Pradhanmantri Awas Yojana – Credit Link Sunbsidy
Our Prime Minister Mr. Narendra Modi have announced his ambitious scheme Homes for All 2022 under PMAY i.e. Pradhan Mantri Awas Yojana. Under this scheme a subsidy upto 2.40 lacs will be given to the first Home buyer .
To avail this subsidy , please find below the steps
1. Book a flat with reputed Real Estate Developer. And Apply for a home Loan.
2. Housing Finance Company will sanction your loan after considering your income .
3. Register the Agreement to sale of your flat.
4. Disbursement of Home loan amount to the Developer from Home finance Company.
5. Your Home finance company will submit the claim for subsidy to National Housing Bank on your behalf.
6. Once the subsidy is sanctioned, the amount of same will be directly credited to your principal account of Home finance company.
7. Once the subsidy is received by your Home loan finance company, your EMI will be fixed.
1. What are the eligibility Criteria’s for getting the subsidy under CLSS PMAY
- The beneficiary or his family should not own a pucca home either in his/her name or either on family member’s name.
- The annual Income of the household ( Husband + Wife + un married child) should not exceed 18 lacs.
- The unit has to be on joint name of Husband and wife or individually on the name of the wife.
- The carpet area of the house should not be more that 600 sqft. The subsidy will be given thru your Home finance company only.
- Required papers for the subsidy Marriage certificate and undertaking of Not owning any house on your name.
- Income papers showing Annual income less that 18 lacs.
- Adharcard/Pan card/Voter ID
2. I am unmarried. Will I get subsidy??
- Yes you can. If your parents don’t have a pucca house on their name, you can apply for the subsidy.
3. I have not taken Home loan, will I get the subsidy?
- No, the subsidy will be given only to those who have taken home loan .
4. Will I get subsidy directly from the Government?
- The whole amount of subsidy will be directly given to your home finance company, so your home loan amount will be reduced and EMI will also reduce.
5. If I have a house in my original village/ gaon, will I be eligible for subsidy?
- If your house in village don’t have the concrete slab, it wont be called a pucca house. Then you will be eligible for the subsidy.
6. How much time it will take to receive the 2.43 lacs subsidy?
- It will take 3 months to receive the subsidy after applying the same.
7. Is this subsidy applicable for widow/divorcee people
- Yes it is applicable.
8. What is the age limit for applying for CLSS under PMAY?
- You will be eligible for CLSS till such time you are eligible for Home loan.
9. What if I am not eligible for CLSS Subsidy?
- If you are not eligible for CLSS, you stil will be eligible for home loan and can buy the home.
Many Home Buyers of Vastushodh’s Anandgram and Urbangram have received this subsidy under PMAY CLSS Already.