PMAY or Pradhan Mantri Awas Yojana is the UPA government’s gift to the nation. With this scheme, the government has made homeownership a simple task for one and all. With a motto to promote ‘housing for all’ by 2020, the policy has been undergoing many additions to suit the home buying needs of every Indian citizen. So, if you wish to turn your dream of owning a home into reality, take a housing loan under Pradhan Mantri Awas Yojana in 2019.
How to Understand if You are Eligible for PMAY?
You are eligible for PMAY under the following categories based on parameters like your household income, total carpet area of the home you want to buy, and your demographic position.
- To Qualify under PMAY-U (Urban)
The PMAY Urban scheme can be further divided into three categories: Economical Weaker Sections (EWS), Low Income Group (LIG) and Medium Income Group (MIG). In order to qualify for EWS/LIG, your annual household income must be between Rs.3 lakh to Rs.6 lakh. To qualify for MIG-I category, your annual household income should be within Rs.6 lakh to Rs.12 lakh. Further, to qualify for MIG-II category, your annual household income must be between Rs.12 lakh to Rs.18 lakh.
- To Qualify under PMAY-G (Gramin)
The PMAY Gramin scheme takes into consideration the census records in order to tabulate the beneficiary list. The government officials select beneficiaries listed as rural contenders under the Socio Economic Caste Census of 2011. These lists are then sent across to individual Gram Sabhas or Panchayats in India for verification. Once approved, this becomes the final eligibility list for that particular rural area or village. So, in order to qualify for Pradhan Mantri Awas Yojana Gramin your name must appear in the final list for your area or region.
What are the Interest Subsidy Guidelines for Pradhan Mantri Awas Yojana?
After you fulfil the PMAY eligibility criteria, you can claim CLSS or credit-linked subsidy benefits. Here is how the subsidy for each group is calculated for Pradhan Mantri Awas Yojana scheme.
– The EWS and LIG category is allowed a credit-linked subsidy of 6.5% on a housing loan of up to Rs.6 lakh.
– The MIG I category is allowed credit-linked subsidy of 4% on a housing loan of up to Rs.9 lakh.
– The MIG II category is allowed credit-linked subsidy of 3% on a housing loan of up to Rs.12 lakh.
– As an exception to the PMAY-U subsidies, you can claim a credit-linked subsidy on your housing loan that you use to fund construction or renovation for your existing property under the PMAY-G scheme.
How to Apply for Pradhan Mantri Awas Yojana and Claim Subsidies
You can apply for PMAY online using the website pmaymis.gov.in or apply offline at your nearest Common Service Centres (CSC). If you choose to apply online, then head to the PMAY website, select your category and verify your identity using your Aadhaar number. As a next step, fill in the relevant details on an application form. Once you finish, submit it to complete your application process. Alternatively, if you visit a CSC you must carry your Aadhaar card with you. Pay just Rs.25 to get an e-KYC form. Fill in and submit this form to complete your offline application. Thereafter you will be given an acknowledgement number. Keep this handy to track the status of your application in future.
After you get an approval on your PMAY application you can apply for a housing loan with a lender enlisted under the scheme. You will get the subsidies on your home loan via the lender from whom you take the loan. This is because the lender on your behalf claims the subsidy from the government. They credit the subsidy amount to your bank account as soon as they receive it from the government. So, selecting a trusted lender in this case will increase your chances of getting the subsidy on time. Compare varied loan offers basis home loan interest rates and choose trusted lenders for your Home Loan. With this information, gear up to benefit from Pradhan Mantri Awas Yojana and enjoy a subsidy of up to Rs.2.67 lakh on your housing loan.