Pradhan Mantri Awas Yojna (PMAY)
complete details, apply Online, Subsidy, eligibility, criteria, Income, carpet
Area and latest Modification in PMAY
Pradhan Mantri Awas Yojna (PMAY) is a dream
scheme under Housing for all by 2022 of Prime Minister SHREE NARENDRA MODI.
Under Pradhan Mantri Awas Yojna (PMAY) you get interest subsidy
as your income bracket and carpet area. You are eligible for interest subsidy
under S) Credit linked subsidy scheme (CLSS) in Pradhan
Mantri Awas Yojna (PMAY) for housing loan if you do not have pucca house earlier in your
family. Here, family includes husband, wife and unmarried children. In this
scheme important point to note is that income is considered as income of house
hold or family as described above. Pradhan Mantri Awas Yojna (PMAY) is
for first time home buyer however scheme is extended for extension of toilet,
kitchen etc under EWS and LIG income segment. Nodal agencies for implementation
of the scheme are NHB and HUDCO.
Income criteria and Carpet
Area: Under the Pradhan Mantri Awas Yojna (PMAY) income
and carpet area of house are two deciding factor of your eligibility for
coverage. Income and carpet area are linked with each other and segmented into
four categories for purpose of deciding interest subsidy. These are EWS (Economically
weaker section), LIG (Lower income Group), MIG-I(Middle Income Group-I) and
MIG-II (Middle Income Group-II). Your income will decide your category and simultaneously
rate of subsidy to be received.
EWS (Economically weaker
Section): EWS are defined whose annual income is under 3.00 lacs for
entire family. Carpet area for the group is decided 30 Sq meters. Credit linked
subsidy will be provided at the rate of 6.50% for housing loan amount up to 6.00 lacs
for tenure of 20 years or tenure of loan whichever is lower. Loan amount above
6.00 lacs may be availed but excess amount will not be eligible for subsidy.
LIG (Lower Income Group):
Lower income group are households whose annual income is above 3.00 lacs but
less than 6.00 lacs. Carpet area for LIG is up to 60 Sq meters. Interest
subsidy will be available as per EWS only i.e. at rate of 6.50&% per annum
for loan amount up to 6.00 lacs. Other than above conditions, important
condition for EWS and LIG is that subsidized housing loan should be in the name of
female family member as singly or jointly with other members.
Govt. Has instructed to give
preference to female, widows, members of SC/ST/OBC and minority communities for
the purpose of interest subsidy.
MIG-I (Middle Income
Group-I) MIG is little wider segment on account of income. Majority of
person without house come under this income bracket. For the purpose of
interest subsidy, income of household should be above 6.00 lacs and less than
12.00 lacs. Carpet is 160.00 Sq meters under MIG-I. An interest subsidy is
provided at 4.00% for loan amount up to 9.00 lacs. Loan amount above Rs. 9.00
lacs will be at none subsidized rate. Recently carpet area under MIG-I has been
enhanced from 120 Sq meters to 160.00 Sq meters. Scheme of enhanced carpet area
will remain applicable up to 31 March 2019.
Those who applied after January 2017 and applications rejected, can now
reapply for interest subsidy.
Enhanced scheme will give push to
both real estate sector as well as housing finance industry.
Alos Read:
MIG-II (Middle Income Group-II): MIG is made
for individual house hold of income above 12.00 lacs but less than Rs. 18.00
lacs per annum. This is highest income slab of Pradhan Mantri Awas Yojna
(PMAY). Carpet area applicable for MIG-II is 200.00 Sq meters. An
interest subsidy is provided at rate of 3.00% for loan amount up to 12.00 lacs.
Carpet area for the MIG-II has been recently increased from existing 150 Sq
meters to 200.00 Sq meters.
How to apply to get interest subsidy under Pradhan
Mantri Awas Yojna (PMAY)
1 Apply for housing loan with any prime lending
institution (Banks SBI, Bob, pnb, icici or any else or financial institutions)
2.
Get your loan sanctioned.
3. Apply
for interest subsidy under Pradhan Mantri Awas Yojna (PMAY)
4.
Bank submit your application after due scrutiny to
Govt. Nodal agency.
5.
Approval of claim by Govt Nodal agency.
6.
Amount of subsidy provided to bank for onward
credit to your loan account.
How to apply online for Pradhan Mantri Awas Yojna (PMAY)
You may also apply online for
interest subsidy under the scheme. For online application open Google and type www.pmaygov.in
1.
Click on “ Citizen assessment” and click on “
Benefit under other 3 components”
3.
Fill the Details carefully in next page
4.
Save and Submit the online form for Pradhan Mantri Awas Yojna (PMAY)
5.
Take print out of the form and submit to your Municipality
or nagar palika.
6.
Now you may track status of your online
application.
PMAY is nations dream housing project and govt. is putting all its efforts to make it a grand successful. Scheme will not only provide housing to all but also empower economy specially in real estate sector.
Alos Read:
