Government of India has launch the Home Loan Subsidy Scheme to provide the financial assistance to people live in urban areas. It is determine that the PM Modi will implement this scheme for the next 5 years. It provides various benefits to people.
Those who live in slums or rented houses in urban areas will get a subsidy of 3% to 6.5% under this scheme. If you also live in urban areas and want to get financial assistance, then you can apply for this PM Home Loan Subsidy Yojana. Before applying for this scheme, you should meet your eligibility and know about benefits and features, etc.
PM Home Loan Subsidy Yojana 2024
Government launch thePM Home Loan Subsidy Yojana to provide the subsidies and benefits to poor people of urban areas. The beneficiaries will get subsidies and get help to pay low interest rates. Under this scheme, the government will give home loans up to 50 lakh to beneficiaries and help them to construct their house successfully.
It is the scheme through which beneficiaries will get a loan and repay it at a low interest rate. You can get a home loan under this scheme with a 3 to 6% interest rate if you meet the eligibility criteria
| Name of the scheme | PM Home Loan Subsidy Scheme |
| Objective | To give home loans to homeless citizens to buy their own home |
| Interest Subsidy | 3% to 6.50% p.a. |
| Home Loan Amount | 09 lakh rupees |
| Mode of application | Online |
| Year | 2024 |
| official website | https://pmaymis.gov.in/ |
Aim of Home Loan Subsidy Scheme
The main aim of the PM Home Loan Subsidy Yojana is to provide the home loan to poor people of urban areas. It aims to provide loans to more than 25 lakh people in the form of subsidies. Those who are living in city but don’t have their own house, can get benefits of this scheme, get approved of the home loan at low interest rate and build their own home. With the help of this scheme, they can get subsidy and repay the home loan at low interest rate.
Subsidy and interest under PM Home Loan Subsidy Yojana
PM Modi has announce the PM Home Loan Subsidy Yojana on independence day. Under this scheme, the loan amount up to 9 lakh will give to beneficiaries. The beneficiaries will get subsidy of 3 % to 6.5% under this scheme. This subsidy will be available to eligible candidates of loan duration is 20 years or less.
Benefits and Features of the PM Home Loan Subsidy Scheme
There are the various features and benefits of the PM Home Loan Subsidy Yojana that you should know.
- Government decide to spend 60,000 crore in 5 years after the launch of this scheme.
- This scheme is started for those who live in urban areas in rented houses, slums, kutcha houses.
- The low-income group citizens will get the home loan at cheap interest rates under this scheme.
- The poor class families will get the benefits of this scheme with interest subsidy of 3% to 6.5% per annum of the loan amount of 9 lakh.
- The subsidy will sent to beneficiaries directly in their bank account
- Under this scheme, the around 25 lakh applicants of home loan are get benefits.
- By giving home loan assistance to people, this scheme improves their living standards.
Eligibility criteria
The applicants need to meet the given eligibility criteria to become eligible for the Home Loan Subsidy scheme.
- People of low-income groups are eligible for this scheme
- The people who are living in rented houses, kutcha houses or slums in urban cities are eligible to get benefits under this yojana
- The applicant must have the bank account linked with their Aadhar card to meet the eligibility
- The applicant should not be bank defaulters to apply for this yojana
Required documents
The candidates must have the important documents to apply for the PM Home Loan Subsidy Yojana.
- Address proof
- Aadhar card
- Caste certificate
- Income certificate
- Driving certificate
- Bank passbook
- Email id
- Mobile number
- Passport size pictures
How to apply for Home Loan Subsidy scheme
Here are the steps you should follow to apply for PM Home Loan Subsidy Yojana
- Visit the official website, https://pmaymis.gov.in/
- Fill your application form to apply for this scheme and attach the documents with it like residence certificate, aadhar card, bank passbook, income certificate, etc
- You should enter your accurate information, other your application will rejected by authorities
- Then, submit the application and finish this process
In this way, you can easily apply for this scheme. After this, you are able to use your application ID on website and check status of your application. The application status shows whether you are eligible to get benefits under this scheme or not.
