How to Get Subsidy on own house | Pradhan Mantri Awas Yojana | Subsidy Providing Bank list: Our Honourable Prime Minister Shri Narendra Modi introduced the “Credit Linked Subsidy Scheme” (CLSS) under the Pradhan Mantri Awas Yojana (PMAY). By the year 2022, the plan envisions homes for everyone. Under the Pradhan Mantri Awas Yojana, ICICI Bank offers a “Credit Linked Subsidy Scheme.”
Customers from the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) are eligible for an interest subsidy on the purchase, building, expansion, or improvement of a home under this plan (MIG). –
Families with a husband, wife, and unmarried children are eligible to participate in the program. (In the MIG category, an adult earning member can be considered a typical household regardless of marital status.)
Credit Linked Subsidy Scheme – EWS / LIG
The Government of India would offer qualified EWS/LIG beneficiaries a credit-related interest subsidy of 6.50 percent for 15-20 years or the actual duration of the loan, whichever is lesser, under this initiative.
- Those who fall under the LIG (Low Income Group) and EWS (Economically Weaker Sections) categories. The following are the EWS/LIG categories:
- Households with incomes between Rs. 3.00 lacs and Rs. 6.00 lacs • EWS households with an annual income up to Rs. 3.00 lacs
- There is a maximum subsidy of Rs. 2.67 lacs available.
Credit Linked Subsidy Scheme – MIG
- The Ministry of Housing and Urban Poverty Alleviation (MoHUPA) of the Government of India has announced the ‘Credit Linked Subsidy Scheme (CLSS)’ for Urban Areas under the Pradhan Mantri Awas Yojana.
ELIGIBILITY AND COVERAGE
- Either the residence should be in the sole name of the female household member or joint ownership with the wife. This criterion will not be enforced if a home is built on an existing plot or an existing Kuccha/Semi-pucca house is extended or renovated.
- A pucca home should not be owned by the recipient family. “How to Get Subsidy on own house | Pradhan Mantri Awas Yojana | Subsidy Providing Bank list”
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How to Get Subsidy on own house | Pradhan Mantri Awas Yojana | Subsidy Providing Bank list
The Ministry of Housing and Urban Development has established a straightforward method for applying for a home under the program.
The form is two pages long and needs a person to fill in all pertinent information about themselves. Here’s a quick rundown of what each of the pages looks like:
Page 1: On the first page, “Enter Aadhaar Number”. The application moves on to the next screen if the Aadhaar number is validated. The government utilizes an individual’s Aadhaar number to guarantee that they apply for the plan and do not cheat the system.
Page 2: Fill in the applicant’s personal information. They must supply information about the state in which they currently reside, the head of the family, and their present address.
Pradhan Mantri Awas Yojana is divided into two categories:
The Economically Weaker Sections (EWS), Middle Income Groups (MIGs), and Lower Income Groups (LIGs) are considered beneficiaries under the Housing for All by 2022 Scheme under the Other 3 Components.
The yearly income ceiling for the EWS is Rs.3 lakh. Besides, the maximum annual income for LIG is between Rs.3 lakh and Rs.6 lakh.
Now the annual income ceiling for MIG is between Rs.6 lakh and Rs.18 lakh. In contrast, MIG and LIG categories can use the CLSS component. EWS, on the other hand, is eligible for support across all verticals.
Those who live in slums – A slum is defined as an area where 60 to 70 homes, or around 300 people, live in substandard housing.
These areas have an unsanitary environment and lack proper infrastructure, drinking water, and sanitation facilities.
These persons can apply for Pradhan Mantri Awas Yojana’s Housing for All by 2022 Scheme. “How to Get Subsidy on own house | Pradhan Mantri Awas Yojana | Subsidy Providing Bank list”
PMAY CLSS Eligibility
- There are 6,00,001 to 12 lac MIG-I households with an annual income of Rs 6,00,000.
- The income of households in MIG-II is between Rs 12,00,001 and Rs 18 lacs.
- In the event of a married pair, one of the spouses or both in joint ownership will be eligible for a single residence, based on the household’s income eligibility.
- In any area of India, the recipient family should not possess a pucca home (all-weather dwelling unit) in their name or the name of any member of their family.
- For MIG-I recipients, the carpet area of the house should be up to 160 sq. Those of MIG-II get 200 square meters.
- Within one year of the completion of construction or within 36 months of releasing the first installment of the loan amount, banks must present a consolidated certificate of completion of the housing unit. The Bank will reimburse the Subsidy amount to the CNA if the CNA fails to provide a utilization/end usage certificate.
