‘Roti, Kapda aur Makan‘ ( food, clothes and shelter) are basic requirements for an individual to survive. It is a known fact that most of us would like to own a home. Owning a home is one of the cherished dreams for many of us.
But due to high land prices and high cost of construction, an average Indian always feels short of funds for his dream home when he ventures into the property market. So, home loan is the only preferred option for a majority of home buyers.
The eligibility to get a home loan is mostly dependent on the income levels. So, if your income is very less (salaried or self-employed), it is very tough to get a home loan from a lending institution or a bank.
There is no need to mention separately about families falling under LIG (Low income group) or EWS (Economically Weaker Section). They just cant afford to buy a home.
To ensure that families (who live in urban areas) get a affordable housing solution, the central govt has launched a scheme called Pradhan Mantri Awas Yojana (PMAY – Urban) in May, 2015.
Objectives of Pradhan Mantri Awas Yojana (Urban)
The main objectives of PMAY Sc heme are;
- Rehabilitation of existing slum dwellers
- Promotion of ‘Affordable Housing’ for weaker section through credit linked subsidy (Home loan subsidy)
- Affordable housing through public-private partnerships
- Subsidy for beneficiary-led individual house construction or house enhancement or renovation
PMAY – Features & Eligibility rules
Below are the eligibility rules and key features of the scheme;
- Who can apply for Pradhan Mantri Awas Yojana scheme? – A beneficiary under PMAY has been defined as:
- A family comprising of husband, wife and unmarried children
- Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission &
- Meeting income criteria defined under the scheme.
- What are the income norms (criteria)? Who is eligible for PMAY? – The income norms for EWS / LIG categories are defined as follows:
- EWS households with an annual income up to Rs. 3 Lakh.
- LIG households with an annual income between Rs. 3 Lakh to Rs. 6 Lakh.
- Middle Income Groups (MIG) which fall under the bracket of annual incomes of above Rs 6 lakhs to Rs 18 lakhs are eligible for interest subsidy on housing loans under the new Credit Linked Subsidy Scheme (CLSS). (latest update : 24-March-2017). People whose housing loans have been approved and whose applications are under consideration since January 1, 2017 are eligible for subsidy under MIG – CLSS.
- Eligibility criteria under MIG – I group are : Household income range – Rs 6 Lakh to 12 Lakh, maximum carpet area
90 Sq mt / 970 Sq ftincreased to 120 Sq mtincreased to 160 Sq mt (1,722 sq ft), Maximum loan tenure – 20 years, Maximum interest subsidy – Rs 2.35 Lakh (4%). (Updated on 13-June-2018) - Eligibility criteria under MIG – II group are : Household income range – Rs 12 Lakh to 18 Lakh, maximum carpet area
110 Sq mt / 1190 Sq ftnowhas been increased to 150 sq mthas been increased to 200 sq mt (2,153 sq ft), Maximum loan tenure – 20 years, Maximum interest subsidy – Rs 2.3 Lakh (3%). (Updated on 13-June-2018) - Latest Update (22-Sep-2017) :
Interest subsidy scheme on home loans under MIG category has been extended from 31st Dec, 2017 to 31st March, 2019. - Latest Update (02-Jan-2019) : Interest subsidy scheme on home loans under MIG category has been extended from 31st Dec, 2019 to 31st March, 2020.
- Eligibility criteria under MIG – I group are : Household income range – Rs 6 Lakh to 12 Lakh, maximum carpet area
- What is Credit Linked Subsidy Scheme? – One of the main aims of PMAY is to provide subsidy on home loans taken under this scheme. Below are few details about the subsidy scheme;
- If the loan amount is less than Rs 6 Lakh then interest rate on loan is charged at 6.5% to the beneficiary. To avail this subsidy, the loan tenure has to be less than or equal to 15 years.
- If the loan amount is more than Rs 6 Lakh, the interest rate of 6.5% is applicable on loan amount of up to Rs 6 Lakh and the remaining balance loan amount will be subject to normal prevailing market rates. For example : If you apply for home loan under PMAY scheme for Rs 10 Lakh, up to Rs 6 Lakh the interest rate is charged at 6.5% and the balance Rs 4 Lakh is charged at prevailing interest rates by your bank or lending institution.
- If home loan amount is up to Rs.9 lakhs then the beneficiary will get home loan interest subvention / rebate of 4% per annum. This means if the prevailing interest rate is 10% then the home loan will be provided at 6% interest rate. (updated on 02-Jan-2017)
- Similarly, if the home loan amount taken in 2017 is up to Rs.12 lakhs then the beneficiary will get home loan interest subvention of 3% per annum. This means if the prevailing interest rate is 10% then the home loan will be provided at 7% interest rate.
- In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a 3% interest relief.
- How much subsidy will I get? –
- It would be computed at a rate of interest of 6.5% p.a on a maximum loan amount of Rs. 6 Lakh or the loan amount whichever is lower, for 15 years tenure with discounting rate of 9%.
- For 6 Lakh the interest subsidy comes to around Rs. 2,20,000.
- Hence an upfront subsidy of Rs. 2,20,000 would be claimed by your bank from NHB (National Housing Bank) and the same would be adjusted against the outstanding amount in your Loan Account.
- The loan outstanding would reduce and result in lower EMI of approximately Rs. 2,000 for you. (Kindly click on the below image to calculate your subsidy amount.)
- Illustration – If you avail a loan for Rs. 8 Lakh then the maximum subsidy works out to Rs. 2,20,000. The amount Rs. 2,20,000 would be reduced upfront from your loan account (i.e., the loan would reduce to Rs. 5,80,000) and you would pay EMIs on the reduced amount of Rs. 5,80,000 only. (Kindly note that 6.5% is the rate of interest up to Rs 6 Lakh & prevailing rate is charged for the remaining Rs 2 Lakh.)
- Do I have to give any additional documents to avail this subsidy? – No, there is no additional documents except a Declaration of not owning a pucca house. If you do not have any income proof then you are required require to submit an Affidavit.
- What is the rate of interest on home loan under PMAY? – As mentioned above, the rate of interest is 6.5% for the loans up to Rs 6 Lakh. Any amount which is over and above this limit will be subject to normal market interest rates.
- Should I buy a house which is provided under PMAY only? – The Govt is planning to build around 2 crores of affordable houses by 2022 in a phased manner. You can apply for a house which is provided under this scheme (or) you can buy a house from a project (pvt) where 30% of affordable houses in the project are ear-marked for EWS category (or) you can build your own house or renovate the existing house.
- What is the maximum loan amount that I can apply? – As such, there is no loan amount limit under this category of loans.
- I have one own house. Can I apply for second house under PMAY? – No, you can not apply for this scheme.
Latest News (25-Jan-2018) : GST for homes purchased under the Credit Linked Subsidy Scheme (CLSS) would be 8% w.e.f 25th January, 2018. For under-construction homes that form a part of CLSS will now be charged GST at 8 percent instead of 12 percent, a cut of 4 percent. However, people who are not eligible for CLSS will continue to pay higher GST.
The concessional rate of GST of 12 percent (effective rate of 8 percent after deducting one-third of the amount charged for the house towards the cost of land) will henceforth (from January 25) be applicable for houses constructed or acquired under the CLSS for Economically Weaker Sections (EWS) / Lower Income Group (LIG) / Middle Income Group-1 (MlG-1) / Middle Income Group-2 (MlG-2) under the Housing for All (Urban) Mission/Pradhan Mantri Awas Yojana (PMAY Urban).
How to apply for PMAY Scheme? How to get Home Loan Subsidy under Awas Yojana?
If you meet the above income norms of EWS / LIG (or) if you are a slum dweller, you can apply through the following modes;
- Govt’s PMAY portal : You can submit online application to buy a house provided under PMAY Scheme in your locality. Below is the procedure;
- Kindly visit PMAY, Govt Portal.
