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Pradhan Matri Awas yojana or PM Awas Yojana housing scheme is an initiative by the Indian Government that aims to provide housing facilities to lower-income groups and marginalized sections of the society. The PMAY scheme provides home loans that are subsidized interest rates based on the income group of the applicant. Features of PMAY: The scheme provides subsidized interest rates home loans based on the income of the applicant. For EWS and LIG, who earn up to Rs 6 lakh, the subsidy on interest is 6.5%. For the MIG-1 and MIG-2 category, a subsidy of 4% and 3% respectively is provided under the scheme. The scheme emphasizes fulfilling the housing needs of underprivileged people like STs, SCs, physically disabled, or senior citizens. As per the scheme, loans can be taken for a long tenure of 20 years. PMAY eligibility: No prior government housing scheme is availed by the applicant or any of his family members.  The members of the applicant's family or the applicant should n

From old times till now and in the era's to come, owning a home has been and will remain a valuable investment. However, mismanagement of funds often deprives some people off buying their own homes. For such people, a home loan is a blessing that helps them fulfill their housing dream. Though borrowing a home loan is easy, it is the repayment of the loan that counts and adds to the financial health of an individual. Various ways to repay a home loan are listed as follows: Opting between a fixed or floating repayment plan: A fixed repayment plan is one where the EMIs are fixed due to the fixed rate of interest. A floating repayment plan is one where the EMIs fluctuate with the interest rates that change with the market standards. Step-down repayment option: In the step-down repayment option, the home loan EMIs reduces as the loan tenure moves to the end. It is ideal for people who are near retirement as they pay more in the initial days and less in the later loan period.