People will soon be able to get a home loan under a component of Pradhan Mantri Awas Yojana. According to the source, 30,000 beneficiaries of Pradhan Mantri Awas Yojana will get a housing loan under PMAY component-Credit Linked Subsidy Scheme. Person who have annual income less than Rs. 6 lakh will only be able to get the benefits of this loan facility of the scheme. This loan facility will cover all the beneficiaries across the Kerala state.
According to the statement of executive director of Kudumbasree, the target for each bank for disbursal of loan has been fixed. The initiative aims at ensuring facilitated house for homeless in urban areas by 2022. List of beneficiaries in 11 municipalities in various districts has been finalized and around 26255 beneficiaries has been selected for the project.
Under this component of PM Awas Yojana, bank loans are available for construction of new houses, buying new homes and renovation of homes.
For those with annual income less than three lakhs, houses measuring 30 square meters can be constructed and houses measuring 60sq.m can be constructed using housing loans for those with annual income below Rs. 6 lakhs.