No, you cannot convert your existing home loan to Pradhan Mantri Awas Yojana (PMAY). This scheme was launched by the Government of India in June 2015 with an intention of providing homes for the homeless by getting home loan from banks at subsidised interest rate. Following are the eligibility criteria to avail a home loan under PMAY.
• The beneficiary should not have a pucca house on the name of the family members in any part of India.
• The maximum age of the applicant is 70 years.
• In case of a married couple applying for a joint loan, single subsidy will be given.
|
Income Group |
Income level (Per Annum) |
Interest Subsidy |
|
Economically Weaker Section |
Above Rs. 3 Lakhs and below Rs. 6 Lakhs |
6.50% |
|
Middles Income Group 1 |
Above Rs. 6 Lakhs and below Rs. 12 Lakhs |
4% |
|
Middle Income Group 2 |
Above Rs. 12 Lakhs and below Rs. 18 Lakhs |
3% |
If you are looking for a housing loan, you can check your eligibility here for free.