What is the interest rate for PMAY loans?

The interest rates for loans under the Pradhan Mantri Awas Yojana (PMAY) can vary as they are determined by the lending institutions such as banks, housing finance companies, and other financial institutions. However, the government provides interest subsidies to eligible beneficiaries based on their income category. Here are the applicable interest subsidy rates for PMAY loans:

1. Economically Weaker Sections (EWS) and LowIncome Groups (LIG):
EWS and LIG beneficiaries are eligible for interest subsidy ranging from 3% to 6.5% on home loans up to Rs. 6 lakh. The actual interest rate charged by the lending institution will depend on their prevailing rates and the subsidy amount provided.

2. MiddleIncome Groups (MIG):
a. MIGI beneficiaries are eligible for an interest subsidy of 4% on home loans up to Rs. 9 lakh.
b. MIGII beneficiaries are eligible for an interest subsidy of 3% on home loans up to Rs. 12 lakh.

It's important to note that the interest rates applicable to PMAY loans are subject to the policies and terms of the lending institutions. Therefore, it is advisable to check with various banks or financial institutions to compare the interest rates, terms, and conditions they offer for PMAY loans. Additionally, the interest rates and subsidy amounts may be subject to change, so it's recommended to refer to the official PMAY website or consult with the respective lending institution for the most uptodate information.