The Pradhan Mantri Awas Yojana
introduced by the Indian Government is the most talked-about schemes. According
to the program, the Government aims to eliminate slum concerns and replace them
in pucca houses. The targets both rural and urban India and the aim is to build
4 crore homes by 2022 when India completes 75 years of Independence.
One of the primary reasons
people opt for PMAY is the subsidy it offers. This subsidy program is called Credit-Linked
Subsidy Scheme. It allows the lower section of India to become house owners by getting
loans at subsidized interest rates. This article explains the essential
information about the same –
Beneficiaries: Under the PMAY
scheme, the Indian Government launched a sub-scheme which makes houses
readily available to the society at affordable rates, especially when the real
estate prices are high. This categorization gets done based on each group’s
income level. Such applicants can take out a home loan under CLSS and receive subsidized interest rates. The subsidy should be in accordance with the annual
household salary of the applicant. The subsidy benefit can be avail of for
purchase as well as resale purpose. You could also use the scheme for
construction of the property on a piece of land. You also have the facility of
converting a kuccha house into a pucca one, i.e. home improvement credit.
The groups who benefit from
the CLSS scheme are –
|
Income
Group
|
Annual
Household Income
|
|
Economically Weaker
Sections (EWS)
|
Under ₹300,000
|
|
Low-Income Groups (LIG)
|
₹300,000 to ₹600,000
|
|
Middle Income Group 1
(MIG 1)
|
₹600,000 to ₹1,200,000
|
|
Middle Income Group 2
(MIG 2)
|
₹1,200,000 to ₹1,800,000
|
Eligibility:
For accessing the benefits of subsidy
under Pradhan
Mantri Awas Yojana, you need to match eligibility criteria set by the
Government. They are as follows –
·
You must live in a nuclear family which
includes your spouse and unmarried children. The primary applicant must be an earning
adult, for example, an unmarried son.
·
None of the family members must have or
own a pucca house across India.
·
You could apply for joint home loans with
your spouse, with either of them being the beneficiary. Remember, couples
cannot apply individually. CLSS is available only on a single loan.
·
You or your family members should not have
received any benefits or concession from the Government housing schemes.
·
If you already have a subsidized housing
loan, you are ineligible for the CLSS scheme and switched to another lender for
a balance transfer.
·
If you are from the MIG groups, you must
provide your Aadhaar details for availing the benefits of this scheme.
Claiming the subsidies –
·
The lender provides your details to NHB
once the loan gets disbursed.
·
The nodal agency reviews the details
provided and approves of the subsidy if you are eligible.
·
Once the lender receives the amount from
the nodal agency, it gets credited to your loan account and gets adjusted
accordingly.
You can get the subsidy under two central
nodal agencies – the Housing and Urban Development Corporation (HUDCO) and the
National Housing Bank (NHB). These agencies would in coordination with leading
financial institutes, which thereby helps the beneficiaries for availing subsidized rates on housing loans.
