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Monday, 21 October 2019

How to Avail PMAY Subsidy?

PMAY or the Pradhan Mantri Awas Yojna is an urban scheme by the current government of India for providing housing for all. Under the Pradhan Mantri Awas Yojna or PMAY central assistance will be provided to urban local bodies or other implementing agencies through the states or UTs for the rehabilitation of slum dwellers through private partnership, credit-linked subsidies, affordable housing and subsidy for individual house construction or even enhancement.



The PMAY subsidy covers all 4041 statutory towns with a focus on 500 class I towns across the country. The mission will support the construction of houses up to 30 square meter carpet area with basic civic infrastructure and meet the requirements of structural safety against earthquakes, floods, cyclones and landslides, etc., conforming to National Building Code.

For a first-time home buyer, one can get a subsidy of up to INR 2.67 Lac from the government for the home loans under the Pradhan Mantri Awas Yojna or PMAY., this subsidy helps thousands to fulfil their dream of having an own house.

If you are wondering how to avail the PMAY subsidy for home loans or are looking to apply for a home loan online and avail the PMAY subsidy, here are the eligibility criteria one needs to be aware of:

Criteria for availing under EWS/ LIG scheme

1. Home Loans obtained on or after June 17, 2015 qualify for PMAY subsidy under the EWS/ LIG scheme
2. Mandatory submission of Aadhar numbers for all adults in the household
3. Ensure that the Bank, Housing Finance Company or the Financial Institution financing your home loan has executed an MOU with National Housing Bank (NHB) or the Housing and Urban Development Corporation (HUDCO). One can check the complete approved list from the below link:
http://www.mhupa.gov.in/writereaddata/EWS%20LIG_PLIs_aug.pdf 
4. One should not have availed any central assistance under the Housing Scheme from the Government of India.
5. The family should not have an existing pucca house anywhere in the country
6. The ownership of the property should be the female member of the family
7. The proposed property should be in the list of approved statutory towns
8. The annual household income should exceed INR 6 Lakhs

Criteria for availing under CLSS - MIG 1 Scheme

1. The maximum subsidy is up to INR 2.35 Lacs
2. Home Loan should be obtained on or after January 1, 2017
3. Ensure that the Bank, Housing Finance Company or the Financial Institution financing your home loan has executed an MOU with National Housing Bank (NHB) or the Housing and Urban Development Corporation (HUDCO). One can check the complete approved list from the below link:
 http://www.mhupa.gov.in/writereaddata/MIG_PLIs_aug.pdf
4. Like the EWS/ LIG scheme, one should not have received any central government assistance for Housing Schemes
5. For MIG 1, the annual housing income should be between INR 6 Lacs to INR 12 Lacs
6. For MIG 2, the annual housing income should be between INR 12 Lacs to INR 18 Lacs
7. The family members should not have a puck house anywhere in India
8. The maximum carpet area for availing subsidy shall not exceed 90 square meters in case of MIG 1
9. The maximum carpet area for availing subsidy shall not exceed 110 square meters in case of MIG 2

Additional Details for Credit Linked Subsidy are as follows:

1. The credit linked subsidy will be provided on home loans taken by eligible urban poor for acquisition or construction of the house
2. Housing Finance or other financial institution offering home loans to economically weaker section (EWS) and low-income groups (LIG) will get interest subsidy at 6.5% for 15 years
3. Interest subsidy will be credited upfront to the loan account of beneficiaries through the lending institution itself.
4. The interest subsidy will result in reduce effective loan and eventually the equated monthly instalments or EMIs


Let us have a look at the key parameters

Particulars
EWS
LIG
MIG 1
MIG 2
Household Income
Up to 3 Lac
3 Lac - 6 Lac
6 Lac - 12 Lac
12 Lac - 18 Lac
Loan Eligibility
6 Lac
6 Lac
9 Lac
12 Lac
Interest Subsidy
6.5%
6.5%
4%
3%
Tenure
20 years
20 years
20 years
20 years
Max Carpet Area (Square Meter)
30
60
160
200
Discounted Net Present Value
9%
9%
9%
9%
Max Subsidy
INR 267280
INR 267280
INR 235068
INR 230156
Processing Fee (INR)
3000
3000
2000
2000
Scheme Applicable Since
17/June/2015
17/June/2015
01/Jan/2017

01/Jan/2017

No Pucca house condition
No Renovation
No Renovation
Yes

Yes

Female Ownership
Mandatory
Mandatory
Not Mandatory
Not Mandatory
Basic Civic Infra
Mandatory
Mandatory
Mandatory
Mandatory
Building Design Approval
Mandatory
Mandatory
Mandatory
Mandatory
Construction Quality
As per the National Building Code, BIS and NDMA Guidelines
As per the National Building Code, BIS and NDMA Guidelines
As per the National Building Code, BIS and NDMA Guidelines
As per the National Building Code, BIS and NDMA Guidelines

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