Pradhan Mantri Awas Yojana (PMAY), a scheme initiated by the government to promote ‘housing for all’, plans to construct 22 million houses by the end of March, 2022. This scheme pays special attention to the financially weaker sections of the society. It is broadly classified into three segments and divides beneficiaries on the basis of income as Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle Income Group (MIG). Based on the segment you qualify for, you will get an interest subsidy on your home loan as a part of the Credit-Linked Subsidy Scheme (CLSS) put forward by PMAY.
Here is the complete process using which you can claim this subsidy on your home loan.
Checking if You are Eligible for PMAY
In order to avail PMAY scheme benefits, you must either apply as an unmarried individual or as a representative of a family unit that includes your parents, spouse, and unmarried children. To qualify, you cannot be the owner of a pucca house. Other than that, having an Aadhaar Card is a compulsory prerequisite of the Pradhan Mantri Awas Yojana eligibility criteria. If you are an EWS or LIG applicant, your combined household income should be between Rs.3 lakh to Rs.6 lakh. On the other hand, to qualify as a MIG-I applicant, your annual household income should be between Rs.6 lakh and Rs.12 lakh. Alternatively, as a MIG-II applicant, your annual household income must not exceed Rs.18 lakh.
How You can Claim Subsidy
Here is the complete process using which you can claim this subsidy on your home loan.
Checking if You are Eligible for PMAY
In order to avail PMAY scheme benefits, you must either apply as an unmarried individual or as a representative of a family unit that includes your parents, spouse, and unmarried children. To qualify, you cannot be the owner of a pucca house. Other than that, having an Aadhaar Card is a compulsory prerequisite of the Pradhan Mantri Awas Yojana eligibility criteria. If you are an EWS or LIG applicant, your combined household income should be between Rs.3 lakh to Rs.6 lakh. On the other hand, to qualify as a MIG-I applicant, your annual household income should be between Rs.6 lakh and Rs.12 lakh. Alternatively, as a MIG-II applicant, your annual household income must not exceed Rs.18 lakh.
Home
Loan
Interest Subsidy
As a first-time homeowner, you will get PMAY interest subsidy on your home
loan taken to finance the purchase or construction of your home. Under the CLSS scheme, as a MIG-I applicant, you can claim a subsidy of up to 4% on a home loan of up to Rs.9 lakh. Similarly, as a MIG-II applicant, you can claim a 3% subsidy on a home loan of up to Rs.12 lakh. However, as an EWS or LIG applicant your claim for subsidies can go up to 6.5% provided your home loan amounts to Rs.6 lakh. This maximum cap means that in case your lender sanctions you a higher loan amount, then you can claim subsidies on your loan up to the maximum cut-off and the rest of the loan will not be covered under the subsidy scheme.
loan taken to finance the purchase or construction of your home. Under the CLSS scheme, as a MIG-I applicant, you can claim a subsidy of up to 4% on a home loan of up to Rs.9 lakh. Similarly, as a MIG-II applicant, you can claim a 3% subsidy on a home loan of up to Rs.12 lakh. However, as an EWS or LIG applicant your claim for subsidies can go up to 6.5% provided your home loan amounts to Rs.6 lakh. This maximum cap means that in case your lender sanctions you a higher loan amount, then you can claim subsidies on your loan up to the maximum cut-off and the rest of the loan will not be covered under the subsidy scheme.
How
to Apply
for PMAY
You can either apply online or offline for PMAY. For applying online, you need to log on to the PMAY website, pmaymis.gov.in, select your category, verify your identity using your Aadhaar number and fill in the required relevant information using an online application form. Once you are done, re-check your information and submit it online.
For applying offline, you need to visit your nearest Common Service Centres (CSC). You will have to furnish your Aadhaar card and photo for identification and then pay just Rs.25 to get an e-KYC form. After you fill in this form and submit it, you will receive an acknowledgement receipt with an application number. You will get this reference number as acknowledgment even when you submit your application online. Use this number to track your application.
For applying offline, you need to visit your nearest Common Service Centres (CSC). You will have to furnish your Aadhaar card and photo for identification and then pay just Rs.25 to get an e-KYC form. After you fill in this form and submit it, you will receive an acknowledgement receipt with an application number. You will get this reference number as acknowledgment even when you submit your application online. Use this number to track your application.
How You can Claim Subsidy
As soon as you enrol for PMAY, you can immediately apply for a home loan with a lender of your choice based on the ones enlisted under PMAY. Here, be sure to compare various loan offerings based on the home
loan rates. In order to make the most of the scheme and enjoy added benefits on your Home Loan, you can take a loan of up to Rs.3.5 crore from leading NFBCs.
Once you receive your home loan amount, the lender will claim subsidy on your behalf from the government. When the lender receives the subsidy, they will credit it into your home loan account and your EMIs will change accordingly.
Armed with thin information, get ready to claim your share of benefits under PMAY and enjoy a subsidy of up to Rs.2.67 lakh on your home loan.
Armed with thin information, get ready to claim your share of benefits under PMAY and enjoy a subsidy of up to Rs.2.67 lakh on your home loan.
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