- Click on ‘Citizen Application’.
- Click on ‘Slum dweller’ and submit Format-A application.
- If you belong to EWS or LIG category then click on ‘benefit under 3 components’ and submit Format-B application.
- Kindly save the reference number or application number for future use.
- You can track your application status by clicking on ‘track your application status’.
- You can also search for your name, whether it is in the beneficiary list or not.
- Kindly visit PMAY, Govt Portal.
- CSC Centre : You can also apply for a house under PMAY at any of your nearest CSC centre (Common Services Centers). Click here to locate a CSC centre. (This facility has been launched on 02-Nov-2016)
- State Land Nodal Agencies : Another option is to apply through any ‘Nodal Agency’ designated by the State Governments for implementing the Mission.
How to apply for Home loan Subsidy under PMAY? (Credit linked Subsidy Scheme)
Let’s say you meet the income norms and other eligibility criteria, have applied for a house under PMAY, and you have been allotted a house. What if you do not have the money to buy the house?
(The States/Union Territories would decide on an upper ceiling on the sale price of EWS houses in rupees per square meter of carpet area in such projects with an objective to make them affordable and accessible to the intended beneficiaries.)
Under such a scenario, you can apply for a home loan under Pradhan Mantri Awas Yojana Scheme and can get the subsidy. You can also apply for a home loan to construct a new house or renovate your existing house.
You can apply for a loan through any Scheduled Commercial Banks (like SBI, ICICI Bank, Canara Bank etc), Housing Finance Companies, Regional Rural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks or any other institutions as may be identified by the Ministry.
Below is the detailed flow-chart on how the home loan application under PMAY is processed and how the subsidy amount is credited to your loan account (beneficiary account).
(Kindly note that you can avail the subsidy of Rs 1.5 lakh for construction of new houses under the mission. You have to approach your Urban Local Body to avail the subsidy. Families belonging to EWS categories are eligible for this assistance.)
My Opinion : If the houses provided under this scheme are of good quality with the basic amenities, and if the subsidy amounts are claimed by the deserving families then Pradhan Mantri Awas Yojana can be a successful scheme and the mission of ‘housing for all’ in urban areas can be accomplished in the next few years.
Latest news (31-December-2016) : PM Narendra Modi announces new Housing Schemes with rebates/discounts on Home Loan interest rates under Pradhan Mantri Awas Yojana (PMAY). Two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Home loans of up to 9 lakhs, will get a 4% interest benefit. For home loans of up to 12 lakhs, an interest rate waiver of 3% will be provided. In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a 3% interest relief.
Latest update (22-June-2017) : EPFO (Employees Provident Fund Org) & HUDCO (Housing & Urban Development Corp) plan to tie up for providing housing subsidy to members of EPF Scheme, under PMAY. As per the recent notification, EPFO now allows its subscribers who want to buy a house property from Housing Societies / Agencies to withdraw up to 90% of their EPF accumulations to buy homes.
(Reference & source : Ministry of Housing & Urban Poverty Alleviation, Government of India)
(Image courtesy of atibodyphoto at FreeDigitalPhotos.net) (Post published on : 03-November-2016)
Hi,
I have applied PMAY after 2 years and while verification they found we are not staying on same home so it will be one of the reason to deny PMAY subsidy if no then how can i re-apply or escalate that issue.
Dear Sameer,
You may submit your grievance to ;
grievance-pmay@gov.in
NHB: 1800-11-3377
1800-11-3388
HUDCO: 1800-11-6163
I purchased home at August 2019 by taking loan from LIC hfl with PMAY included in it. They are not providing the assessment ID to check my PMAY status, Is there any other way to get the assessment ID
I have applied loan on 31st Aug 2018 also applied for pmay. But IIFL says your file already sent to NHB on 21st march 2019, But NHB not releasing payment after march due to election. is this correct information?
Dear PRAVEEN,
I am not very sure on this!
The Govt has already been formed. Suggest you to escalate this issue at IIFL or with NHB.
After all details entered and press save button there is error records not saved ,why this happened I checked one again very carefully still showing same error
Sir, I tried applying for PMAY by clicking first on ‘citizen assessment ‘ then ‘benefit under other 3 components’.
I got a page saying enter Aadhar number and name printed as on aadhar ,after I entered the correct Aadhar no. Without space and name correctly it was showing the same new page even after many trials (though my Aadhar no. Is correct). Sir, can you please suggest me how can I proceed further?
Dear Amit,
The same has been reported by few other blog readers as well..looks like there is a technical glitch with the portal..
Unable to check adhar even after entering correct adhar number and name as on Aadhar.. unable to reach toll free helpline.. pls suggest how to go about further..
Dear Srikanth,
I have purchased a House with Homeloan from HDFC.In this my brother is co-owner and we both are married.But neither we nor our wife own a property in any part of India.This is the first property we own.
Are we eligible for PMAY?
Dear Dwivedi,
Kindly check other eligibility criteria as well..Suggest you to kindly talk to your banker on this ..
I am fulfilling other criteria under MIG II option,but my banker is telling that if two brothers are coowner we are not eligible.But in other bank its showing eligible.
Dear DWIVEDI,
The eligibility criteria is same across all the banks.
Not sure, why your banker is denying the subsidy..
May be they are referring to ;
A beneficiary under PMAY has been defined as:
A family comprising of husband, wife and unmarried children..
Yes,they are referring to this point only.Is there anywhere I can get a note or something which states that siblings can also apply.
Dear DWIVEDI,
You may refer to the below links..
Link – 1
Link – 2
Hi Dwivedi,
I also purchased a house with co-owner as my brother. I am looking for PMAY eligibility. Did you apply for PMAY scheme. Please let me know the process. Your help will be very much appreciated.
Thank you.
Hi Sreekanth,
My mother has applied for pmay housing for all scheme and a week back we got a message stating that a flat has been allotted to us
Can u pleaase let us know how to proceed further and how to know the status as we are not sure about the assessment id.
Please help us.
Thanks,
Yamini
Dear Radha,
You may kindly check on this by visiting PMAY portal..
Hello Srikanth Reddy…i have seen many people who belongs to a wealthy family but still applying to get the PMAY URBAN HOUSING scheme. So i would like to know that is it possible to get the scheme by a government employee wife or husband who have already have a pucca or brick houses…if no where or how should i complain…im asking this becos our local MLA and local agents are not complying the eligibility of the scheme…thanks.
Dear Jenpu,
You may try submitting your grievance here through this link…
Hi Srikanth,
i have applied for loan amount 30 lakhs with Axis Bank.
Loan applied on my name & co applicant as Father ( Axis bank says co applicant is mandatory)
i falls under An unmarried independent person (female /male earning person) may be considered as a separate household
but my father name is added in loan account.
Do i eligible for PMAY ?
Salary structure is MIG 1 below 12 lakhs
Dear Muthu,
As your father is also a co-borrower, you may suggest him to apply for the subsidy. Kindly check on this with your lender..???
i applied for subsidy but got rejected saying that family reason not satisfied.
My home registered only on my name.
however in MIG 1 family definition says “A family comprising of husband, wife and unmarried children”
Axis bank guys are also not clear & day by day i am getting different information.
Dear Muthu,
Yes, eligibility criteria says so..
In case, your property is not co-owned by your father then your loan account may not be eligible for subsidy..
Will I be eligible for the PMAY scheme for my new housing loan if my father as a co-applicant for my home loan? i and my wife owns 100% of the new property (for which home loan applied), and my father just a co-applicant(my father already a owner of hosue).
Dear Pankaj,
One of the eligibility conditions is – “Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission.”
So, mostly you may not be eligible to apply for home loan under this scheme.
Kindly cross-check with your Lender/banker..
Hello,
I tried applying for pmay by clicking first on ‘citizen assessment ‘ then ‘benefit under other 3 components’.
