Finance

Check PMAY List to Avail of a Subsidy on Your Existing Home Loan

The Government of India initiated the Pradhan Mantri Awas Yojana (URBAN)- Housing for All initiative to increase homeownership. Its goal was to achieve “Housing for All” by 2022. A subsidy plan known as the Credit Linked Subsidy Scheme (CLSS) was introduced as part of this objective to provide interest subsidies on loans taken out for the purchase, construction, expansion, or improvement of a home. Keeping in mind the predicted increase in urbanisation and the resulting housing demands in India.

 

The PMAYcaters to the Economically Weaker Section (EWS)/Lower Income Group (LIG) and Middle Income Groups (MIG) of the community.

 

The mission tries to meet the needs of the urban poor, primarily slum dwellers, through the following programme verticals: 

 

1.With the help of private developers who use the land as a resource, slum residents are being rehabilitated.

  1. credit-linked subsidies are being used to assist low-income people in locating affordable housing.
  2. Beneficiaries receive a grant to help them build their own homes.

 

As a demand-side intervention, the mission will adopt a credit-linked subsidy component to increase institutional credit flow to meet the housing requirements of the urban poor. On housing loans accepted by qualified urban poor (EWS/LIG) for the acquisition and construction of a house, a credit-linked subsidy will be offered.  How to Get Affordable Personal Loans

 

There are four schemes under the Credit Linked Subsidy for affordable housing: 

 

  1. CLSS – EWS / LIG
  2. Revised CLSS – EWS/LIG
  3. CLSS (MIG-I)
  4. CLSS (MIG-II)

 

Home loan Eligibility under PMAY

 

  1. MIG-I households have an annual income ranging from Rs 6,00,001 to Rs 12 lacs.
  2. MIG-II households have an annual income ranging from Rs.12,00,001 to Rs 18 lacs.
  3. A household with a husband, wife, and unmarried children has been defined as a beneficiary. An adult earning member (regardless of marital status) can be recognised as a separate household and be eligible for subsidies on their own.
  4. In the event of a married pair, either of the spouses or both in joint ownership will be eligible for a single residence, based on the household’s income eligibility.
  5. MIG-I recipients should have a carpeted space of up to 160 sq. meters whereas MIG-II beneficiaries should have a carpet area of up to 200 sq. metres.
  6. Banks must present a consolidated certificate of completion of the housing unit within one year of the construction’s completion or within 36 months of the release of the first instalment of the loan amount.
  7. 8. If the Bank fails to provide a utilization/end usage certificate, the CNA will be refunded the amount of the subsidy.

 

Here is a list for a few states under PMAY scheme

 

Jammu & Kashmir 1.02 Lakh 21,190 20.83%
Jharkhand 8.51 Lakh 5.73 Lakh 67.35%
Kerala 42,431 16,635 39.2%
Madhya Pradesh 22.36 Lakh 15.24 Lakh 68.15%
Maharashtra 8.04 Lakh 4.03 Lakh 50.13%
Manipur 18,640 8,496 45.58%
Meghalaya 37,945 15,873 41.83%
Mizoram 8,100 2,526 31.19%
Nagaland 14,381 1,483 10.31%
Odisha 17,33,022 10,96,413 63.27%
Punjab 24,000 13,623 56.76%
Rajasthan 11,37,907 7,43,072 65.3%

If you fall under any of the categories defined above and meet the PMAY eligibility criteria, apply to enjoy benefits under the PMAY scheme.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *