Government is going to provide a big opportunity to Millennial (People between 18-35 years) by making some important amendments in guidelines of PMAY-Urban. Hope this major step would provide real estate sector a big boost. According to these revised guidelines, now young people living in urban areas, aging between 18-35 years will also be eligible to apply for home loan to buy houses under PM Awas Yojana.
Revised PMAY-Urban Guidelines
- Earlier unmarried people, who used to live with their families they were not eligible to apply for PM Awas Yojana. But now government is considering them as a family. Such candidates (Millennial) can also apply for home loan to buy a house on reasonable prices under PMAY.
- Now both husband & wife will be consider as eligible applicants if they meet requirements of PMAY, both of them can make separate application. This was not possible yet.
- Government has made changes in guidelines to consider young people & to encourage them to invest in real estate sector by applying for PMAY Houses.
- Applicants will be given financial assistance of Rs. 2-2.5 lakh under CLSS (Credit Linked Subsidy Scheme) by Central Government. 4% interest subsidy on home loan of Rs. 9 lah & 3% interest subsidy on home loan of Rs. 12 lakh will be provided.
- According to sources, 23% Millennial will shift to their PMAY Houses within upcoming 2-3 years. Though government has already implemented these guidelines in some urban areas now they would be implemented in Noida, Greater Noida & Lucknow.
More updates about PMAY-Urban will be uploaded on this webiste, till then keep visiting us.