I got a page saying enter Aadhar number and name printed as on aadhar ,after I entered the correct Aadhar no. Without space and name it was showing the same new page even after many trials (though my Aadhar no. Is correct).Can anyone please suggest me how can I proceed further?
Dear Kumar,
Kindly contact them through Toll free numbers :
CLSS Toll-Free Helpline Numbers
NHB: 1800-11-3377
1800-11-3388
HUDCO: 1800-11-6163
1.Is it mandatory to apply for PMAY via the lender bank at the time of applying for loan?
2. I have applied for loan 2 days back so can I apply for PMAY via that government website for the same?
3. The account information in website, is that the salaried account or loan account? If am applying personally how can I get the loan account number as loan approval is still under process?
Dear Deepak,
1 – It is not mandatory. But, if the loan applicant is eligible for PMAY then why not to apply and take the benefit of available Subsidy.
2 & 3 – I believe you can. You may also check with your Banker/Lender.
Hi Sreekanth,
Have few queries related to CIDCO Lottery 2018
1.Is it compulsory to have PMAY registration ?(No where mentioned its compulsion
2.I tried to register under PMAY on website, but after entering Aadhar no and Name nothing appears on the screen,
how can I proceed to register myself under PMAY?
3.As of now, for applying to lottery nowhere mentioned any assessment id for PMAY registered, can I proceed with the same and register under PMAY later?
It would be immense help if you can address above query.
Thanks.
Dear babalalex,
1 – I believe that it is not compulsory.
2 & 3 – The same has been reported by other blog readers as well. You may dial to these helpline numbers..
Hello,
I tried applying for pmay by clicking first on ‘citizen assessment ‘ then ‘benefit under other 3 components’.
I got a page saying enter Aadhar number without space ,after I entered the correct Aadhar no. Without space it was showing the same new page even after many trials (though my Aadhar no. Is correct).Can anyone please suggest me how can I proceed further?
Hi, Facing same issue. Any solution for this?
If BDA allots a site for me and purchased through loan against the site, will I get the benefits of PMAY?
Dear Nagendra,
Yes, I believe that you can claim the subsidy but provided you meet the eligibility criteria..
Hello, I am engaged and soon to be married (before december 2018). Can I and my fiancee book a house and avail benefits of PMAY?
Dear Nik,
Generally Banks may hesitate to give a joint home-loan to friends (before getting married).
You can apply for a joint-home loan under PMAY (provided you meet the eligibility conditions).
Related article : Joint Home Loan : Eligibility rules & Income Tax Benefits
Sir. I recently bought a under construction 2 bhk flat in Kolkata which is 750 sq ft .I took a loan from sbi and loan was sanctioned on oct 2017 but before sanctioned I know that pmay clss money may received after registration of my flat but my flat registration already done .then I m trying to fill pmay form&SBI pmay form also but I can’t do this. Then what can I do plz help me .my registration held on 5 the June…
Dear Pinky,
I did not get your query..Are you meeting the eligibility requirements?
What is your banker/lender saying?
Yes our income 5.8 lakhs PA .I took a loan from SBI for 19. 35 sanctioned on Nov 2017 & start disburse 1 St instalment of 10 75000 & from Dec 2017 my first emi was start .my second instalment of 8 60000 paid on 5 june2018 .in this case am I eligible for pmay susidy &how it’s proceed…
Dear Pinky .. Kindly check with your banker.
Hi sir ; is pmay eligible for resale apartment?
Dear Venkat ..I believe that PMAY is applicable fore re-sale ones as well..
Hi, I took the loan with LIC HFL and we applied for PMAY while applying the loan. Its been 6 months and I did not get benefited. When I check with regional branch they also doesn’t have the information. Is there any way to get the status?
Dear Ganesh,
You may check the status at PMAY official website. Kindly follow it up with LIC HFL.
Thanks for the info, I have tried to check the status with official website and it is asking to enter assessment ID which I doesn’t have. I checked with LIC HFL guys and they also doesn’t have.
I am not sure whom to approach to get the exact status.
Dear Ganesh,
I believe that LIC HFL has to provide you the required assitance.
In case, they don’t, just let them know that you are going to switch the home loan balance to some other lender, then they may provide you the required support.
Hi sreekanth
I have few questions on this. Any Information on this would be of great help for me.
We have purchased a home.Agreement of sale and Construction aggreement is done and paid 20% of the property value to the seller.
As we are buying from the owners share he is saying that we have to pay 12 percent GST on the Government value for that property. When I showed all the proofs Regarding the slashed GST rates(8%) for applicants under PMAY, he is not accepting and he is demanding 12%.
Unfortunately, we have to pay GST to the flat owner here not to the Govt directly.
Please suggest how to procced further on this.
One more thing is that shall I apply for PMAY just after the aggreement before the flat registration.What could be right time to apply for PMAY?
Regards,
Prasanna
Dear Prasanna,
The right time to apply for PMAY is as soon as you acquire a home loan.
In case, you pay GST, get the property invoice bill with GSTIN from your Seller.
Hi
Acquiring the home means,as soon as the home loan got approved or after the funds got released.
And, if we get the property invoice bill with GSTIN, shall I claim GST returns and get that 4 percent back?
Are there any chances or possibilities to get that extra GST refunded?
Regards,
Prasanna
Dear Prasanna,
You can ask your Lender/Banker to route your home loan application under PMAY scheme itself.
Regarding the refund of GST, i am not sure..you may consult a CA.
Hi Sreekanth… I tried to check the eligibility for pmay by entering aadhar number. But when I click on ”Check” button nothing happens. The page just reloads. Do you have any clue?
Also, my loan is approved and EMIs are started from Aug 2016. Am I eligible to opt for pmay if I belong to MIG2 Group?
Dear Jyoti,
If you meet the said criteria under MIG, you can apply for the subsidy. Kindly contact your banker/lender.
Dear jyoti I m also facing same problem if you have any reason or explanation plz help me
Hello, I am Atul from Pune,
I purchased under construction property, flat is below 60 Sqm in oct 2016,
Pls let me know for lower income group, form 16 which income is considered, total income or gross income ?,
Which income will be considered, at the time of loan approving or latest?
Bcoz now I am in MIG1
Pls guide.
Thanks
Dear Atul ..May be gross income and not net income.
(By the by what is the difference between total or gross income?)
I would like to apply for PMAY in MIG I class. For this i brought new flat, registration where done in one month before. In my registration document my wife name is not available. Is it possible I can apply for PMAY in MIG I class? Remaining all criteria fits for me.
Dear Balaji,
Even a male individual can apply for subsidy. Kindly contact your lender.
Hi Sreekanth,
How can i cross check the area is covered under PMAY scheme or not? Bank is saying Phursungi is not covered under Pune city.
I have purchased flat in Phursungi area which will be officially come under pune corporation by December 2017. At the time of purchasing flat HDFC agent said yes the property is eligible for PMAY and now branch officials are saying as of now it’s not covered under Pune city.
What should i do in this situation? any advice or your expertise will be appreciated?
Dear Prashant ..If you are sure that it is under Urban area, you may just let them know that you would like to transfer the home loan from HDFC to some other bank, mostly they will respond to you positively!
Dear Sreekanth
Are you aware if it is compulsion to carry out loan for the entire tenure(say 20 years) if we avail PMAY benefits? Or can we pay the amount and close it earlier as well even if we get CLS under PMAY.
Dear samaksh ..As far as I am aware, one can pre-pay the loan even after claiming the subsidy.
Hi Sir, We have few people purchased (April 2017) Flat in Bangalore and loan from SBI max gain. As per bank staff, max gain loan is not eligible for PMAY. They are not ready to submit our application to Govt. Is it true SBI max gain not covered under PMAY?
If no, Do I have any options to submit my application directly to the government? If yes, can you please help us.
