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Home Loan Interest Subsidy Under Pradhan Mantri Awas Yojana (PMAY)
Today buying a house is more economical than renting one. If you are wondering how this is possible then let us explain it for you.
About the PMAY Scheme
Under the Credit Linked Subsidy Scheme or CLSS of the Pradhan Mantri Awas Yojana, you can now avail attractive interest subsidies on your home loan. This scheme divides applicants into the following categories based on their family's annual income --- Economically Weaker Sessions (EWS), Lower Income Group (LIG), Middle Income Group 1 (MIG1), Middle Income Group 2 (MIG2).
Understanding PMAY Scheme
Calculate PMAY Benefit
Annual Family Income
Is this your First Pucca House?
Is Woman Ownership Present in the Property Under Consideration?
Subsidy CategoryMIG-IIMiddle Income Group (MIG)
- If your annual income is up to Rs. 3 lakhs then you will come under
- If it ranges between Rs. 3 lakhs to Rs. 6 lakhs then you will come under the LIG category.
- If it ranges between Rs. 6 lakhs to Rs. 12 lakhs then you will come under the MIG 1 category.
- If it ranges between Rs. 12 lakhs to Rs. 18 lakhs then you will come under the MIG 2 category.
- For the EWS and LIG categories, you can avail an interest subsidy of 6.5% per annum of the first Rs 6 lakhs of your loan amount up to a maximum of Rs 2 lakhs 67 thousand.
- For the MIG 1 category you can avail an interest subsidy of 4% per annum of the first Rs.9 lakhs of your loan amount up to a maximum of Rs. 2 lakhs 35 thousand to purchase of home with a maximum carpet area of 90 sqm - 120 sqm.
- For the MIG 2 category, you can avail an interest subsidy of 3% per annum of the first Rs. 12 lakhs of your loan amount up to a maximum of Rs. 2 lakhs 30 thousand to purchase a home with a maximum carpet area of 120 sqm - 150 sqm.
|Scheme Type||EWS||LIG||MIG-1||MIG - 2|
|Eligibility Family Income||Up to Rs. 3,00,000||Rs. 3,00,000 to Rs.6,00,000||Rs. 6,00,000 to Rs. 12,00,000||Rs. 12,00,000 to Rs. 18,00,000|
|Carpet Area- Max (Sq.m)||30 sqm - 60 sqm||30 sqm - 60 sqm||90 sqm - 120 sqm||120 sqm - 150 sqm|
|Subsidy cal. On a max loan of||Rs.6,00,000||Rs.6,00,000||Rs.9,00,000||Rs. 12,00,000|
|Interest Subsidy (%)||6.5% per annum||6.5% per annum||4% per annum||3% per annum|
|Max Subsidy (Rs.)||2.67 Lakhs||2.67 Lakhs||2.35 Lakhs||2.30 Lakhs|
|Woman Co-Owner||Mandatory*||Mandatory*||Non Mandatory||Non Mandatory|
|Validity of Scheme||31 March 2022||31 March 2022||31 March 2019||31 March 2019|
Here are some important points that you should keep in mind
- There is no restriction on the value of the house being purchased or the loan being availed.
- It is imperative to have a woman co-owner if you are buying a flat under the EWS or LIG scheme.
- In case of any home renovation or extension in the EWS or LIG categories, the carpet Area of the home can be a maximum 60 square meters.
- This scheme is available for those customers who are purchasing or constructing their first home in the family. The family includes husband, wife or unmarried children.
- For MIG 1 and MIG 2 categories, earning adults, irrespective of their marital status can be treated as a separate family.
- PMAY subsidy is only available for pucca houses and located in urban areas only.
To check whether your house falls under the approved locations of PMAY, log on to www.pmaymis.gov.in .
Now, let us focus on some pertinent queries
How do you claim your subsidy?
First, you need to fill up the individual home loan application form provided to you by the lending institution.
The lending institution will then, on your behalf, file for the subsidy to the National Housing Bank (NHB), which will take 45-60 days (post disbursal) to process the claim.
How will you receive your claim?
Your claim will be received directly by the lending institution and will be adjusted against your principal amount with intimation to you. This will in turn, reduce your loan tenure or your EMI whichever you choose.
Will you get your claim in one go or in instalments?
Claim will be received based on your disbursal status. If your loan is disbursed completely in one go, then you can claim the subsidy in one go. And if you choose part disbursement, you can avail the subsidy benefits also in parts.
So, what are you waiting for? Get your home loan disbursed from any home loan financial institution and book your 'Siddha Dream' right now.
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Siddha Town Madhyamgram
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