PMAY or Pradhan Mantri Awas Yojana is an affordable housing scheme launched by the government of India to provide housing for all Indian citizens. One of the critical aspects of the scheme is the CLSS or Credit Linked Subsidy Scheme. Through this scheme, the government encourages homeownership among the economically weaker section and lower income group by offering them subsidies on home loan interest rates.
The benefits of CLSS subsidy are not limited to a specific section of the population but it is available for all. So, if you are looking to buy a new home, you can accomplish your long-cherished dream by applying for PMAY home loan and avail the subsidy benefit. The interest subsidy not only makes the home loan more affordable but also allows you to repay the amount easily without facing financial hassles.
To ensure that every citizen gets maximum subsidy benefit, the government has divided the potential beneficiaries into different groups based on their income levels. The lower the income, the higher the subsidy, and vice-versa.
Before we discuss the time taken for processing the PMAY subsidy, let us look at the PMAY features and benefits.
- The primary objective of the PMAY subsidy is to help the citizens become homeowners and help the slum dwellers upgrade their living standards.
- Under the CLSS initiative, the government offers an interest subsidy up to 6.5% to the home loan borrowers for a maximum period of 20 years. However, you must know that the percentage of subsidy you get depends on your income category.
- If you apply for a PMAY subsidy under the EWS category, your annual household income should not be more than Rs. Three lakhs. And you can be eligible for a subsidy up to 6.5% on loans up to Rs. 6 lakhs.
- If you apply for the subsidy under LIG category, your total annual income must not exceed Rs. 6 lakhs. And you can get a subsidy up to 6.5% on a loan of up to 6 lakhs.
- The interest subsidy available for MIG I and MIG groups is 4% and 3% receptively. And you can get the subsidy on loans up to 9 lakhs and 12 lakhs.
- The PMAY subsidy is available on home loans not just for buying a new flat, but it is available for home construction and home renovation.
How long does it take to get the PMAY subsidy?
If you have applied for the PMAY subsidy, it usually takes about three to four months before you get the subsidy amount. This is because the verification process takes time. The time taken also depends on how well you comply with the documentation requirements. If you have filled the subsidy form correctly and have submitted the necessary documents, you will get the subsidy without any hassles.
But if you have not submitted any document or if you provide insufficient or incorrect detail in the application form, then the verification period will get extended and getting the subsidy will be delayed.
The PMAY subsidy scheme is an excellent government initiative that helps the aspiring homeowners take the bold step towards buying their dream home. It reduces the repayment burden and makes repayment easier for all.