Regards,
Harish
Dear Harish,
As per SBI website Home Loan under this scheme will be available only by way of term loan (no maxgain facility will be available) with a maximum tenor of 30 years. However, subsidy is available for a maximum tenor of 20 years only.
Hello sir,
Thank you for such informative article.
I have been sanctioned housing loan form Union Bank of India in MAY 2017. Later I found that I was eligible under PMAY MIG I group. I enquired through my lender and they told that my Loan account is tagged under PMAY. But I haven’t got CLS yet. How could I track my application status as I have no info related to my application as lender says that they have already tagged it under PMAY.
Please help in this regard how could I follow up for my application.
Dear Vikas,
If your loan account is linked to PMAY, your outstanding principal amount would have reduced by couple of lakhs (if subsidy amount has been credited to your loan account). So, suggest you to look into your home loan statement. You may visit PMAY official govt website and check if your name (beneficiary) is there in beneficiary list.
Dear Sir,
I am approaching to Bank for getting loan.The Bank to whom i have approached is co-operative Scheduled Bank in Maharashtra & is not in the list of PMAY nominated Banks.Shall i proceed with this Bank and How i get the Benifit ?
Dear Chandrashekar ..If they are not offering home loans under PMAY then you can not get the subsidy.
I took a loan this year and i am eligible for MIG- II category. I did not apply for PMAY earlier. Can i do it now?
Also, if i transfer my loan to another bank, can i apply for PMAY subsidy along with that?
Also need some clarity on how the household income would be calculated. Will it be as per my last year ITR/form 16?
Dear samaksh .. Yes, you can apply for the subsidy in case you meet the eligibility criteria.
ITRs can be considered for arriving at Household income. Kindly check with your new Lender.
I have taken loan in Nov’2016 and falls into MIG II group. house is registered on my wife name and she is home maker and I am paying EMI. while applying loan I haven’t opted for PMAY,is it possible now to apply and get exemption.
Dear Madhu..People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
sir /madam
i have no any own property or own house shall i apply for this laon
Hi Srikanth,
Your blog is so helpful for PMAY. I have taken home loan from SBI this month and got disbursed on 03-10-2017. So Now Can I apply for PMAY Subsidy or Do I need to take care of this while processing the loan? Please suggest me.
Thanks,
Vijay Reddy.
Dear Vijay.. If you meet the required eligibility criteria, you can apply for the subsidy even after the loan has been sanctioned..kindly check with your lender.
Hi My name is Vinayak Bhagat, I have bought new home recently in March. with home loan around 19.50Lacs. Its my very first home. Living in pune since 40 years.
My loan finance executive said that I am not eligible for the subsidy as I haven’t provided rent agreement while processing the loan .
Could you please tell me that is it necessary to provide it, as I am not able to provide it as I was living in a home at owners place and he didnt take rent as we were working at his place as maid , in retrun we were living at his place. Please advice.
My loan amount is 19.50 lacs. My annual income is 6.50 LPA. In hand income is 5.76 LPA. its my first home. Please let me know about eligibility too. The loan was sanctioned in Nov- Dec 2016. and EMI started in Dec16-Jan17. am I eligible?
When napplied for loan my salary was 4 LPA. My salary is 6.50LPA since July 2017. please specify what would be my category
Dear Vinayak.. I believe that you fall under MIG-1 category.
People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
Interest subsidy scheme on home loans under MIG category has been extended from 31st Dect, 2017 to 31st March, 2019.
So, looks like you may not be eligible to get the subsidy. However, suggest you to kindly contact your lender (customer care) directly instead of contacting the Loan agent.
Hello, we are resident in town but we bought a land of plot for house construction is located in a village (rural area) is pmay (U) applicable for this plot ?
Dear Roja.. You have to check out the eligibility criteria related to PMAY-rural scheme.
Hi my wife got a flat registered under her name – a gift from her father . Now I am planning to buy a house flat in my name will I be eligible for this pmay scheme. Please clarify . Thanks
Dear Shankar ..No, as one of your family members has already acquired a pucca house/flat.
Hello
I am planning to buy old flat which is constructed in 2010 I will get benefits of Pradanmatri awas yojana
There is no home in my and my family name
Dear Gaurav .. There is no clarity on re-sale properties, but i have observed that they can be included under PMAY.
HI I Took home loan in October 2016 of Rs.18.5lacs
Is there any chance to get Credit Linked Subsidy scheme my flat total super area is 1500sq ft and carpet area is around 1140 sqft. My annual income is below 4lacs and i do not have any other pucca makaan.
Dear Rahul..I think the maximum allowed carpet area for LIG category is 60Sq mt / 645 sq ft only.
So can I get subsidy for 60 sq meters ? Any idea ?
HI I Took home loan in Dec 2016 and it was sanctioned and disbursed in Nov & Dec 2016 of Rs.38 lacs
Is there any chance to get Credit Linked Subsidy scheme my flat total super area is 1235 sq ft and carpet area is around 900 sqft (83.62 sq mtr). Please tell my annual income is below 12 lacs and i do not have any other pucca makaan
Dear Canjeet,
You meet all the eligibility criteria under MIG-1 category.
But, People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
So, suggest you to just check with your lender on this.
Dear sir
At first I would like to congratulate for this wonderful help .
I had taken housing loan from CENTRAL BANK OF INDIA in 2017,now only i came to know about PMAY,now i tried to apply through online but aadhar num is not showing there,how can i proceed furthur,I have already linked my aadhar number with bank.Waiting for your valuable replies
Thanking you
Amal Raj
Dear Amal ..You may kindly check with your banker and apply for the subsidy, in case you meet the eligibility criteria.
I’m applying for Home Loan for a flat in CGEWHO Greater Noida project which might be completed in Dec. 2020. I’m fulfilling all other criteria like ‘Do Not have any Pucca House’, ‘Carpet area of CGEWHO House will be within defined limits’, Annual Income is also within defined limit of CLSS II scheme for MIG of PMAY’.
Am I eligible to get Interest subsidy on my loan or only those projects which will be completed by 2019, as per latest circular in this regard, are covered. Kindly clarify.
Dear Neeraj..The latest circular refers to just extension of the scheme deadline..If it is otherwise, you may kindly share the source link.
I believe that you can apply for the subsidy.
Did Pradhan manthry awas Yojana is applicable to government employees?
Dear Jayasree ..Yes, if one meets the mentioned eligibility criteria can apply…
Dear Shri Sreekanth Reddy,
First of all very thanks for your nice article with crisp and clear reply of most of queries.
My annual income fall under MIG-1 and I am planning to buy a under constructed Flat of Rs. 36.00 Lakhs which is accepted to be give possession in March,18. This is not registered under PMAY scheme.
My query is that Am I eligible to get the benefits under CLSS in such above scenario?
If yes, What are query to be settled with Lender?
Dear Aman.. Yes, you may eligible if the the eligibility conditions are met, for ex: maximum carpet area should be 90 Sq mt / 970 Sq ft. You may check with your lender.
Dear Srikanth,
I got my home loan in Feb/Mar 2017. My income fall under MIG II
That time this scheme was not covered MIG I and II.
So I did not applied for PMAY-CLSS . But my loan is approved under Affordable housing loan scheme.
Loan amount is 36 lac and paying emi from March 2017.
Can I apply now for the interest subsidy under PMAY-CLSS.
Thank you,
Madhu
I mean to ask you if there any cut-off date that we can apply before , like before a year or any fixed time.
Dear Madhu,
I believe you can apply for Subsidy now, kindly check with your banker/lender.
I think cut off date, as of now, is 31st Dec 2017.
Hi Shrikant,
What if my income range is under 12 lakh per annum and my carpet area is 100sqm?
am I eligible for MIG – I?
Dear Kiran..Yes, can be eligible, also provided housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
Hey Shrikant,
Thanks for very quick comment,
My Banks says under MIG-I, income group should be 6-12lacs and max carpet area should be maximum 90SQM.
My income group is under MIG-I but house carpet area is 100sqM.
