PMAY – Applicants Can Avail Benefit Despite Parents Owning a Home

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.

What This Means For PMAY Loan Seekers ?

This means that children who live in their parent’s house which is owned by them (parents) can also avail benefits under the PMAY scheme provided that they don’t have a house in their name and are earning. Married couples who are living in rented houses will be considered as a separate household even when their parents own a house. In case, they desire to avail the benefits of PMAY, they will be eligible enough to take a single house. The house can be bought by either one of them or jointly. Joint ownership is allowed but both can’t buy two separate houses.

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.

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Personal Loan Interest Rates November 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank12.00% - 17.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates November 2018
State Bank of India/SBI8.70% - 9.25%
HDFC8.80% - 9.70%
Bank of Baroda8.65% - 9.65%
LIC Housing8.70% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank9.00% - 9.25%
Axis Bank8.80% - 9.05%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%