How to apply for home loan? Everything about home loan.Pradhan matri awas yojna scheme details 2020

 Everyone has a dream to live in his own house. Most of us have a dream to own a house. So government Introduced a scheme for everyone that is PRADHAN MANTRI AWAS YOJNA. 

Let's see what are the terms and conditions:-

 Your age should be between 18 to 55 years.

  Your family,including you,your wife ,children must be below 18 years can not have their own house.

   Most important thing in this scheme is if you want to purchase new house or want to build your own house or you want to rebuild your house you can use this scheme.

 Your maximum loan tenure is 20 years.

Now most important question how much money you can take? 

There is no limit of your loan. But the limit is you can take subsidy upto 2 lakh 65 thousand it depends on category to category.

 

So There are 3 categories. Let's see you fall into which category:-

•  Economically weaker section:- If your household income is below 3 lakh then you fall into this category. So government give you subsidy upto 6.50% whether you are taking home loan for 8 or 10% of interest. But you get subsidy upto 6 lakh.
• Lower income group:- same as government give you subsidy upto 6.50% whether you are taking home loan for 8 or 10% of interest. But you get subsidy upto 6 lakh. But condition is maximum carpet Area you can cover upto 645 square feet. If you covering above 645 sq feet area and your annual income is below 6 lakh then you don't fall into this category. Other condition is the owner and co-owner should be female. If you are male and thinking of taking loan then you will not get any subsidy you must add a female co-owner. Women condition only applies when you are going to buy a new home.
• Middle income group 1:- If you fall into this category then you get maximum carpet area upto 1700 square feet. But you get only subsidy of 4%. And you can get subsidy upto 9 lakh.
• Middle income group 2:- your family income should be between 12 to 18 lakh. If you fall into this category then you get maximum carpet area upto 2150 square feet. But the condition is you get subsidy upto 12 lakhs rupees loan amount that is 3%. And these scheme will end soon so you must check government website before applying for home loan.

   So I hope you understand everything about this yojna. 

 It is available in all banks like Govt bank,private bank,small finance bank etc. You can choose any option.

You can also apply through online link https://pmaymis.gov.in and offline option is also available. PMAY helpline no:- 1800113377. For more updates click this link http://mudrainvest.com