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- If a borrower takes a Home Loan under the scheme and receives interest subvention but then changes to another Bank, the borrower will no longer be eligible for interest subvention.
- Under this program, home loans would be accessible in the form of Term and Maxgain (for loan amounts of Rs. 20 lakh and more than that as per requirement ) with a max of 30 years. However, subsidies are only accessible for a maximum of 20 years.
- A principal-earning son or daughter can purchase a home and receive a separate subsidy for their first home. Eligible for the program is EWS / LIG loans approved on or after June 27, 2017.
- Carpet Space: An apartment’s net usable floor area, omitting the area covered by exterior walls but including the room surrounded by the department’s internal partition walls.
- Useful in the event of repairs and renovations
- Subsidy percentages range from 3% to 6.50 percent.
Pradhan Mantri Awas Yojana Bank List & Eligibility
There are certain banks available that are eligible under this government scheme. “How to Get Subsidy on own house | Pradhan Mantri Awas Yojana | Subsidy Providing Bank list”
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Canara Bank
- Bank of India
- Bank of Maharashtra
- Central Bank of India
- Corporation Bank
Also Read:– Agneepath Yojna In Hindi – Full Details
- To be eligible for the PMAY plan, the recipient household must have an annual income of up to 18 lakh rupees.
- In any area of India, the recipient family should not possess a pucca house in their name or the name of any member of their family.
- The eligible household must not have received central assistance under any Government of India housing project or benefit under any PMAY plan.
- In a married couple, either spouse or both will be eligible for a single subsidy if they own their home together.
|CLSS Scheme Type||EWS and LIG||MIG 1 **||MIG 2 **|
|Eligibility Household Income ( Rs.)||Up to ₹6,00,000||₹6,00,001 to ₹12,00,000||₹12,00,001 to ₹18,00,000|
|Carpet Area-Max (sqm)||60 sqm||160 sqm||200 sqm|
|Interest Subsidy (%)||6.5%||4.00%||3.00%|
|Subsidy calculated on a max loan of||₹6,00,000||₹9,00,000||₹12,00,000|
|Loan Purpose||Purchase/Self Construction/Extension||Self-Construction/Purchase||Purchase/Self Construction|
|Validity of Scheme||31/03/2022||31/03/2021||31/03/2021|
|Max Subsidy (Rs.)||2.67 Lacs||2.35 Lacs||2.30 Lacs|
|Woman Ownership||Yes *||Not Mandatory||Not Mandatory|
How can I check my PMAY subsidy status?
Follow the procedures outlined below to verify your PMAY subsidy status. “How to Get Subsidy on own house | Pradhan Mantri Awas Yojana | Subsidy Providing Bank list”
1: Go to pmaymis.gov.in, the official website.
2: Select the option for Citizen Assessment.
3: Scroll down to the bottom of the menu and select the Track Your Assessment status option.
4: After selecting an option, you will be presented with two options: By Name, Father’s Name, and ID Type, or By Assessment ID.
5: To follow the status of your application, choose one of the two alternatives numbers
6: The applicant can also follow the application status by entering the assessment ID and registering a cellphone number.
PMAY Scheme Guidelines
* Ownership by a woman is not required for development or expansion.
*As of the 15.03.2018 modification, an adult earning member (regardless of marital status) can be considered a typical household. In the event of a married pair, any spouse or both spouses in joint ownership will be eligible for a single residence, based on the household’s income eligibility under the system.
**MIG-1 and MIG-2 loans must be granted on or after January 1, 2017.
- For the MIG category, the beneficiary’s Aadhar number(s) require.
- The interest subsidy will be offered for a maximum of 20 years or the loan length, whichever is shorter.
- HDFC will credit recipients’ loan accounts with the Subsidy in advance, resulting in a lower effective housing loan and Equated Monthly Installment (EMI).
- The interest subsidy’s Net Present Value (NPV) will be computed using a 9% discount rate.
- Any extra loans over the given restrictions, if any, will be charged at a non-subsidized interest rate.
- There is no limit on how much you may borrow or how much you can spend on a home.
Conclusion:- How to Get Subsidy on own house
So these are the detailed answers to your question How to Get Subsidy on own house | Pradhan Mantri Awas Yojana | Subsidy Providing Bank list”. Besides, we also discuss what Pradhan Mantri Awas yojana is.
Indeed, this scheme helps citizens to structure an eco-friendly house. You can check the Subsidy Providing Bank list” to know the advantages under certain circumstances.
If you have any doubt related to our post How to Get Subsidy on own house then you can ask in the comment section below.