Pradhan Mantri Awas Yojana Benefits for Women
PMAY Benefits for Women
The Pradhan Mantri Awas Yojana (PMAY) is a flagship scheme of India. It is managed by the Central Government headed by our Prime Minister Narendra Modi.
Under this CLSS (Credit Linked Subsidy Scheme) Govt. is building affordable homes for the urban and rural population of India. Apart from this, they are also offering interest rate subsidy on home loans as per the income groups of applicants. And Women applicants are given more preference in this scheme.
But there are so many factors that decide your PMAY eligibility, such as your annual family income, home carpet area and many others.
For more details visit Pradhan Mantri Awas Yojana blog.
If it is going to be your first pucca home, then you can significantly reduce costs with PMAY.
And if you are a women applicant, then you can save even more. Yes, it is because the Pradhan Mantri Awas Yojana comes with special interest rates and perks.
In addition to this, many leading banks and NBFCs offer extra benefits to women applicants.
Let’s find out what benefits does the Pradhan Mantri Awas Yojana offer to women home loan applicants!
What are the benefits for women applicants under PMAY
- The home loan that a woman can apply for under the Pradhan Mantri Awas Yojana is at 8.25% per year.
- The equated monthly instalment (EMI) for availing a housing loan of Rs.1 lakh will only be Rs.853. Thus, if you are applying for a home loan of Rs.2 lakh, then your EMI amount can’t be more than Rs.1706.
- Women applicants can avail the home loan for up to 20 years (240 months).
- The maximum loan amount that a woman applicant can apply for under the Pradhan Mantri Awas Yojana is Rs.70 lakh.
- Women applicants don’t need to worry about prepaying any amount other regular EMIs to bring down the EMIs further. The PMAY scheme comes with the advantage of no pre-payment charges under this scheme.
- The rate of interest that is calculated on the loan amount is done on the basis of the daily reducing balance.
How can a woman apply under the PMAY scheme online?
A woman applicant looking to get interest subsidy on the home loan for her first pucca home loan can follow the below steps to apply online.
- Land on the official website of the Pradhan Mantri Awas Yojana.
- Look for the ‘Citizen Assessment’ tab and select ‘benefit under the other 3 components’.
- Feed your 12-digit Aadhaar Number. Once it gets verified, then you can proceed to the next page of the application.
- The Government of India uses Aadhaar of applicants as a verification parameter to avoid the defrauding of the system.
- On the next page, you will need to provide your personal details. It should be followed by information like the state of residence and existing residential address. You also need to add the family’s head and other similar information as asked.
- Once done, you can now submit the application.
Women home loan applicants are being given preference by the Government. This way, if you apply for a home loan under PMAY, then you may get speedy approval. In turn, it can help you fulfil your aspiration of moving or constructing your dream home fast!
In case if you don’t know how much subsidy you will avail on the interest part of your home loan under PMAY, then you need not worry.
You can easily know the exact home loan EMI interest subsidy using PMAY Calculator. The tool will also let you know your precise home loan EMI amount after subsidy deductions.