PMAY Home (Pradhan Mantri Awas Yojana) Transforming Home Buying Process
With the introduction of PMAY home (Pradhan Mantri Awas Yojana), the home buying process has become much more affordable. This is owing to the interest subsidies that you can get under this scheme. Launched in June 2015 with intent to provide affordable housing for all, this initiative is slowly unfurling remarkable success in each of its phases.
As per the terms and conditions of the scheme, in order to qualify for PMAY home, you need to ensure that your selected flat belongs to a location earmarked under PMAY directives. You also need to declare with an affidavit that this is your first pucca house purchase. This means that you or your family cannot avail PMAY benefits if you are already a homeowner and own a home anywhere in India. Apart from that having an Aadhaar Card is mandatory if you decide to avail the scheme. Also, you have to be at least 21 years old in order to apply for PMAY.
Now take a look at the ways in which you can claim benefits based on various Pradhan Mantri Awas Yojana eligibility criteria.
Credit-Linked Subsidy Scheme (CLSS)
You can avail home loan subsidies under PMAY home with respect to the Credit-Linked Subsidy Scheme (CLSS). Here are the percentage of CLSS you can claim is based on your eligibility category.
- A subsidy at 4% is available for loans up to Rs 9 lakh, in case you belong to MIG 1 category.
- If you belong to the MIG 2 category then you can avail a subsidy of 3% for loans up to Rs.12 lakh.
- A subsidy of 6.5% is available for loans up to Rs 6 lakh in case you belong to the EWS or LIG segment
- A subsidy of 3% is available for loans up to Rs 3 lakh in case you qualify for PMAY in the rural category under PMAY-G.
Remember that in case your lender approves a bigger loan amount to you, then the subsidy is not applicable on the extra amount. Also, the loan tenor through which you can enjoy the subsidy is 20 years. But, you are allowed to enjoy the subsidy up to a maximum of 30 years if your age at the end of the tenor is less than 70 years.
The government recently has announced a rise in the carpet area. Thus, the time is just right for you to gain from the benefits of PMAY home. The Phase 1 of PMAY developments has already finished so if you are eager to benefit from PMAY, apply now.
The Phase II is already on-going and started in April 2017. It will continue until March 2019 and will span across 200 cities in India. Phase III, or the last stage for PMAY, will span across 2019–2022 covering the remaining Indian cities.
If you are eager to begin your new journey as a homeowner, apply for PMAY and compare home loans based on the most competitive home loan interest rates to apply for a loan that complements the benefits of PMAY home. You can choose a Home Loan of up to Rs.3.5 crore from a leading NBFC like Bajaj Finserv on a nominal interest rate. This loan comes with additional benefits like a 3 EMI holiday, a top-up loan, and customised insurance schemes.
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