The objective of the Pradhan Mantri Awas Yojana is to provide houses in urban or rural areas to the weaker income groups in the country. Under this flagship scheme, first time home buyers are given CLSS or credit-linked subsidy. That is, interest subsidy is provided on home loan for buying a house in EWS / LIG / MIG category. This subsidy can be up to a maximum of Rs 2.67 lakh. But many people do not know how the subsidy is transferred to their account after taking a loan.
How is the subsidy transferred?
Under the PM Awas Yojana, the borrowers have to first take the entire loan from the bank (Primary Lending Institute). The central nodal agency transfers the subsidy amount to the bank based on the amount that is disbursed by the bank to the beneficiary’s account. After this, the amount of subsidy is transferred to the beneficiary account after the principal amount deducted by the Primary Lending Institute. After that, the EMI of every month is made on the basis of the principal amount left with the bank, which the beneficiary has to pay.
Examples: Here it can be understood by example. Suppose you have taken a loan of up to 6 lakh rupees under PM Awas Yojana. Here, a credit-linked subsidy of 6.5 percent will be available on a loan of 6 lakh rupees. According to the 6.5 percent subsidy, the NPV will be Rs 2,67,000 after your interest subsidy. According to this, your PMAY loan actually becomes Rs 3.33 lakh instead of Rs 6 lakh. For this 3.3 lakh rupees, you will have to pay EMI.
PMAY: Who can get a subsidy
There are 4 categories under the scheme.
Economically Vicar Section (EWS) and Lower Income Group (LIG) with an annual income of 3 lakh to 6 lakh
Middle Income Group 1 (MIG1) with an annual income of 6 lakh to 12 lakh
Middle Income Group 2 (MIG2) with an annual income of 12 lakh to 18 lakh.
If your income is up to 6 lakh rupees annually, then a loan of 6 lakh rupees will get a credit-linked subsidy of 6.5 percent.
Those earning up to Rs 12 lakh annually will get 4 percent interest subsidy on loans up to Rs 9 lakh.
Those earning up to Rs 18 lakh will get 3 percent interest subsidy on loans up to Rs 12 lakh.
(Note: Here the loan should be for a maximum period of 20 years.)
On the basis of which the list is prepared
The government pays attention to Socio-Economic Cast Census 2011 i.e. Socio-Economic Caste Census 2011 to identify the beneficiaries under the Pradhan Mantri Awas Yojana. In addition, the government includes tehsils and panchayats to decide the final list.
Who will benefit under the scheme
- There should not be a pucca house anywhere in India in the name of the applicant or any member of his family.
- No family member has taken advantage of any housing scheme started by the government earlier.
- If a married couple, then both single and joint ownership is allowed. But only 1 subsidy will be available for both options.
- Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group are eligible for CLSS.
- Under this scheme, only the beneficiaries are allowed to buy or construct a new residential property.
- Economically weaker sections
- Women (of any race or religion)
- Scheduled Castes and Scheduled Tribes
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