Home Loan under PMAY

Home Loan under PMAY

Pradhan Mantri Awas Yojana (PMAY)

Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section (EWS)/Lower Income Group (LIG)/Middle Income Group (MIG), given the projected growth of urbanization & the consequent housing demands in India.
The PMAY mission has four distinct components namely, In-situ Slum Redevelopment with private sector participation using land as a resource, Affordable Housing through Credit Linked Subsidy, Affordable Housing in Partnership with private and public sector and Beneficiary led house construction/enhancement. The central government will provide assistance in the range of ₹100,000 to ₹230,000 under these components.

Features of PMAY

  1. Upfront interest subsidy benefit on principal outstanding
  2. Aadhaar number(s) of the beneficiary family are mandatory for MIG category
  3. Interest subsidy will be available for a maximum loan tenure of 20 years or the loan tenure availed by the borrower whichever is lower
  4. There is no cap on the loan amount or on the cost of property.
  5. The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
  6. The additional loan beyond the specified limits, if any to be at non-subsidized rate.

How to take Home Loan under PMAY?

The applicant should be able to satisfy the eligibility criteria for the applicable group.
1. Income Threshold
To apply for loan under PMAY, the annual income for MIG I should be below Rs 12 lakh and for MIG II it should be between Rs 12 lakh and Rs 18 lakh. The carpet area for the housing unit should be within the permissible limits of the applicable category.
2. Loan Application
The applicant needs to make a loan application to his preferred bank or NBFC. The form will contain details of the applicant, his income, investments, other loans, property details and details of the co-applicant.
3. Subsidy Scheme Application
A PMAY subsidy scheme application form can be downloaded from https://pmaymis.gov.in/. The form can be accessed online under “Citizen Assessment” tab by clicking on “Benefit for other 3 components”. The applicant must enter Aadhaar number and name. Once details are verified, the form can be fi lled up. Applicant’s name, income, number of family members, address, contact number, age of head of the family, religion, caste etc. need to be given.
4. Submission of Loan Documents
The subsidy application should be enclosed as a part of other documents required for the loan application such as income proofs, KYC documents and property related documents.

How to Avail Benefits under the Pradhan Mantri Awas Yojana?

The process of applying for this scheme has been kept very simple so that it easily available to those who it intends to benefit. The application process is a very simple process.
Step 1: Apply for a home loan from any Bank or NBFC whoever you find best for your requirement and providing a subsidy.
Step 2: Visit the official website of PMAY and download the subsidy scheme application form.
Step 3: Take a printout of this form and fill up the required details with accurate information.
Step 4: Submit the filled form along with the required documents to an office accepting these in the nearby locations.
Step 5: If you are found to be eligible your application will be forwarded to CNA.
Step 6: If your application gets approved, CNA will send the subsidy amount to the particular lender who has lent you the money. 
Step 7: This subsidy amount will be credited to your home loan account, hence decreasing the total principal amount of your loan.
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Comments

  1. lakshmiJune 18, 2019 at 12:24 AM

    Good article

    ReplyDelete
  2. AnonymousJune 18, 2019 at 1:09 AM

    Home Loan under PMAY

    ReplyDelete
  3. analyticalspaceJune 18, 2019 at 5:54 AM

    How to avail Home Loan under PMAY?

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    https://www.fundstiger.com/pmay-home-loan/

    ReplyDelete

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