Prime Minister Modi Home loan scheme 2018 | PMAY subsidy

The main motto of Pradhan Mandhri Awas Yojana is ‘’home for all’’. It has been extended to bring forward the woman, economically backward people, scheduled caste and tribes. This scheme helps financially to enlarge the size of the house. This post will clear your doubts if you are looking for seeing the details about the Prime minister home loan scheme 2018.

A subsidy amount between 1 lakh and 2.30 lakhs is issued under this loan scheme for constructing a house. Public sector bank, private corporate bank, housing loan issuing bank, rural bank, state and district co-operative bank issue this type of subsidy while issuing housing loan from their banner.

PM Modi home loan scheme 2018 started in the year: 2015

Prime minister vision to complete the project at 2022


Who can receive th loan subsidy?

  • Those who already own a house or residential place cannot be benefitted under this scheme.
  • Only those who are without own house, or constructing their first house, or willing to reconstruct their house free from natural disaster are eligible to receive the subsidy under this scheme.
  • The individual should own their own land with minimum of 30 sq. m (323 sq. ft) of area. The building they construct should have a room, kitchen and attached toilet facility.
  • The family must have a husband, wife with unmarried children.
  • If belongs to economically backward class then their annual income should be Rs. 200000/-. If the family is middle class then their annual income is suggested to Rs.600000/-.

For any doubts regarding Prime Minister Modi Home loan scheme 2018 you can contact following toll free numbers.

  • 1800-11-3377
  • 1800-11-3388
  • 1800-11-6163

The benefiter should remit the loan amount within the period of 15 years and should submit no own house certificate along with the income certificate. The central government had planned to build more than 5 crores of houses by the year 2022. Also, the benefiter should be able to remit the loan amount before he/she reaches the age of 70 years. So the age factor should be taken into consideration while allotting the loan.

While discussing about the reach of the scheme, most of the public sector banks are informing that this scheme is not yet reached the last edge of the individual. Manager of Punjab National Bank, porur Branch, Chennai Mr. Alagappan Krishnan said as, ‘’ economically most backward people, middle class income are eligible to be benefitted by the housing loan scheme. Maximum of Rs. 30 lakhs can be issued for the housing loan. The home subsidy is allotted based on the amount of housing loan. Maximum of Rs. 2.30 lakhs can be obtained as home subsidy.

Similarly, alike the normal housing loan, this Pradhan Mandhri Modi Home loan 2018 scheme requires the same documents like patta, plan approval, etc. The land should be registered in the name of either husband or wife. The estimate of the building is also calculated based on these factors’’.

click here for PMAY – Housing for all official website.

While inquiring the corporate bank ICICI, they said as, ‘’ our bank delivers these type of bank loans. NBH will directly remit the subsidy amount to our bank and which is deducted from the loan amount. The loan bearer should pay the remaining loan due with interest.’’

You may also join and get benefitted under this loan scheme.

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