Income Group (MIG) of society where they can avail a subsidy up to Rs. 2.67 Lakhs. Any family consisting of a husband, wife and unmarried children is eligible to apply for this scheme, considering they don’t own any pucca house in the name of any family member in any part of India. In line with this, SwarnaGriha, an initiative by Felicity Adobe LLP, has been constructing quality affordable houses in Tumakuru and nearby areas of Karnataka. These houses are available at a subsidised rate of interest, which can be availed from the PMAY listed banks and financial institutions.
Own a home and save up to Rs. 2.67 Lakhs
- Aadhaar number(s) of the applicants are mandatory for MIG category. Interest subsidy depends on the loan tenure borrowed by the borrower or a maximum loan tenure of 20 years
- There is no cap on the loan amount or on the cost of property.
- This mission seeks to address the housing requirements of our urban poor, including slum dwellers, through the following program verticals:
* This scheme is available only for loan amounts of up to Rs. 18 lakhs and would have a subsidized interest rate of 6.5% for 15 years or for the tenure of loan, whichever is lower.
* The Net Present Value (NPV) of the interest subsidy will be calculated at a discounted rate of 9%.
* Any additional loans beyond Rs. 6 lakhs will be at a non-subsidized rate. Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions, resulting in a reduced effective housing loan and equated monthly instalments (EMI).
* This scheme is beneficial for first time homeowners only. A family consisting of a husband, wife, and unmarried children can own only one house under this scheme. A married son/daughter is considered as a different individual/family and they can’t apply for it under the name of the same family.
* Any individual who owns a pucca house anywhere in India does not qualify for this scheme.
* Any individual who has already availed the benefits of any government housing related scheme does not qualify for this scheme.
* PMAY benefits can also be availed to renovate the already owned pucca house.