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Tuesday 24 May 2022

How to Get Subsidy on own house loan | Pradhan Mantri Awas Yojana (PMAY) |

  Pradhan Mantri Awas Yojana (PMAY)

The Pradhan Mantri Awas Yojana (PMAY) has fulfilled  a series of advantages those who are buying house for first time. A subsidy on your home loan interest is one of the best benefits that PMAY extract to you. For claiming PMAY subsidy  on your home loan is a simple beginning with your eligibility. In case you apply for the Pradhan Mantri Awas Yojana as per your annual income the nrms of the scheme will provide how much carpet area you fulfill.

Eligibility Criteria for Pradhan Mantri Awas Yojana:

In the process you should apply as unmarried individual or as a representative of a family unit that includes your parents, spouse, and unmarried children to get good benefits of Yojana. Apart from basic eligibility requirements you also have to pass  a few income requirements and other elements to get home loan subsidy.

Here are the eligibility requirements for the housing loan subsidy program:

  • In the whole country you should not have any pucca house.
  • The yearly income of the house member should not more than  18 Lakhs.
  • Previously you should not have any type of government help in housing initiatives.
  • On the property paper there should be name of one female member or co-ownership is also permitted.
  • The system is applied according to the listing of towns of Census 2011 and after 2-3 years added.
  • Within 3 years after receiving the loan amount  the building, extension, or renovation of the property for which a house loan has been obtained must be completed.
  •  Already built houses will not be included in the scheme.

Maximum PMAY Subsidy that can be Claimed

In the Pradhan Mantri Awas Yojana you can get subsidy upto Rs.2.67 lakh on your home loan. the amount of subsidy you will be getting is decided from the income group and the total carpet area of the home you purchase.

The points you should keep in the mind:

  • If you are in LIG or EWS categories then you get a 6.5 percent credit-linked subsidy on a home loan up to Rs.6 lakh and if you apply under the EWS  the carpet area of property should be 30 square metres or if LIG then 60 square metres.
  • In MIG I there is credit-linked subsidy of 4% on a home loan of up to Rs.9 lakh. If your home carpet area of 160 square meters, you got  this discount.
  •  IN MIG II category there is credit-linked subsidy of 3% on a home loan of up to Rs.12 lakh. If  your home carpet area of 200 square meters, you can apply for this discount.

 Process of Claim PMAY Interest Subsidy Benefit

The following steps you have to follow to help you under the PMAY scheme:

  • Check the income gateway: If you are thinking for appealing or a PMAY subsidy on your house loan you have  to check that you are eligible in income requirements (EWS, MIG, or LIG). The carpet area of your house  will be decided by your income criterion. By using home loan EMI calculator to figure out how much penny you save on the loan.
  • PMAY application should be filled online: The PMAY application can be applied offline also but it is a very time consuming process so you can apply for PMAY online it will be simple and easy.
  • Visit the  PMAY website for detailed information.
  • Under the ‘Citizen Assessment’ page select the category in which you are applying.
  • You have to link your Aadhaar Card with the application it is compulsory.
  • At next you will be taken to the application form, where you’ll have to fill in your other personal information.
  • For future use Save the application form.

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