The central government is offering interest rebates through the Credit Linked Subsidy Scheme under the PM Awas Yojana.
The central government is offering interest rebates through the Credit Linked Subsidy Scheme under the PM Awas Yojana.
To know more about PMAY read below the following:
- Benefits of CLSS under PMAY
- Eligibility for the interest subsidy scheme
- Banks offering housing loan under PMAY – CLSS scheme
- Minimum income required to avail of the benefit
- Other frequently asked questions
Now, we’ve been hearing a lot about Pradhan Mantri Awas Yojana or PMAY. So, what’s the hype about? Is this just another lofty Government Subsidy program aimed at a rural audience? Or is it relevant to regular homebuyers? Well, rest your cynicism for a bit as you might be in for a pleasant surprise!
Carpet Size for Housing Loan under PMAY Increased
The government has approved a 33% hike in the carpet area for houses eligible under the PMAY interest subsidy scheme. The Housing and Urban Affairs (HUA) Ministry announced that the carpet area of houses has been enhanced to 160 sq m from 120 sq m for Middle Income Group-I (MIG-I), while the same has been increased to 200 sq m from 150 sq m in case of MIG-II.
Wishfin dives in deep into PMAY so that you get to know what’s in there for you. If you have a question about PMAY, there’s a good chance you’ll find your answer here… and maybe the key to your first home! Can’t find your question on the list? Just Tweet or Comment asap – we’ll not only answer it but also add it to our FAQs for the benefit of other Home Wishers.
New Delhi: The central government is offering interest rebates under the Credit Linked Subsidy Scheme (CLSS) under the PM Awas Yojana. Notably, the government is going to extend the duration of the scheme for one year. The announcement could be made in the budget to be released in February. Currently, the plan is till March 31, 2021. If you have not yet taken advantage of PM Awas Yojana, you can come by March 31, 2021. This will benefit the people who buy new houses or flats the most. They will save millions of rupees in the form of interest.
The scheme will benefit millions of people
Under this scheme, interest subsidy on a home loan is provided to first time home buyers. The subsidy can be up to a maximum of Rs 2.67 lakh. According to sources, the meeting on budget preparation agreed in principle that given the area of crisis, it was necessary to extend the duration of the scheme to benefit the younger as well as the real sector.
What is PM Housing Scheme?
Notably, the Pradhan Mantri Awas Yojana is a scheme launched by the government in India to provide affordable housing to people in urban and rural areas. Under it, first time home buyers are given CLSS or credit-linked subsidy. The subsidy can be up to a maximum of Rs 2.67 lakh. This is a scheme sponsored by the Central Government. It can be availed till March 31, 2021.
Check your name like this
- First go to rhreporting.nic.in/netiay/Benificiary.aspx website. .
- If there is a registration number, fill it and click, then the data will come up.
If you do not have a registration number, click on Advanced Search.
- Fill out the form. Click Search.
- If the name is available in the PMAY Glist, all the relevant details will be seen.
- Subsidy to which class of people
- EWS section 6.5 percent subsidy for people with an annual income of up to Rs 3 lakh
- LIG 6.5 percent subsidy to people with an annual income of Rs 3 lakh to Rs 6 lakh
- Credit link subsidy of up to 4 percent MIG1 to people with an annual income of Rs 6 lakh to Rs 12 lakh
- People with an annual income of Rs 12 lakh to Rs 18 lakh get the benefit of subsidy in MIG2 section 3% credit link subsidy.
This will benefit
- There should not be a pucca building. Do not apply under PMAY if already.
- No government housing scheme benefit.
- Aadhar is required to apply under Pradhan Mantri Awas Yojana.
Documents issued by government departments of foreign jurisdictions or letters issued by foreign embassies or missions in India.