How to Get a Home Loan Subsidy???
PMAY Subsidies • PMAY offers a Central Grant, of an average amount of ₹100,000, to each PMAY scheme subscriber. • Each PMAY beneficiary will be given a Central Assistance worth ₹150,000 to enhance housing stock. • LIG & EWS will be offered a 50 percent subsidy through the CLSS or Credit-linked Subsidy Scheme. • The urban poor would be given ₹150,000 for new house and renovation purposes.
Recent Changes Made in the PMAY Scheme • An individual who is buying a home for the first time under this scheme now have to pay an 8% as the GST charge, provided the buyer opt for a home loan through the Credit-Linked Subsidy Scheme (CLSS) under the PMAY.
• Those people who just dreamed of having their own home, now have their own home with the help of PMAY scheme. To make things better for the imminent homebuyers who are willing to avail benefits under this scheme, the government has sliced the GST from 12% to 8%. • In order to avail a home loan through CLSS, there are some fixed criteria- The applicant yearly household income should not be more than ₹ 18 lakhs and the maximum carpet area eligible to avail this subsidy is 150sqm. Borrowers who are not able to meet this criterion has to pay12% as GST charge.
How to Apply for Home Loan Subsidy Under PMAY?
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.
Step 4: Submit the filled form along with the required documents to an office accepting these in the nearby locations. Step 5: If you are found to be eligible your application will be forwarded to CNA. Step 6: If your application gets approved, CNA will send the subsidy amount to the particular lender who has lent you the money.
Step 7:Â This subsidy amount will be credited to your home loan account, hence decreasing the total principal amount of your loan.
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