How can I get a subsidy loan?

Subsidy can be availed on home loans that were approved on or after 1 January 2017. Applicants who fall under MIG – I category can avail subsidy at the rate of 4% with the maximum loan amount being Rs. 9 lakh. The maximum loan term taken into consideration for calculation of subsidy is 20 years.

How do I apply for a subsidy loan?

Step 1: Apply for a home loan from any Bank or NBFC whoever you find best for your requirement and providing a subsidy. Step 2: Visit the official website of PMAY and download the subsidy scheme application form. Step 3: Take a printout of this form and fill up the required details with accurate information.

Who is eligible for home loan subsidy?

The middle-income earner category

And the Middle Income Group (MIG) – II will comprise of households that have an annual income between Rs 12,00,001 up to Rs 18,00,000. So, effectively anyone earning between Rs 6 lakh and Rs 18 lakh per annum can avail the benefits of subsidized loans provided other conditions are met.

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How can I apply for Pradhan Mantri home loan subsidy?

You need to have an Aadhaar Card to apply for the Pradhan Mantri Awas Yojana. To be eligible for PMAY under EWS category, your annual household income should be below Rs. 3 lakhs. To be eligible for PMAY under the LIG category, your combined annual household income should be between Rs.

How much is the subsidy for home loan?

PMAY – CLSS TABULAR GUIDELINES

Criteria Existing Instructions(CLSS – EWS +LIG) Revised Instructions (CLSS – EWS +LIG)
Subsidy % 6.50% 6.50%
Subsidy Amount Rs. 2.20 lakhs Rs. 2.67 lakhs
NPV 9% 9%
Max term of loan (on which subsidy will be calculated) 15 yrs 20 yrs

How much time does it take for PMAY subsidy?

How Much Time Does it Take to Get PMAY Subsidy? It may take anywhere between 3-4 months to receive subsidy amount, after complete verification by the government.

Can I apply for PMAY after taking loan?

Yes, you can apply for PMAY after the loan is disbursed. But you may need to do it very quickly else you might lose out on having PMAY benefits. Check with the bank or any other lending institution as to how later you can apply for PMAY after the loan disbursement.

Who is not eligible for PMAY?

✅Who is not eligible for PMAY? Individuals who already have a pucca house in the country or have availed benefit from a central/state government-run housing scheme earlier or the annual income is more than ₹ 18 lakhs; are not eligible for loan under PMAY.

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How do I know if I qualify for PMAY?

Pradhan Mantri Awas Yojana Eligibility

  1. An applicant/family/household should not own a pucca house in any parts of the country either in his name or any of his family member’s name.
  2. An applicant must not have availed any central/state assistance under any housing scheme from Government of India ever.

How can I get government subsidy for home loan?

Applicants who fall under MIG – I category can avail subsidy at the rate of 4% with the maximum loan amount being Rs. 9 lakh. The maximum loan term taken into consideration for calculation of subsidy is 20 years. Under the scheme, the maximum subsidy amount is Rs.

Which bank is best for PMAY loan?

Bank of Baroda extends the affordable housing benefits of Pradhan Mantri Awas Yojana scheme through a Credit-Linked Subsidy Scheme, also known as CLSS. Under CLSS, interest subsidies are available on housing loans for beneficiaries of specific categories defined by the scheme.

Is female co applicant mandatory for PMAY?

Any household that includes a married couple and unmarried children can apply for PMAY benefits. Any earning adult member of the family who is unmarried is considered as a separate household. Female ownership or co-ownership is mandatory for EWS and LIG categories.

How do I get my first home subsidy?

One of the most prominent verticals of the PMAY Yojana is Credit Linked Subsidy Scheme (CLSS). This scheme would benefit EWS / LIG households earning up to Rs 6 lakh per annum who are first time home buyers. The PMAY scheme for the middle-income group has also been launched as CLSS-MIG, w.e.f from 01.01. 2017.

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How much home loan can I get on 20000 salary?

Understand your salary:

Net Monthly Income (₹) Loan Amount (₹)
₹ 20,000 ₹ 10,36,246
₹ 25,000 ₹ 13,73,026
₹ 30,000 ₹ 17,09,806
₹ 35,000 ₹ 20,46,586

How can I check my home loan subsidy?

Tracking your Pradhan Mantri Awas Yojana application status

  1. Visit http://pmaymis.gov.in/, the official website of PMAY scheme.
  2. Go the option titled ‘Citizen Assessment’ on the task bar.
  3. Select the option ‘Track your Assessment status’ form the drop down menu under Citizen Assessment.

How do I check my home loan subsidy?

To track PMAY Status, check out the official website of Pradhan Mantri Awas Yojana. On the official website, check the status ‘By Mobile Number and Father’s Name’ or ‘By Assessment ID’. Check PMAY Status by dialing the toll-free numbers 1800 11 3377, 1800 11 3388 and 1800 11 6163.

All benefits