PMAY – Applicants Can Avail Benefit Despite Parents Owning a Home
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For those who are looking forward to buying a home under Pradhan Mantri Awas Yojana (PMAY), a good news awaits you. You can now avail the benefits under PMAY scheme even when your parents already own a home. The main aim of the scheme is to provide housing to all. The recent guidelines say that any adult earning member regardless of his/her marital status can be regarded as a separate household, given that the person doesn’t own a pucca house in any part of the country. The guidelines clearly say that the concerned person must not own a pucca house which is registered in his/her name.
The interested applicants have now only nine months time to decide the location, home loan lender & builder and arrange the loan amount to be given as downpayment. Credit Linked Subsidy Scheme(CLSS) was recently introduced for Middle Income Group (MIG) from January 1, 2017. It is referred as CLSS for MIG.