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🏠Pradhan Mantri Awas Yojana (PMAY - U) | Financial Advice | प्रधान मंत्री आवास योजना - YouTube
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Friends, a while ago,
we made a video in which
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we told you the last dates
of some important works.
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If you had missed them, you
may have to pay a penalty
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or you could have missed
some benefits from those.
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A similar benefit was Pradhan
Mantri Awas Yojna (PMAY).
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In which you can make a
house with a subsidized loan.
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You could get the benefit up to
Rs 2,67,000 on your housing loan.
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Its last date was 31 MARCH 2019.
But friends, don't worry.
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Because its last date has been
extended to 31 MARCH 2020.
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Still, you have 13 months to
take benefit of this subsidy.
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In that video's comment,
many people requested us
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to make a detailed video on PMAY.
So, this is the detailed video.
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Watch this video till the end.
My name is Mandeep,
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and you are watching
Labour Law Advisor.
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[Intro Music]
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Let's us first understand,
What is PMAY (Urban)?
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Its aim is affordable
housing for all by 2022
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It means, everyone in this country
should have an affordable house.
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At present 15 Lakh houses have
been constructed under this scheme.
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75 Lakh loans will be sanctioned
before upcoming elections.
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Houses will be made in the future, but
75 Lakh loans will be sanctioned.
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Under this scheme, you can buy a
new house, flat or construct it.
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If you already have
a concrete house,
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You can take a subsidized loan for
additional room, toilet, or kitchen.
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In this scheme, people have
been divided into 4 categories.
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Eligibility and benefits are
decided based on these categories.
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First, I will talk about 2 categories.
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The first category is EWS
(Economically Weaker Section).
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The second category is Low
Income Group (LIG).
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People who have an annual family income
up to Rs 3,00,000, are included in EWS.
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People with family income between
Rs 3 to 6,00,000 are included in LIG.
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Eligibility criteria are
the same for these two.
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Subsidized loan benefit
will be also the same.
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So first, let's talk
about eligibility.
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The first eligibility is that house's
the owner should be a female.
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No subsidized benefit for male
owners, it also has an exception.
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If you are constructing a house, or
you already have a concrete house
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If you want an additional
room, or toilet or kitchen,
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Then the male owner is still valid.
If you want to buy a new house.
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Then the owner must be a female.
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The second condition is that, before this
you should not have a concrete house.
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Otherwise, you will get this benefit.
Let's talk about the benefit amount.
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If will get wavier of 6.5% on loan
up to Rs 6,00,000 for 20 years.
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It sounds easy but it's complicated
while understanding it.
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Let me explain. Assume that you
want to buy a house worth Rs 20,00,000.
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You made a downpayment of Rs 4,00,000,
& you want a loan for the rest Rs 16,00,000.
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Bank will give a loan of Rs 16,00,000.
In that, wavier will only on Rs 6,00,000.
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You've to pay normal EMI to bank on the
rest Rs 10,00,000 as per bank's interest.
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Wavier on this Rs 6,00,000 will be
for a maximum period of 20 years.
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If you a take loan for 30
years, then on 10 years,
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you've to pay EMI on
normal interest rate.
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Let's know-how
the benefit is provided?
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It's not that the interest rate will be
lowered, or 6.5% will be removed.
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Your benefit will be 6.5% of
loan amount or Rs 2,67,000.
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Whichever is lower, that amount will
be credited to your bank at first.
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Your loan/due amount will be lowered.
There'll be less EMI on the low amount,
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but interest will be the same. The way of
giving benefits is slightly different.
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Your interest is not changing. All
benefit comes at once in your account,
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which lowers your loan amount. As
a result, your EMI gets lowered.
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If you are under EWS or LIG, then you
you can get benefits up to Rs 2,67,000.
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In terms of area, people under
EWS are allowed up to 30 sq. meters.
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People under LIG are allowed
up to 60 Sq. meters of area.
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Last date for both LIG and EWS
category people is 31 March 2022.
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It may be extended in the future.
You have time till 2022,
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You have 3 years to apply &
avail benefit up to Rs 2,67,000.
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Let's talk about people under
two other categories,
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These are Middle Income Group I
and Middle Income Group II.
