Things to Know about Home Loan Subsidy under PMAY
Jan 10, 2019 Real Estate News
The government is revamping the Pradhan Mantri Awas Yojana (PMAY) that intends to cater to the housing need of the weaker section of the society. Credit-linked subsidy scheme is one of the components of the PMAY that promises to pay the weaker part of the society subsidy for home loan taken for renovation or construction of existing homes.
Under the scheme, the applicant with the annual income of more than Rs 6 lacs up to Rs 12 lacs will get the subsidy of 4 percent for a loan component of 9 lacs for 20 years. While for those with an annual income of more than 12 lacs and less than 18 lacs, the subsidy provided will be 3 percent.
Under the scheme, the applicant with the annual income of more than Rs 6 lacs up to Rs 12 lacs will get the subsidy of 4 percent for a loan component of 9 lacs for 20 years. While for those with an annual income of more than 12 lacs and less than 18 lacs, the subsidy provided will be 3 percent.
Eligibility for PMAY
Those who fall under the economically weaker section of the society or lower income group and wish to take the loan of up to 6 lacs, there is an interest subsidy of Rs 6.5 percent for the loan tenure of 15 years under PMAY. The subsidy for loans over 12 lacs will be 3 percent.Facts to know about home loan subsidy
- Home loan applied on or after 17 June 2015, are eligible for the subsidy.
- Adhaar card is must to avail the benefit.
- The loan lender must have executed the Memorandum of Understanding (MoU) with the national housing bank (NHB) and housing and urban development cooperation (HUDCO).
- The beneficiary should not have availed any the central assistance for any housing scheme earlier.
- Annual income shall not exceed Rs 6 lacs.
- The family should not own any pucca house anywhere in India. Though this criterion does not apply for an extension of the house.
- The property shall be purchased in the name of a woman.
- The unit to be constructed or purchased needs to fall under the town limits identified as per 2011 census.
Applicants who fall under the MIG-I and MIG- II category
- The applicants who fall under MIG- I and MIG- II category can avail the PMAY subsidy of up to Rs 2.67 lacs.
- If you fall into the category mentioned above and have applied for a loan on or after Jan 2017, then you are eligible for the subsidy.
- There is a detailed list of the finance companies that are approved by the government for the same, kindly refer to the same before applying for the loan.
- For MIG- I and MIG- II category, your income should not exceed Rs 12 lacs and Rs 18 Lacs.
- For MIG- I category, the carpet area, should not exceed 90 sqm. While for the MIG- II category, the carpet area must not increase 110 sqm.
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