PMAY, or the Pradhan Mantri Awas Yojana, is a government initiative designed to make housing more affordable for everyone. If you’re looking to benefit from the subsidy offered by PMAY, it’s essential to understand how the process works. So, let’s dive into what PMAY is all about.
Launched on June 1, 2015, PMAY is a credit-linked subsidy plan that helps people in lower-income groups afford housing. Depending on your income, you can claim a subsidy to reduce your home loan repayment. This scheme supports purchasing a new house or for constructing, improving, and extending an existing one.
Key Points About PMAY:
– You can receive a subsidy of up to Rs. 2.67 lakhs on your loan under this scheme.
– It’s important to note that the scheme doesn’t apply if you switch lenders using the balance transfer system.
– For applications under the Economically Weaker Section (EWS), a female family member must either own or co-own the house you’re borrowing for.
– The scheme is relevant for urban areas, covering 4,041 statutory towns in India.
– To claim the benefits of PMAY, you must provide your Aadhaar number.
– The beneficiary family can include a husband, wife, and unmarried children.
– The scheme was valid until March 31, 2022.
How to Get the PMAY Subsidy:
To take advantage of the PMAY subsidy, follow these steps:
1. Check Your Eligibility:
– You’re eligible if you’re a first-time homebuyer and neither you nor your family owns a permanent home.
– You shouldn’t have benefited from any other government housing scheme before.
– Having a valid Aadhaar card is necessary.
– For the EWS group, your annual income should be below Rs 3 lakh.
– For the Lower Income Group, it should be between Rs 3 lakh and Rs 6 lakh.
– If you’re in the Middle-Income Group – I, your income should be between Rs 6 lakh and Rs 12 lakh, and for Group – II, it should be less than Rs 18 lakh.
If you meet these eligibility criteria, proceed with the subsidy application.
2. Application Process:
– Apply for a home loan from a participating lender under the PMAY scheme.
– Visit the PMAY website to download and fill out the subsidy application form.
– Submit the form to your bank.
– The bank will review your application and confirm eligibility before forwarding it to the National Housing Bank (NHB) for verification.
– Once approved by NHB, the subsidy amount will be sent to the lender.
– The subsidy is then deposited into your home loan account.
The Pradhan Mantri Awas Yojana has enabled many individuals to achieve their dream of homeownership. With the subsidy directly credited to your loan account, there’s no need to visit different offices to get the benefit. So, why wait? Check your eligibility and start your home loan application today.
