PURPOSE

PMAY Scheme is an initiative provided by the Government of india which aims at providing affordable housing to the urban poor. The mission is to provide housing for all by the year 2022, by that time Nation completes 75 years of its Independence

ELIGIBILITY

A beneficiary family will comprise husbands, wife and unmarried children .The beneficiary family should not own a pucca house (an all-weather dwelling unit) either in his/her name or in the same of any member of his/her family in any part of india

Economically weaker Section (EWS) :EWS households are defined as households having an annual income up to ₹ 3,00,000 (Rupees Three Lakhs only) and house size up to 30 sq.m

Low income Group (LIG): LIG households are defined as households having an annual income between ₹ 3,00,001 (Rupees Three Lakhs One only) up to ₹6,00,000(Rupees Six Lakhs only) and house sizes upto 60 sq.m

Mid income Group (MIG): :MIG households are defined as households having an annual income between ₹ 6,00,001 (Rupees Six Lakhs One only) up to ₹12,00,000(Rupees Twelve Lakhs only)

Mid income Group (MIG-2): :MIG-2 households are defined as households having an annual income between ₹ 12,00,001 (Rupees Twelve Lakhs One only) up to ₹18,00,000(Rupees Eighteen Lakhs only)

LOAN AMOUNT

As per Bank's existing Housing loan scheme

MARGIN

As per Bank's existing Housing loan scheme

INTEREST RATE

As prescribed by the Bank. interest will be applied on monthly compounding basis