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What are the Benefits of Pradhan Mantri Awas Yojna?

Owning a house is not easy. People work very hard to have sufficient income to fulfill the necessities of life that is food, clothing, and home. Since India is a developing country, fulfilling these requirements become a little difficult. You have to stretch yourself to make the ends meet. Due to exploitation, not all people earn so much that they can collect down payment or the house. But the good news is that now your desires will get fulfilled.

Looking into the economic condition of the society, the government has come up with a scheme called Pradhan Mantri Awas YojnaIt stands for “housing for all”. The Pradhan Mantri Awas Yojna Rural Home loan came into effect from 17.06.2015. According to the scheme, the interest subsidy will be provided on housing loans for the acquisition/construction of houses. The Credit Linked subsidy would also be available for the home loan availed for new construction and addition of rooms, kitchen, toilet, etc to the existing house as incremental housing. It is the house improvement loan.

House loans are not easy to get. One should fulfill the criteria and also should have all the documents necessary for the home loan. The specific rule says that people who own pucca house. Another condition is that the family should not have availed central assistance under any housing scheme from the Government of India. One cannot take double the benefits of any scheme regarding a home loan. For verification, one needs to provide an Adhaar Card number while applying for a loan. Other than that, the beneficiary should have a good Cibil score.

The beneficiaries of the PMAY home loan comprise of:

  • A beneficiary family will comprise of wife, husband, unmarried daughter, or son.
  • An adult earning member (irrespective of marital status) can be treated as a separate household owner.

The benefits of Pradhan Mantri Awas Yojna Home Loans include:

  • Large subsidy to every citizen.
  • Hosing to all the strata of society.
  • Benefits for women
  • Eco-friendly home etc.

If you want a home loanyou can consult Shubham home loans. The company provides formal housing credit to those with informal incomes. They have disbursed an amount of up to 3000 crores and above. They have 84 branches all over India and is spread across 73 cities and 9 states. Now one can easily get home loans. Apply today!

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