Dear Kiran,
I believe there are two classifications under MIG category.
Income group : Rs 6 to 12 Lakhs, Max carpet area 90sq mt / 970 sq ft, max tenure – 20 years
Income group : Rs 12 to Rs 18 lakhs, Max carpet area 110 sq mt/1190sq ft, max tenure – 20 years..
I am working abroad and my annual salary is Rs. 6,80,000.
Under which group am i eligible for PMAY?
My home carpet area is 39.5 Sq.mts.
And My home loan is sanctioned on 16 dec. 2016.
Dear Ashfak ..Your income falls under MIG category.
People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
Dear Sreekanth,
Many thanks for this informative blog on PMAY.
I have few queries on PMAY. My bank which provided me loan is not able to respond my query so need your help.
I have booked a flat recently which is ready possession and loan is also approved in feb-2017 and disbursement is under process as of now. Carpet area of this flat is 850 sft. Our total household income in 17.5 Lac per anum. Myself is primary and my wife is co-applicant in the sale agreement.
PreEMI also started from Aug 17 and possession is in by Nov 2017. We don’t own any home before this.
Is I am eligible for CLSS subsidy under PMAY. If yes, how i can avail that .And how much subsidy will I get. My total loan is of 64 Lac. I am not sure if the flat i booked is under PMAY scheme or not. Request your help . Pls suggest the forward path please.
Regards
Skant
Dear shashikant,
As your income falls under MIG category, you can get the subsidy. Kindly visit this link, to know the applicable subsidy amount.
You can visit the PMAY portal and click on ‘search beneficiary’ to know if your loan has been submitted under PMAY or not.
Hi Sreekanth,
I could not find my name here. Does this mean, i will not get subsidy or I cant apply for subsidy. If there is any process under which i can apply then please do let me know
Regards
Shashikant
Dear shashikant ..You can contact your banker and get the details..
Dear Sreekanth, I am a regular reader of your blogs. I have few queries on PMAY and bank which provided me loan is not able to respond with clarity.
I have purchased a flat recently and loan is sanctioned for the flat in this month Sept 17. Myself is primary and my wife is co-applicant in the sale agreement and PreEMI has started from Sept 17 and possession is in next year July. Our combined house hold income is just > 18L per year and carpet area is within the limits and we don’t own any home before this.
During registration (which I am planning in next year), can I get flat registered only on my wife name and then claim the scheme benifits ? Do you think this would work? Kindly reply.
Regards,
Vikra
Dear Vikra,
I believe that they consider house-hold income as an eligibility condition and not just an individual’s income.. so if your total household income is above Rs 18 Lakh, and even if your spouse alone applies for a home loan, I guess subsidy under PMAY may not be possible…
I tried to fill pmay (u) online… but they are showing aadhar is not valid… what to do in this case… please suggest me something…
Dear Suchi..You may contact their helpline number..
Please suggest the link to submit PMAY application online.
Dear Madhu..As you have already applied for the loan, suggest you to kindly check with your banker.
This is the official PMAY website…
Sir, my name is mention in registry as coapplicant in flat purchased by my father and own by him. Can I apply for pmay scheme for my own flat ?
Dear Vikas ..I am unable to understand your query..kindly re-phrase it!
in 2009 my father purchased a flat. Due to less income of my father, I was made as coapplicant in loan and flat registry. Now I am looking to purchase a flat for myself, can I apply for pmay for loan subsidy.
Dear Vikas,
Beneficiary should not own a pucca house/flat either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission..
So, you may not be eligible to get the subsidy under PMAY.
Hi Srikanth,
I have recently finished my documentation(already sanctioned) for home loan via sbi for a flat.Later when I enquired regarding PMAY the officials said that carpet area should be mentioned in sale agreement else they cant help me with PMAY.Is there any alternative to avail the benefit?
Note:As per terms of PMAY I am eligible for this scheme
Dear Mr Roy ..I think carpert area details are required for loans under LIC/EWS categories only.
Sir,
I got DDA LIG flat in Draw on January 2015 under DDA Housing scheme 2014. later my loan sanctioned in May 2015. Requisite amount have been paid to DDA in May 2015. However PMAY scheme is applicable from 17/06/2015. But I paid stamp duty in January 2017 and got physical possesion of flat in March 2017.
Am I eligible to get subsity?
What would be the procedure in my case?
Dear mahendra ..I am not sure in this case..you may kindly check with your lender if you are eligible for subsidy or not…
Dear sir,
I taken a home loan in July 2016 and my income is 7 lag as per the revised policy of play I am not getting any benefit of these the other banker told me that do your loan balance transfer in our bank you will get these benefits but my current bank is denying for the same so I request you to please help me in this.
Dear Dheeraj,
People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
Dear Sir,
i have Purchase the 350 sq ft Flat in June 2015 and having loan of Rs. 10 Lakh can i avail the benefit of PMAY scheme as my am married and my annual income is around 10 Lakhs
regards,
Mahesh
Dear Mahesh..Your income falls under MIG category.. People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
Hi
I m a female.. age 35
If I m buying a resale house …am I still be getting d benefits of subsidy
Dear Hetal,
There is no clarity on whether PMAY is applicable for resale properties or not.
I have just noticed on net that PMAY applications can be made for Resale property as well…
You may kindly check with your banker/lender and do provide us the status update, can be useful to other readers as well..thank you!
I have taken loan from union bank of India in August 2014, I just wanted to know that according to this subsidy scheme I am eligible for this scheme or not, if eligible than please tell me the procedure that how can I apply, thanks
Dear Joheb..It depends on which category are you going to apply for..
For ex : People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
For EWS & LIG, this may not be applicable, kindly check with your banker.
Dear shrikanth,
i”ve read all your answers for question.!
i have few confusion.!
My annual Income is 3.8 lac my retired father”s annual income is 3.4lac so our full family income is 7.2 lac approx. My father own House nd i want to applly for pmay scheme as i”m single can i apply for it umder wchich category i fall? mig-1 or LIG.!!?
if i come under LIG than i have to provide woman name As owner thn can me n my mom file It for PMAY scheme ??
so clear Me that in which category i should go MIg-1 or LIG??
thank You
incase i fall under LIG , We r going to buy Property after selling existing property thn Can i apply under Pmay using my mother name as co-applicant??
Dear Vicky..I think it is possible if your mother is primary applicant and you being secondary/co-borrower.
HI, Recently I have purchased ready possession flat.I’m unmarried working girl.my income is less than 12 lacs, flat carpet area is 625 sq feet. whether I’m eligible for PMAY-CLSS Scheme ? If yes, while submitting documents to bank, should I submit pancard & adhar card of family member or only my pancard & adhar card.
Dear Varsha,
You may apply for subsidy under MIG category..kindly check with your banker/lender..
Thanks for your prompt reply.
Dear Sir,
I am Durjoy Kumar taken loan on 21.02.2016 sanction value=2250000 from BANK OF INDIA & already disbursed amount of rupees 1850000,now today I have came to know that PMAY is a govt. subsity option.now may I go for this PMAY? My EMI started on 30.07.2017.I have paid only two EMI.Now Please suggest me Sir.
My income per annul=645000 (f-17-18) & when I was taken loan on 16-17 then my annual income was rs.480000
Dear DURJOY ..I think you can claim subsidy under MIG category (subject to the conditions mentioned in the article), suggest you to check with your Lender/bank.
My home loan got sanctioned in jan 2017 from ICICI bank… When I approached them for subsidy under PMAY, they are saying that it is applicable for only new loans.. can you please clarify of there is a clause of new loans or not?
Thanks in advance
Dear Vinay.. If you fall under Middle Income Group category then yes…
People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS.
when I approach bank loan under PMAY Scheme, the bank authority said that the loan sanctioned only if the site having vehicular traffic road.
Dear Renju..I am not sure on this..
