PM Home Loan Subsidy Scheme 2024, 9 Lakh Loan Instant, Apply Online All Details

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In PM Home Loan Subsidy Scheme 2024, a loan of Rs 9 lakh is given with a subsidy of 6% for low income group people living in urban areas, if you also want to take advantage of this scheme then PM Home Loan Subsidy. You can see about the scheme here.

PM Home Loan Subsidy Scheme 2024
PM Home Loan Subsidy Scheme 2024, 9 Lakh Loan Instant

PM Home Loan Subsidy Scheme means Pradhan Mantri Awas Yojana (PMAY) which is a Credit Linked Subsidy Scheme (CLSS) component. This Pradhan Mantri Awas Yojana – Urban (PMAY-U), which was launched on 25 June 2015, was started by Narendra Modi who is still enjoying the benefits of this scheme.

Meanwhile, the people of low income group living in urban areas who do not have their own house and those who live in rented houses can avail the benefit of PM Home Loan Subsidy Scheme by the Modi government to build their own house. In this, people will be given a home loan of up to Rs 9 lakh and that too for a period of 20 years. The government is also providing subsidy i.e. rebate of 3% to 6.5% on this interest.

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If you also want to build your house by taking loan under this PM Home Loan Subsidy Scheme, then important information and how to apply online is given here. In this loan subsidy scheme, the government has to provide 25 lakh people to avail the benefit of the scheme in this financial year.

PM Home Loan Subsidy Scheme

Pradhan Mantri Home Loan Subsidy Scheme 2024 is the right time to build your house and you can invest in building the house with a loan of up to Rs 9 lakh from the government. Here we have explained the complete method by which poor and middle class people of urban areas can get the benefit of taking PM Home Loan.

Under PMAY-U, basic amenities including kitchen, toilet, water supply and electricity are also provided to every household. Here we have disclosed important information about PM Home Loan Subsidy Scheme 2024 and who can apply for it.

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PM Home Loan Subsidy 2024 Overview

Scheme NamePM Home Loan Subsidy Yojana 2024
DepartmentMinistry of Urban and Housing
objective of the schememiddle class people of urban areas.
Home loan amountRs 9 lakh
Subsidy3% to 6.5%
Eligible applicantsIndia citizens
Application ModeOnline/Offline
Official Websitehttps://pmaymis.gov.in/
PM Home Loan Subsidy 2024 Overview

PMAY Scheme 2024 Important Details

Concessional Interest Rate: You can pay interest rate as low as 6.50% per annum on home loan for 20 years.

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Concession for special groups: In this, disabled people and senior citizens also get preferential ground floor allotment and can also get loan for this quickly.

Eco-friendly construction: This also involves the use of sustainable and eco-conscious technologies in building construction.

All India Coverage: The scheme is spread over 4041 statutory towns with initial priority given to 500 tier 1 towns in 3 phases.

Initial Credit-Linked Subsidy: It is intended to be an implementation project of credit-linked subsidy covering all statutory cities in India.

PMAY Key Parameters 2024

ParticularsMIG IMIG II
Eligible Housing Loan Amountfor Interest SubsidyUp to Rs.9 lakhUp to Rs.12 lakh
Maximum Loan Tenure20 years20 years
Dwelling Unit Carpet Area(sq.m.)160 sq.m.200 sq.m
Maximum Interest Subsidy AmountRs.2,35,068Rs.2,30,156
PMAY Key Parameters 2024

PM Home Loan Subsidy Scheme 2024 Benefits

Under this Prime Minister Home Loan Subsidy Scheme of Modi Government, more than 25 lakh beneficiaries will get many benefits, the information of which is given here:

The benefit of the scheme will especially be given to the poor and middle class living in the city, they can build their own ready-made houses.

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In this scheme, people of low income group will be given home loans on subsidy, so that their standard of living can improve.

Under PM Home Loan, a maximum loan of up to Rs 9 lakh will be given, in which interest subsidy i.e. rebate of 3 to 6.5% will also be given.

Rs 60,000 crore has been kept in the budget for this scheme, which will also benefit 25 lakh people.

PM Home Loan Subsidy Scheme Eligibility

In this, the government has set some eligibility criteria for the Prime Minister Home Loan Scheme 2024. Before availing the benefits of this scheme, the beneficiaries have to fulfill the criteria which are given below:

  • The applicant must be a native citizen of India, irrespective of any category (GEN/OBC/SC/ST).
  • Once the applicant has availed the benefit of Pradhan Mantri Awas Yojana, he will not be eligible for PM Home Loan.
  • The applicant should have Aadhaar card linked to the bank account.
  • The applicant should be declared a defaulter by any bank.

PM Home Loan Subsidy Scheme Important Document

Before applying online for PM Home Loan Subsidy Scheme, the user must have the necessary documents which are mentioned below:

  • Aadhar card
  • bank passbook
  • It is necessary to link Aadhaar and bank account.
  • Basic address proof
  • income certificate

How to apply online for PM Home Loan Subsidy Scheme?

Before applying online for PM Home Loan Subsidy Yojana, you will have to visit the official website of the government and wait for the latest notification:

  1. Visit the official website:

PMAY Official Website: https://pmaymis.gov.in/
PMAY Subsidy Calculator: https://pmayuclap.gov.in/content/html/Subsidy-Calc.html

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  1. Check Eligibility: Eligibility criteria include:

Your annual income:
EWS: Up to ₹3 lakh
LIG: ₹3 lakh to ₹6 lakh
MIG I: ₹6 lakh to ₹12 lakh
MIG II: ₹12 lakh to ₹18 lakh

You must not already be a home owner and must have the ability to repay the loan.

  1. Select Bank:

Under this scheme, you will have to select the bank providing loan, in this you can choose from many banks including nationalized banks, private sector banks, cooperative banks and housing finance companies.

  1. Fill the Application Form:

In this you have to get the application form from the bank and fill it with all the required information, in this you have to get income, assets, ability to repay the loan and other relevant information.

  1. Submit the required documents:

Identity Proof (Aadhar Card, Voter ID Card, etc.)
Address proof (Aadhar card, electricity bill, etc.)
Income proof (salary slip, income tax return, etc.)
Proof of property (ownership, etc.)
Proof of ability to repay loan (bank statement, etc.)

  1. Submit Application:

Now the application form has to be submitted along with all the necessary documents. After this the bank will evaluate and the loan will be approved.

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