home loan subcidy process

 How to help Home Loan Subsidy Under Pradhan Mantri Awas Yojana? 

 

 Pradhan Mantri Awas Yojna( PMAY) – Credit Linked Subsidy Scheme( CLSS) is a government scheme launched with an end to make buying home easier for 

Economically Weaker Section( EWS) 

 Low Income Group( LIG) 

 Middle- Income Group 1( MIG- I) 

 Middle- Income Group 2( MIG- II) 

The scheme offers subsidized home loan interest rates grounded on your ménage income. The benefit can be profited not only on the purchase of a new/ resale house but also on the construction, extension or enhancement of being kucha/semi-pucca houses. To mileage the home loan subvention, you must be first eligible for it. In this post, we will guide you on how you can mileage subvention under the PMAY scheme. 

 PMAY Eligibility Criteria 

 To pierce PMAY benefits, you must fulfill the following eligibility criteria 

PMAY Basic Eligibility Parameters 

 The scheme is for devisee families comprising of a hubby, woman

 and unattached children. An adult earning member of a family irrespective of connubial status can be treated as a separate ménage in MIG order. 

 The devisee family shouldn't enjoy a pucca house in the name of any family member across India. 

 In the case of wedded couples, either of the partner or both together in common power will be eligible for a single subvention. 

The devisee families shouldn't have served under any government casing scheme including PMAY. 

 Home loan borrowers, who profited the subvention but latterly on switched to another lender for a balance transfer, won't be eligible to claim the benefit again. 

 Beneficiary families under the MIG income group mandatorily need to furnish their Aadhaar figures to mileage the benefit of the subvention. 

 PMAY Eligibility limit as Per Income Criteria 

1. EWS/ LIG 

 

 Eligible Family Income The periodic ménage income as per the income order must be 

 EWS – UptoRs. 3 lakh 

LIG – BetweenRs. 3 lakh andRs. 6 lakh 

 Woman Power Woman power is obligatory. The house, whether new or living, should be in the name of an adult womanish member of the family or in common power with the woman

 ( if wedded). The condition isn't obligatory in case of house construction or extension/ addition of an being kuccha/semi-pucca house. The house can be solely in the name of a manly member of the ménage, handed there's no adult womanish member in the family. 

 Carpet Area The maximum carpet area of the house below the scheme must be 

 EWS Upto 30sq. mts. 

LIG Upto 60sq. mts. 

 2. MIG( I & II) 

 

 Eligible Family Income The periodic ménage income as per the income order must be 

MIG- I BetweenRs. 6 lakh andRs. 12 lakh 

 MIG- II BetweenRs. 12 lakh andRs. 18 lakh 

 Woman Power Woman power isn't obligatory. 

 Carpet Area The carpet area of the house under the scheme must be 

MIG- I 160sq. mts. 

 MIG- II 200sq. mts. 

 

 Process to Claim PMAY Interest Subsidy Benefit 

The home loan interest subvention under PMAY is routed through 2 central nodal agencies – Housing & Urban Development Corporation( HUDCO) and NHB. These government institutions direct the subvention to thepre-listed lending institutions, which further help the eligible heirs to mileage the interest subvention benefit. https//www.paisabazaar.com/home-loan/pmay-urban/ The process to claim PMAY interest subvention benefit is given as follows 

 

 After your home loan is expended, the lender will shoot the needed details to the National Housing Bank( NHB) for data confirmation and other checks. 

 NHB after due industriousness approves the subvention to eligible borrowers. 

The subvention quantum will be expended to the lender for all eligible borrowers. 

 On entering the subvention quantum from NHB, the lender will credit the same to the separate home loan account of the borrower and will be acclimated in the loan consequently.