Hi,
My loan was disbursed 2 months back from SBI bank and while loan application I was informed that I’m eligible for 2,35000/- as subsidy and accordingly filled the PMAY form and submitted to bank.
Need to understand when subsidy will be credited in my account as facing difficulty even to get Assessment ID no. also, tried to track with my PAN card/Aadhaar card in PMAY website, but unfortunately failed to do so.
Please suggest way-forward in order to avail benefit of subsidy for which I’m eligible and not getting support from bank.
Regards,
Dear Ajay,
Kindly check your home loan statement, if subsidy has been credited then you would see a reduction in loan outstanding amount.
If your lender is not providing the details, just let them know that you are intending to transfer the loan to some other bank, mostly they will respond to you promptly!
Hi Sreekanth,
I had a home in my native and same has been transferred to my wife’s name in 2 months ago.
I have purchased a flat in Bangalore in Feb 2017, wherein i am main owner and my wife is co applicant.
My annual salary – 14lac/annual
Am i eligible for the PM’s CLSS & MIG group as i have only one name in my name?
Dear Karthick,
Since you have a house in your name, you may note get the subsidy under PMAY.
Dear Srikanth Reddy Sir,
I am purchasing a resale flat and am meeting all the criteria for PMAY but the banks are telling that PMAY is not applicable since it is a resale flat. Is PMAY applicable on resale flats. requesting you to please clarify.
Dear Anand ..
(Kindly ignore my previous comment, which you would have received by email).
There is no clarity on whether PMAY is applicable for resale properties or not.
I have just noticed on net that PMAY applications can be made for Resale property as well…
Thanks for the info sir! Is there any government website where I can find the notification regarding the same.
Hi Sreekanth,
What is the last date to apply for PMAY under EWS/LIG. As my friend is saying that 08/07/2017 is the last date to apply for this. is this correct? I have checked all the information on the PMAY Website but I did not found any information related to this. Please reply on this. it would be helpful to me.
Dear Ravi ..even I am not sure on the time-line..
But some banks like SBI had earlier announced special interest rates under this scheme, which was up to 31 July 2017.
Hi Sir,
Can I resale my flat which is under PMYS
Does any terms conditions apply.
I would like to know please as I would like to sell a house if cannot afford loan emi
Thank
Dear Neha ..I think there should not be any issue to sell your property..kindly let your banker know about this ..
Dear Srikanth
I have taken a loan in June 2017 from ICICI bank and wish to avail pmay benefit and meet all eligible requirement, however bank refuse to consider my application saying that loan has been taken for under construction property and PMAY not applicable on Under construction property. I have read all the terms and condition but could not find anywhere it is written it is not applicable on Under construction property. Please let me know what banker is saying correct or not.
Thanks
Sameer
Dear Sameer..I have seen other blog readers claiming subsidy benefit on under-construction properties too.
The key limitation of the scheme for MIG is that it is available only for a period of one year, in 2017. This implies that the property (if under construction) has to be completed in one year.
In the first phase of the scheme under EWS and LIG, nodal agencies stated that house owners can submit a claim even if the full loan is disbursed and the property is owned by the borrower
Hello Sreekanth ,
I have received a housing loan of 20lac on Oct 2015.
While reciving the loan my income was under 6lac.
As per Pradhan manthiri awas yojana scheme introduced in June 2015 , i fall under LIG (Lower income group, when i received the loan).
Kindly check and let me know the possibilities to awail the benefits of Prathan manthiri Awas Yojana (LIG) June 2015.
thank you!!
Dear Kanmani ..Suggest you to kindly check about your eligibility with your lender/banker..
I have a plot, working in private firm , also member of epf scheme i taking Gross salary of 3,50,000 yearly whether i am eligible of PMAY scheme.
You may be eligible dear PARDEEP ..
I Have Taken home loan in 2014, is Iam eligible for PMAY Credit Linked Subsidy Scheme
Please suggest me
My monthly income 13000/- , I don’t own a home however, I inherited a land and my father is retired Govt.Employee. Am I eligible for PMAY subsidy under EWS? I tried entering online application pmay.gov.in, in Citizen Assessment , other benerfits, after entering Aadhar to check, online application doesn’t show up. How do I fill in online?
Hi,
We have already purchased a flat getting possession of the same in 2016. The home loan is going on. My husband who is a loan bearer is a Bank staff from the same bank we have got the staff loan. Though it’s our first home and both me and my husband are owners, are we entitled to get the subsidy?
Dear Desai ji ..Yes, can be possible, kindly check with your lender/bank.
HI Srikanth,
Thanks for nice information, is SBI maxgain account is eligible for Pradhan Mantri Awas Yojana ?
Is this skim(PMAY) is applicable for resale home of price 30,00000.
Hello Srikanth…. requesting you to kindly answer that whether PMAY is applicable on resale flat? thanks in advance.
Gd mng sir,
Am a govt employee. My elder brother also govt employee. We are lived in urban area. Now We constact a new house jointly. and we are taken a homelone in a APGVB BANK in October2016. My annul income is around 5.5lacks.my brother’s income is also same. Now we are eligible to PMAY scheme
Dear vinod.. Plz check with your lender about your eligibility..
hi sir
i bought the flat last year and got loan from bank of maharashta,
i am eligible for LIG category.
but i did not get any kind of intimation from my bank regarding this scheme
can provide me the procedure how to apply for this scheme and can i apply for this scheme directly. forwarding the application to govt instead of via bank
Dear Vijay ..You need to go through your lender only to get subsidy. Kindly contact your banker.
I have taken a loan from Axis Bank this year (2017). However neither Bank told nor I remember while applying for PMAY.
Can I still apply for PMAY after loan disbursement?
Dear Amit…Yes, you can check with your lender about your eligibility under PMAY..
my loan amount is greater then 12 lakhs ( financed by LIC housing fin.) and registry procedure is completed can i still able to avail the PMY scheme.
Dear Yogesh..Depends on your income category too..you may be eligible ..kindly check with LIC HFL..
i HAVE ALREADY PURCHASED FLAT IN MIRAROAD, MAHARASHTRA IN OCTOBER 2016 AMOUNTING TO RS 40 LAKHS APPX. AND AVAILED LOAN FROM INDIAN BANK OF RS. 30 LAKHS. I AM A FEMALE WITH INCOME BELOW 10 LAKHS P.A.
CAN I AVAIL OF THIS SCHEME.
IF SO, PLEASE HELP AND ADVISE THE PROCESS
Dear Prabhavati .. You fall under Middle income group.
People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are only eligible for subsidy under MIG – CLSS.
However, you may re-check with your banker/lender.
HI Srikanth, I am a Govt Employee under LIG (5.4lakh PA), I have purchased a Flat in Urban on my wife’s name for 23L on May 2017 with a 896 Sq.Ft (incl plinth+common corridor+parking) area by Home loan.
As per criteria: for LIG – 60 Sq.Mt eligible, but my flat comes to around 84 sq.mt which falls under MIG I
My income will fall under MIG I for the next FY.
Can I avail CLSS, PMAY in current FY with LIG with 84 Sq.Mt or
Can I avail PMAY in next FY to meet income criteria for this loan/Flat.
Dear BHANU ..Suggest you to check with your lender on this, they would be able to provide more and correct information.
Sir, I entered my Aadhar Number in the Portal of Pradama mandiri awas yojana but check aadhar number error status only coming
Dear Sir,
I have purchased 600 sq ft built independent house in the month of Dec 2016 and taken 16 lakh loan from Private Finance company.
My income less than 7.5 lakh PA
Am i eligible for subsid? If yes how to get this benifit? Plz adv
Dear SACHIN ..You fall lunder MIG category and for this category, the loans should have been sanctioned after Jan 2017, i guess.
I taken home loan Rs7lakh from sbi in 2014. Can I alligible for subsidy under PMAY.
Dear Umesh ..You may kindly check with your Lender/Banker.
