- Finance

Get home subsidy under PMAY.

About PMAY:

PMYA stands for The Pradhan Mantri Awas Yojana. The Indian government took the most vital step to provide housing to the urban and Gramin poor in the year 2020. 1 June 2015 was the date on which the government launched this scheme. PMAY scheme offered an interest rate starting from 6.50% per annum and worked for 20 years. Do checkout all the details of home loan subsidy to arrive at a good decision.

Deadline and Eligibility Criteria:

The government has extended the deadline for getting benefit from the PMAY scheme to 31 March 2021 for MIG-I and MIG-II that is Middle Income Group I, II having an income of 6-18 lakhs, and 31 March 2022 for LIG that is low-income groups having an income of 3-6 lakhs, and EWS that is an economically-weaker section having an income of 3 lakh.

Before knowing to apply for Pradhan Mantri Aavas Yojana, check your eligibility. It will increase the chances of approval.

Four groups of people are eligible to apply for Pradhan Mantri Aavas Yojana.

  • Economically Weaker Section (EWS): Family’s annual income should not be more than Rs. 3 lakh.
  • Lower Income Group (LIG): Annual household income is between Rs. 3 lakh and Rs. 6 lakh.
  • Middle Income Group I (MIG I): Annual household income ranges from Rs. 6 lakh to Rs. 12 lakh.
  • Middle Income Group-II (MIG II): Family’s annual income is above Rs. 12 lakh but below Rs. 18 lakh.

Moreover, you and your family members do not have your own pucca house anywhere in the country or do not receive the benefit of any other scheme of the government housing scheme.

Plan to increase coverages:

Homebuyers can have an interest subsidy of around Rs. 2.3 lakh. Many Homebuyers complain that some of the banks were not ready to approve the loan applications under the interest subsidy scheme in certain areas in about 100 cities. After this, the Ministry was working on the proposal to increase coverage of the PMAY.

As per the guidance by the ministry, the ministry has decided to include areas under notified planning or development area, under the jurisdiction of an industrial development authority or special, are development authority or urban development authority or any such body under the state legislation.

How it helps:

This scheme offers subsidized home loan interest rates based on your household income. A subsidized home loan means the government provides interest subsidies under the Credit Linked Subsidy Scheme (CLSS). One has started the process of purchasing a home till can apply for PMAY. It is always easy to understand a thing with an example. Suppose someone falling in the MIG II category wants to buy a house that is 60 lakh. After the required minimum payment of 20%, that is 12 lakhs, the balance of 48 lakhs can be manageable through a loan. Under PMAM, the applicable subsidy Will of 3% up to 12 lakhs. Hence, 36 lakh only is the amount on which the interest rate will be applicable.

The government helps to manage a loan for buying a home. That is how PMAY helps in getting affordable housing.

The application process for subsidy:

Under the Slum Dweller category:

To get PMAY benefits under this category, you should follow the below steps.

  • Visit the official PMAY website.
  • Select the ‘For Slum Dwellers’ option from the Citizen Assessment drop-down list
  • Write your aadhar card details and submit them.
  • After successful verification, you will see the redirected page, where you must have to write information about yourself like name, address, employment details, etc.
  • After filling in all the details, fill in the captcha code and click on submit.

Other three categories:

  • Select the ‘For benefits under the other 3 components’ option from the Citizen Assessment drop-down list
  • Write your aadhar card details and submit them.
  • After successful verification, you will see the redirected page, where you must have to write information about yourself like name, address, employment details, etc.
  • After filling in all the details, fill in the captcha code and click on submit.

Banks that offer loans under PMAY:

Ten banks offer home loans under PMAY. Those banks are Bank of Broad, State bank of India, Axis Bank, ICICI Bank, IDFC Bank, Bandhan Bank, Bank of India, HDFC, IDBI, Punjab National Bank, and Canara Bank.

Home is not just a place; It is about our dream, emotion, lifestyle, and much more. Above is the scheme that helps us in affordably building our own house. It is beneficial for you if you come under the eligible category for getting a subsidy.

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