Where Can I Find Information About The Pmay Home Loan Subsidy?

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Credit-Linked Subsidy Scheme (CLSS), which is part of the Pradhan Mantri Awas Yojana (PMAY), was launched by the government to provide housing to groups of people who are a part of the following socioeconomic groups:

  • Those who are economically weaker (EWS)
  • Groups with low incomes (LIGs)
  • MIG-I (Middle-Income Group)
  • MIG-II (Middle-Income Group)

Based on the borrower’s household income, various subventions are offered to the borrower in the form of a substantial home loan subsidy for the total interest that must be paid on a home loan, and the home loan interest rate is reduced. To take advantage of the benefits of the same, you must buy a new or resale house or build a new place. 

A borrower can also take advantage of the PMAY scheme for home loan subsidy if they are upgrading their home into one constructed with solid, all-weather-resistant materials that will meet the borrower’s needs in the future. It is essential to ensure that you are eligible for the PMAY CLSS subsidy to take advantage of the program.

There are two critical components of the PMAY scheme currently in operation:

  1. Pradhan Mantri Awas Yojana- Urban (PMAY- U): The PMAY-U primarily addresses the problem of slum settlements in cities and the space crunch resulting from the increasing number of people migrating.
  2. PMAY-G (Pradhan Mantri Awas Yojana for Gramin): The PMAY-G is solely concerned with providing housing for rural people living in kaccha or temporary houses.

This article will take a closer look at how you can take advantage of the subsidy offered to PMAY beneficiaries. 

Under the PMAY scheme, you can get a subsidy for your home loan by following these steps:

  1. Make sure you meet the income threshold: Before applying for a PMAY subvention for your home loan, you must first make sure that you meet the income threshold set within the scheme to qualify for the subvention ( for example, EWS, MIG, and LIG).You can avail of the PMAY scheme based on the carpet area of your residential property, which depends on the income threshold for which you’re applying.
  1. Application for PMAY Online: If you wish, you can apply for PMAY online and offline. Even though offline applications are filled out manually, you can use the following steps to apply online for the Pmay program –
  • Step 1: Go to https://pmaymis.gov.in to visit the official PMAY website.
  • Step 2: Select the appropriate category for your application under the ‘Citizen Assessment’ tab
  • Step 3: To link your Aadhaar Card to your application, you will need to supply your Aadhaar Card details (This is mandatory)
  • Step 4: Once you have completed the application form, you will be redirected to a page where you will be required to enter your other personal details.
  • Step 5: Select the’ Save’ button to save your PMAY application for future use.
  1. Follow the steps in your loan application: Once the PMAY application has been completed (online or offline), you will need to visit an NBFC or bank to apply for a housing loan subsidy. 

As part of the PMAY application process, the borrower will also be required to submit other documents, such as proof of income, investment details, details of property ownership, and information about the co-applicant.

Eligibility parameters for PMAY:

  • Applicants must be married, have at least one unmarried child, and be family members of the scheme. Family members who earn an income as adults regardless of their marital status can be considered separate households under the MIG category.
  • A pucca house must not be owned by any beneficiary family member in any part of India.
  • Married couples will be eligible for a single subsidy if either spouse owns the property jointly.
  • No government housing scheme, including PMAY, should have benefited the beneficiary families.
  • The subsidy cannot be reclaimed by home loan borrowers who receive the subsidy but then switch lenders for a balance transfer.
  • Beneficiaries must provide aadhaar numbers under the MIG income group to receive the subsidy.

Conclusion

A borrower can also take advantage of the PMAY scheme for home loan subsidy if they are upgrading their home into one constructed with solid, all-weather-resistant materials that will meet the borrower’s needs in the future. It is essential to ensure that you are eligible for the PMAY CLSS subsidy to take advantage of the program.