Sir mera koi makaan nai h to m makaan kharidna chahta hu to kiya m koi bi mkaan PR lone le sakta hu ya WO mkaan Pmay scheme m hona chaiye plz give me advice I want to purchase and get this scheme Pmay
Dear Sir,
Iam owning a house at navi Mumbai free from loan since then my parents are staying there,as my job is a transferable in nature,i stayed in various parts of country and now iam staying on rent at navi Mumbai.Now iam planning to purchase one more house at Karjat,can I avail PMAY.
Dear shekhar ..You may not be eligible to get subsidy under PMAY, as you already own a house.
I have puchased flat which cost is rs.23 lakhs and loan taken 16 lakh from ICICI bank in may-2017 with 8.35 % interest for 15 years and my gross income is 6.5 lakh p.a. In agreement women name is included, my & my wife’s name and my loan has sanctioned with PMAY (MIG) and it’s my first home. Can I get subsidy ? if yes how much?
Dear Saikat ..You may kindly use the calculator (link) given in the above article.
Dear Sreekanth Sir,
I have taken a loan of Rs.16 lacs as a co-borrower with my mother (actual plot on my mother’s name) in nov.15 & my annual income less then 3 lacs.
we are a joint family including my brother’s family also, where we have a another home in same city on my father’s name (400 sq. ft.).
In this condition can I eligible for subsidy ?
Dear Snehal..You may not be eligible to get subsidy..
Hello Sreekanth,
i have purchased a flat of 1000 sq ft carpet area in Nagpur. My income is less than 18 lacs. there is no co owner in the house or co borrower in loan. I have applied for loan of 55 lacs with HDFC Limited. Please advise whether I can claim CLSS under MIG 2 category and when should i apply – alongwith loan or post loan is sanctioned/disbursed
Dear Priyank..Yes, you may be eligible. Kindly check with your banker/lender.
Hello Sreekanth,
I have purchased a flat along with my mother as co-owner for which I am applying a home loan. I am the primary applicant as my mom is a house wife. I do not own any property or neither do my mom. I am unmarried and only my father owns a home in our family. In our case are we elgible to apply for the scheme as my income falls under PMAY-MIG2 category?
Thanks,
Rohit
My mother is also a co-applicant for the home loan.
Dear Rohit,
One of the eligibility conditions is – “Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission.”
So, mostly you may not be eligible to apply for home loan under this scheme.
Sir I have 2 plots by the name of my wife.can I eligible for home loan subsidy.
Dear Amit ..Your wife can apply for a loan under PMAY, and you can also be a co-borrower to home loan. Kindly visit any bank and get more details.
But sir there is a condition that
Beneficial should not have any pucca makan in India then I (my wife)have 2 plots which registered by aadhar card number.
I want to that
Is it a property ? Which create problem for subsidy?
Dear Amit ..Puccka house is different from a vacant plot.
Ok sarji .thanks
I am male head of the households of the family. My income is between 3 lacs and 6 lacs (LIG). I belong to Scheduled Caste Community. The property is recorded in my name. Am I eligible for PMAY (LIG Scheme) ?
Dear Subir ..You may be eligible..kindly visit any bank and inquire about your eligibility for loan under PMAY.
SIR,I HAV ETAKEN A HOME LOAN WHICH SANCTIONED ON 22/08/2017 FRM SBI CAN I ELIGIBLE FOR PMAY.PL HELP ME .MY FIRST EMI WAS IN OCT 2016
Dear MAITY .. Kindly check with your banker.
Sir I do not have any property
Can I purchase a resale flat in an apartment which is 6 years old with 685sq.foot under this scheme
Will I get a loan on this
Dear CHIRANJEEVI ..Yes, you can, subject to meeting the income criteria. You may visit a bank and enquire about the eligibility.
I am not a government worker can I apply for the p m a y scheme
Dear Rosi ..Yes you can , but subject to above mentioned income criteria.
If i sold my home befor 7 yeara and i dont have any property so i eligible for loan subsidy?
If i sold my home before 7 years ago and right now i dont have any property so if i purchase new home by home loan and my home will be 600 sqr foot and my annual income 300000 so i eligible for clss? Can i get subsidy? Reply me soon
Dear Narendra ..You may get it, kindly contact your banker for eligibility rules..
Hello sir maine October 2015 mai Ghar liya hai kiya mujhe subsidy mile gi
Dear Yasin ..If you fall under Middle income group then home loan should have been sanctioned after jan 2017.
You may check with your home loan lender about your eligibility.
Hi, I am 30 and unmarried. I am a govt. Salaried employee. Am I eligible for home loan subsidy?
Dear Sreekanth,
I have booked a flat in Jun 2015 under affordable Housing scheme and now want to take Home loan under MIG-1 scheme ,can I take the home loan under CLSS as the booking was done before 1-1-2017 ?
Thanks,
Dear Zeeshan .. I believe for MIG related scheme..home loans should have been taken after Jan 2017.
Dear Sreekanth,
Am I eligible to borrow the CLSS loan if flat was booked before 1-1-2017?
Thanks,
Dear Sir,
I am under LIG group with an annual income between Rs. 3 Lakh to Rs. 6 Lakh. i have loan sanction in Nov.2016 from hdfc bank of Rs.12 Lakhs ……can i get this benefits….
People whose housing loans have been approved and whose applications are under consideration since January 1,2017 are eligible for subsidy under MIG – CLSS. ____- Is this only for MIG group or all groups…..please reply
Dear Pramod,
Yes, you may check with your Lender about your eligibility ..
It is applicable only for MIG scheme.
Dear sir,
I want to Buy a 1st home but there are no co-applicant,
and mu loan amount has approved for 1700000/- , can i get PMAY subsidy.
Dear sudhakar ..Yes, you may kindly check with your Lender about the eligibility.
HI
I buyed house in dombivali Maharashtra
i did flat registration on joint name where my name is firts and my wife name is in second part
my loan amount is 7 lkhs with 13.5 interset an dfor 15 years
can i get PMAY benifits as it is my first home
reply
Dear Anuj ..Yes, you may kindly check with your bank/lender.
Hello Sir
I have take loan of 35 Lac in march 2017 for 30yr duration. just wanted to know i am eligible for Pradhan Mantri Awas Yojanat ??This is my 1st house and income is below 18 Lac.
Regards
Rakesh Patil
Dear Yuvi ..
The maximum and minimum loan amount may vary from a bank to bank.
But the subsidy will be applicable only up to first Rs 12 Lakh.
Kindly check with your lender/bank for more details.
Under PMAY CLSS MIGI and II schemes, i have tried with ICICI,LICHFL,SBI regarding this scheme, all the banks replied that they did not get any notification regarding this scheme.
Does anyone here has availed the scheme if yes please mention your Lending Bank name so that others will get helped.
Thankyou
Ankesh
Hi Sreekanth,
I fall under Middle Income Group and I am planning to buy my first home. So under PMAY Scheme how much subsidy I’ll get for Home loan of about 25-30 Lacs. Is there any ceiling on home loan to get subsidy on interest ?
What are the tax benefits for first time home buyers in this year?
Dear Sandeep,
The maximum home loan which can be taken under PMAY is Rs 12 Lakh.
If the home loan amount taken in 2017 is up to Rs.12 lakhs then the beneficiary will get home loan interest subvention of 3% per annum. This means if the prevailing interest rate is 10% then the home loan will be provided at 7% interest rate.
To know about ‘subsidy’ details, visit this link and use the available calculator.
Under Section 80C, you can claim principal portion of EMIs up to Rs 1.5 Lakh.
For interest payments, you can claim up to Rs 2 Lakh u/s 24 (for self-occupied property).
First of all thanks for this article:
I have Some Question: Actually, i have booked a flat which is in my name (Husband).
