Guide to Avail Home Under PMAY Awas Yojana in 2021

PMAY-CLSS is a subsidy scheme introduced by the Central Government in 2015 to provide affordable houses to financially backward sections. As per the PMAY official website, more than 45 lakh houses are completed till March 2021. 

To provide housing for all by 2022, the PMAY scheme is broadly divided into two categories, PMAY-Urban and PMAY-Gramin, for urban and rural India, respectively. The credit linked subsidy scheme coupled with current low repo rate make it a favourable time for homebuyers to opt for a housing loan to purchase a property. 

However, before opting for this option, individuals need to know how to avail a home under this scheme. 

How to avail of PMAY-CLSS subsidy?

Almost all prime lending institutions offer home loans under this scheme. Individuals need to follow the simple steps to get the fund. 

Step 1: Select your preferred lending institution. 

Step 2: Fill up the subsidy application with relevant details. 

Step 3: Upload the submission form along with supporting documents. 

Step 4: The lender will check the form and documents to determine eligibility. 

If the paper and eligibility matched with required criteria, the lender sanctions the amount directly to the beneficiary’s account. In this respect, the lender needs to contact a nodal agency to ascertain the eligibility. 

Hence, it is vital to check the eligibility of PMAY-CLSS to get advances instantly. It will help them to raise assured funds within a short period. 

Eligibility to get home loan subsidy

Individuals willing to avail a home loan under the PMAY-CLSS scheme need to fulfil all the criteria mentioned in its guidelines. Furthermore, they also need to meet eligibility of the lending institution, offer credit under this scheme. 

The beneficiaries of PMAY plan are primarily categorised into four sections depending on their income portfolio. Every borrower needs to fulfil the eligibility of the respective category he/she belongs to. 

The households or individual annual income ranges from Rs.6 lakh to Rs.12 lakh, belong to this section. As per this scheme, individuals of this category are eligible for a home loan interest subsidy of 4%. It allows them to save substantially on interest payment. 

Similarly, the carpet area of the house should be less than 160 square meters to get a home loan under CLSS. 

Families or individuals with an annual income range between Rs.12 lakh and Rs.18 lakh come under this section. This income group is eligible to avail of a subsidy of 3.5% on home loan interest rates. Here also the cap on property area is 200 square meters. 

Beneficiaries can use a subsidy calculator to check their home loan EMI and total borrowing cost. 

Top HFCs also bring pre-approved offers to ensure borrower’s convenience. Such offers apply to a host of financial products, including home loan, loans against property and several others. All you have to do is enter your name and contact number to check your pre-approved offer instantly. 

  • Economically weaker section and low-income group 

Individuals or households having a yearly income of less than Rs.6 lakh belong to low-income group. Likewise, families or individuals with an annual income below Rs.3 lakh can claim benefits under PMAY-CLSS. 

The property’s carpet area should not exceed 60 square meters and 30 square meters for LIG and EWS, respectively. 

Along with that, to purchase a residential property under this PMAY-CLSS, you need to be first-time home buyers. Moreover, to qualify for LIG and EWS, the property must own or co-own by a woman. 

Such a plan encourages more individuals to purchase their own residential property with a subsidised interest rate. Finally, individuals should keep an eye on the PMAY list published on the official website to check their name. Individuals whose name will appear on this list can opt for a home loan under PMAY-CLSS.         

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