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MIG I and MIG II. People with family income
between Rs 6 to 12,00,000 are under MIG I.
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People with family income between
Rs 12 to 18,00,000 are under MIG II.
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So, as you can see, people with family
income between Rs 0 to 18,00,000.
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can avail this scheme's benefit.
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Subsidized loan limit
in MIG I is Rs 9,00,000.
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For loans up to Rs 9,00,000 for a maximum
of 20 years, you will get a wavier of 4%.
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If you want to buy a house worth
Rs 20,00,000, you made
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a downpayment of Rs 4,00,000.
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If you took a loan of Rs 16,00,000, then on
Rs 9,00,000 for a maximum of 20 years,
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you'll get a 4% wavier. It means
on the remaining Rs 7,00,000, you
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have to pay EMI on normal interest.
It is of the same case. 4% off or
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Rs 2,35,000 (Whichever is lower),
will be your final benefit/ subsidy.
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It will be credited to your bank
account at the beginning.
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And your loan amount will be lowered.
A low loan amount will have low EMI.
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But interest will remain the same. Maximum
carpet area for people under MIG I
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was 90 sq. meters but it has been
increased to 120 sq. meters.
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Let's talk about MIG II people, whose
income lies between Rs 12 to 18,00,000.
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These people can take subsidized
loan upto Rs 12,00,000.
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The loan amount can be more than
Rs 12,00,000 but the subsidy
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will be till Rs 12,00,000 only,
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and for 20 years only. Subsidy
in this will be 3% instead of 4%.
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Subsidy amount decreases
as income increases.
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3% or Rs 2,30,000
(Whichever is lower)
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will be credited to your
bank account at starting,
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It'll lower your total loan amount,
A low loan amount will have low EMI.
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Maximum carpet area
for people under MIG II
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has been increased
to 200 sq. meters.
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200 sq. meters is a pretty good area.
People under MIG I or II can buy
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2 BHK flat, house, or
construct a house.
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Last date for people under
MIG I & II is 31 March 2020.
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Which I told you in
starting of this video.
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At first, it was of 2019,
you had just 1 month for it.
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But now you have 13 months to
avail benefits of this scheme.
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One important thing that you
should know about this scheme,
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You must know about
meaning of family.
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Family means husband, wife and
unmarried dependent kids.
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Husband & Wife you understood. What
do unmarried dependent kids mean?
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Those children who don't earn
and are not married yet,
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they will be treated as
a part of the same family.
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Assume that child is not married
but he/she has started earning.
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Then he/she will be treated
as a different family.
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Then he/she can buy a new
house in he/her name.
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You can buy another house in your
name with subsidy on both loans.
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To apply for this scheme, you'll
have to visit your nearest bank.
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You'll have to talk to the bank
and give your income proof
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to prove your income limit. You'll
have to prove that before this
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you didn't have any concrete
house in your family.
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and the flat/house that you'll buy
is under the maximum limit area.
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Same as a normal housing loan, PMAY's
subsidized loan is also given like that.
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You'll get a subsidy or not will
be decided by your bank.
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When bank officers will do a small
inspection and verify all documents
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then you'll get a subsidized loan.
PMAY can be applied online too.
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The website's link will be
given in the description.
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You can apply for PMAY
by filling a small form,
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and go to your bank. If have
any questions or suggestions,
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then let us know in the comments.
Thanks for watching this video.
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We'll meet you soon in another
new video. Jai Hind! Jai Bharat!
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By answering today's question.
One winner will get Rs 51 UPI cash.
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Today's question is now
on your screen.
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What is the interest rate
applicable on the PPF account?
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Your options are on your
screen: 8%, 8.3%, 8.4%, or 7.9%
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If you don't know this answer, then
you can cheat by watching this video.
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Don't answer more than once and
type answers with options.
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Do you that money invested in PPF
is the most secure investment?
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To know more, watch this video.
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If you have not joined our
telegram group till now,
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where we give frequent updates
which can very useful for you.
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So, please use the link in
description to join telegram app
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and join our channel Labour
Law Advisor on it.
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We'll meet you soon in another
new video. Jai Hind! Jai Bharat!
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[Outro Music]
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