1) Is it Compulsory to have female as co-owner of property. (in HUDCO doc its written (https://goo.gl/0USRi6 – Ref 2.5 & https://goo.gl/4XjHnu – Question 58) So if its in Male name then no CLSS at all?
2) for the purpose of Annual income of Household, what does household mean… like i am filling my and wife IT return. Will they include both? In my case my income is post 80C and 80GGC or what?
3) In your article its written that home loan @ 6.5%, I think the subsidy is 6.5% not the lending rate.
Thanks
Dear Dixit,
1 – It would be mandatory for houses built in urban areas under the Pradhan Mantri Awas Yojana to be registered in the name of a woman alone or jointly with a man.. I have learnt a new information today. Thanks!
2 – I believe it is your gross income (wife’s income + your income)
I have a plot, working a Govt employee of taking Gross salary of 3,50,000 yearly whether i am eligible ofr PMAY scheme
Dear Akkamma ..Yes, you can be eligible to get loan under PMAY. Kindly approach any banker and get more details.
i have puchased house but in agreement women name is not included,only my & father’s name have added in puchased agreemtn, can i apply for PMAY scheme ?
please guide sir
Dear Dhiraj..Yes, you may still be eligible to get subsidy under PMAY, provided you meet other eligible criteria. Kindly approach your Lender.
I got a housing loan of 18 lack from TATA capital on Dec 2012. am i eligible for the scheme?
Because the scheme came to effect from June 2015.
Dear shambhu ..If you already own a house, I believe that you cant get another loan under PMAY.
Dear Shambu..If you are planning to get subsidy on your existing home loan, you may contact your lender for more details.
Hi,
Is PMAY applicable for existing home loans taken in 2016 (provided meeting all criteria – MIG, not owning pucca house, etc.)
Dear Aravind ..I believe for MIG related scheme..home loans should have been taken after Jan 2017..Anyways you may check with your banker / lender about your eligibility..
I m working in defence. I want to purchase a flat around 20-25 lakhs near Delhi and Dehradun and my income is 3-6 lakh per year but I have already purchased a plot. My question is – I can purchase flat under pmay scheme
Dear mukesh,
Yes, you may apply for home loan under PMAY. Kindly visit any bank which offers loans under this scheme and get more details.
Sir,
I applied for home loan of 1780000 rs. Hdfc disbursed 380000 rs on 31 Dec 2016. Till date 1500000 rs. Disbursed.
I want to know that can I am eligible for Pradhan mantari awas yojana subsidy.
My family income is also less than 600000 rs per annum.
Can I am eligible for pmay subsidy.
Dear Ritesh ..Have you applied this home loan under PMAY? Kindly check with your banker..
HI,
My annual income is 10.5 lacs in a private sector.
i am interested to purchase a property 40+ lacs.
can i get loan upto 12 lacs under PMAY scheme and rest of amount i will apply from any private bank.
please suggest, am i eligible to get any loan from PMAY scheme?
Dear Mahesh,
One of the eligibility criteria is, LIG (Low Income Group) households with an annual income between Rs. 3 Lakh to Rs. 6 Lakh.
Dear Srikanth,
My annual package is 204000(Two lakhs 4 thousand) net salary and my wife package is 420000 (4lakhs twenty thousand)
Total household income is 624000(6 lakhs twenty four thousand).
Whether i am eligible for PMAY subsidy scheme?
Dear Gopinath,
Your household income is more than Rs 6 Lakh, so you may not be able to get home loan under PMAY scheme.
However, suggest you to kindly visit any bank which offers home loan under this scheme to check your eligibility.
Hi Srikanth,
I heard MIG(Middle income group) added in the latest budget for this scheme. Do you have any idea about that? What is the income eligible criteria for that.
Thanks
Gopi
Dear Gopinath,
Yes, the MIG have also been added, but I believe that the income limit is still Rs 6 Lakh only.
“PM Narendra Modi announces new Housing Schemes with rebates/discounts on Home Loan interest rates under Pradhan Mantri Awas Yojana (PMAY). Two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Home loans of up to 9 lakhs, will get a 4% interest benefit. For home loans of up to 12 lakhs, an interest rate waiver of 3% will be provided. In villages, those wanting to build or expand their homes will get loans of up to 2 lakh, with a 3% interest relief.”.
Dear sir
We don’t have any land or house in any city of India. We want to purchase house in our nearest city. who can approve the area of plot ? on which we will get subsidy. We want it should be approved before our purchasing to confident us to get the subsidy.
Dear Prashant ..You can visit any nationalized bank or pvt banks like ICICI bank and check if you have the eligibility to get Home loan under PMAY.
res sir plz give mi reissue form for pf withdrawal ;how can i withdrawal my pf without employers signeture
Dear AVI DABHADE ..Kindly read: New EPF Withdrawal Form (composite form).
Can we resale this flats or can we rent it out, pls. reply
Please reply
Dear Sree,
I already had availed a HB loan in jan 2012 for a flat from private builder but till date flat is under construction and likely to be handed over in next one and half year or so. i wanna know weather i can get benefit of PMAY for this loan or not and if yes how can i process it through. as per info provided by you i m eligible for this yojna the only thing i already had taken laon. please guide.
another, in my flat agreement flat builder had to pay delay charges @ 5/sq feet but whenever i had been late to pay installment i have been charged by hefty amount for the little delay of few days or week. also as i had taken construction link loan means i pay as per construction and due to that i am not able to get the tax benefit of HB loan. what can i do get the justified delay charges and tax benefit at present stage.
Hello Sreekanth Reddy Sir, I think you are a genius in this field.
I wanted to know more about PMAY, before this I don’t know about PMAY, what I eligible for PMAY loan and I don’t know how to register in PMAY. My annual income is just above 1 lakhs of rupees and nothing in my name (Property or house) and also tell me about
Kid’s Education goal planning.
Retirement planning & calculator.
Dear Rajanikantha,
Kindly click on the below links and go through the articles;
Kid’s Education goal planning.
Retirement planning & calculator.
Hi sreekanth,
Can you advise whether any amount generated from agricultural income is tax exempted or not? There are lot osf confusions on this. So me people say up to max 20 lakh per acre per year can be shown as agri income.
Dear Sree..Kindly go through this article and you may revert to me if any more info is required;
Agricultural Income & Sale of Agricultural land : Tax Treatment, Computation & Implications
Sir, my monthly gross income is 8500 rupees. I want to purchase house worth rupees 650000. How much I will get loan through PMAY credit link subsidy scheme.
Dear Prashant,
You can approach a bank and check about the loan eligibility under PMAY scheme.
You can get maximum subsidy of around Rs 2.2 Lakh.
Hi Sreekant, I have 3 long term goals > 10/15 years one is for Retirement , 2nd is childs education , Childs Marriage, current age 36, can you suggest if I need to invest in 3 different Midcap/small cap funds ? how should I diversify as all goals are long term goals and can take more risk, as above will be portfolio overlap..
Dear Dinesh,
If all the goal durations are >10 years from now, you may consider same set of funds but with different SIP amounts based on the required goal corpus amount.
Read:
Kid’s Education goal planning.
Retirement planning & calculator.
My MF portfolio.
How to select the right mutual fund scheme?
MF portfolio overlap analysis tools.
Sirji kuch puchna chahta hu.
Dear Srikanth, I’m a regular reader of your blog. I’ve one question, I’ve inherited 10 Lakhs from my parent. I want to invest it in MF for long term, 15 years with objective of wealth creation. What is the best way to invest it to maximize return? Should I keep it in bank FD and invest the interest via SIP? Or should I invest it in liquid fund, and do STP to equity MF?
Dear Rajesh,
If you would like to get optimal returns then FDs may not be a suitable avenue and that too for longer period like 1 years.
Read this article – Why one should not invest in FDs/RDs for longer period @ http://www.relakhs.com/recurring-deposit-taxes-bank-fd-rd-interest-itr/
Suggest you to opt for STP route.