How to Avail Home Loan Subsidy Under PMAY Scheme 2021

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Pradhan Mantri Awas Yojana is a flagship project of the Government of India which aims to provide housing facilities to all Indians. Under Pradhan Mantri Awas Yojana the “Credit Linked Subsidy Scheme” (CLSS) purposes financial aid in the form of interest subsidy for housing to eligible Indians without a pucca house. 토토사이트 Under PMAY CLSS, the interest subsidy is provided on loan for purchasing of a new house or to second buyers for construction of a new house, and extension or improvement of an existing house. The purchasing or reconstruction of houses should fall under authorized builders and legal land.

How to Avail of PMAY Home Loan Subsidy

Check Your Eligibility Criteria

Any citizen who is above 21 years and doesn’t own a pucca house is eligible to avail home loan under the PMAY scheme as a single individual or as a representative of a family. Here, the term family includes parents, spouse, and their unmarried children. None of the members of the family should own a pucca house in their name in any part of India. Furthermore, family income is another criterion for deciding PMAY subsidy eligibility.

Check Your Income Category

There are three income categories based on the annual income of the family. Any citizen of India belonging to the Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) is eligible for availing of a loan under the PMAY scheme. You must check under which income category you fall before applying for a loan subsidy. The annual income for EWS should not exceed Rs.3 lakh per annum and that for LIG should fall between Rs.3 to Rs.6 lakh per annum. The MIG group on the other hand is further sub-categorised into two sub-groups- MIG(I) and MIG(II) with an annual income ranging in the bracket Rs.6 to Rs.12 lakh and Rs.12 to Rs.18 lakh, respectively.

PMAY CLSS Application Procedure

PMAY is categorized into two groups based on the region: Pradhan Mantri Awas Yojana Gramin/Rural and Pradhan Mantri Awas Yojana Urban. Identify your region based on the area where you reside and the area where you would wish to avail of a loan. 

Both online and offline facility is available for filling the application form for availing PMAY home loan subsidy. The online form can be filled by visiting the official website of PMAY, whereas the offline form can be obtained through Common Service Centre available in the local area.

Check Your Name in PMAY List for PMAY Beneficiary

The PMAY List is released by the government based on the survey done under Socio-Economic and Caste Census (SECC) 2011, and the village panchayat. The PMAY List is for EWS and LIC, which aims to identify the eligible candidates for PMAY benefits. To check for your name in the PMAY beneficiary list, possessing an Aadhar card is mandatory. Visit the official website of the scheme and use your Aadhar number to check if you fall under one of the categories. 

Apply for PMAY Subsidy 2021

You can avail of PMAY subsidy 2021 status as per your income threshold. In the EWS category, the beneficiary can claim an interest subsidy of up to 6.5%, amounting to Rs.2.60 lakh for a maximum loan amount of Rs.6 lakh. The LIG is also subjected to a 6.5% interest subsidy, where the loan amount also remains the same, i.e., Rs.6 lakh. The subsidy benefit amounts to Rs.2.67 lakh for EWS and LIG categories.

The Middle Income Group are eligible for 4% and 3% interest subsidy across two categories -MIG(I) and MIG(II). The subsidy provided over the loan amount for MIG(I) and MIG(II) cannot exceed Rs.2.35 lakh and Rs.2.30 lakh, respectively.

Process of Availing Loan Subsidy Under PMAY

PMAY subsidy can be availed of as per one’s income threshold. Fill in the application form based on your eligibility, check the category under which your income falls: EWS, LIG, MIG (I), or MIG(II). The forms are available both online and offline. 

The process of availing of loans under PMAY is the same as other home loans from various lenders. You need to visit the official website to apply for subsidy benefits. The other process remains somewhat same. The processing charges for a home loan are also less for EWS and LIG category applicants under the PMAY CLSS scheme. The lenders do charge a nominal fee as GST, and if the loan amount exceeds the subsidy limit, then the lenders charge routine interest rates and processing fees for the excess amount.

Loan availed of under the PMAY CLSS scheme can be availed of for up to 20. Apart from the subsidy benefits for home loans under PMAY, one can also get tax exemption as indicated in the Income Tax Act of 1961. Availing of PMAY subsidy is simple, and by following the correct procedure, you can easily enjoy the various benefits associated with taking a home loan under it.

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