Can I get PMAY subsidy on existing home?

PMAY is open only for those people who are looking to buy a home for the first time. The most vital criteria to get a PMAY subsidy is that the applicant must not own any pucca house in their name across India. This is why PMAY on existing home loan is not a possibility.

Is PMAY applicable for apartment?

The scheme is primarily aimed at providing housing for all. Therefore, understandably, all those who already own a home or any of their family member own a home, are kept out of the benefits of PMAY. However, if they wish to avail PMAY benefits, they will be eligible for a single house.

How do I know if I am eligible for PMAY scheme?

Steps to Check PMAY Eligibility Criteria

1. Step 1: Check if anyone in the family owns a pucca house.
2. Step 2: Calculate your household’s annual income to confirm if it remains under Rs.
3. Step 3: User must purchase or invest in new house construction to avail benefits under PMAY.

Is affordable housing and PMAY same?

The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022. The scheme was first launched on 1 June 2015. The interest rate for the PMAY scheme starts at 6.50\% p.a. and can be availed for a tenure of up to 20 years.

What is the affordable housing scheme?

The Affordable Homes Programme provides grant funding to support the capital costs of developing affordable housing for rent or sale. Partners looking to develop affordable housing in London can find more information on the Greater London Authority’s website.

What is the government scheme for first-time buyers?

The government First Homes scheme was announced in June 2021 and aims to help first-time buyers in England purchase their first home. The scheme will see a number of new-build homes go on the market and be sold at a discount to eligible first-time buyers.

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