The Indian government announced a program in 2015 to assist the financially disadvantaged population in metropolitan areas in obtaining a roof over their heads. The Pradhan Mantri Awas Yojana (PMAY) program aims to provide “affordable housing for all” by providing borrowers with the financial means necessary to purchase a home through a subsidy on home loan interest rates. The Credit Linked Subsidy Scheme (CLSS) is a component of the PMAY scheme that allows both economically poor and middle-income groups to obtain home loans with lower EMIs. Under this scheme, a person applying for a house loan will get an interest subsidy depending on their household income and the loan amount. When a person applies for an interest subsidy under the PMAY program, the financial institution that provides the loan evaluates the applicant’s Pradhan Mantri Awas Yojana eligibility. The beneficiaries who can avail of a loan under PM Awas Yojana are as follows:
- Economically Weaker Sections (EWS)
- Lower Income Groups (LIG)
- Middle-Income Groups I (MIG I)
- Middle-Income Groups II (MIG II)
What are the Pradhan Mantri Awas Yojana eligibility criteria for a home loan?
|Household Income (Up to Rs. P.A)||3,00,000||6,00,000||12,00,000||18,00,000|
|Interest Subsidy (% P.A.)||6.50% Max||6.50% Max||4.00% Max||3.00% Max|
|Maximum Loan Tenure (In Years)||20||20||20||20|
|Eligible Housing Loan Amount (Rs.)||6,00,000||6,00,000||9,00,000||12,00,000|
|Dwelling Unit Carpet Area||NA||NA||120 sq. m.||150 sq. m.|
|Women Ownership on property||Yes||Yes||NA||NA|
|Housing Loan Sancton date to be eligible for subsidy||After 17.06.2015||After 17.06.2015||After 01.01.2017||After 01.01.2017|
|Loan Purpose||Purchase/Self Construction/ Extension||Purchase/Self Construction|
Some of the additional Pradhan Mantri Awas Yojana eligibility criteria to be met are as follows:
- Husband, wife, and unmarried sons or daughters should make up a beneficiary household.
- The beneficiary must be a first-time homebuyer.
- There should be no pucca houses in the beneficiary’s name or the name of any family member.
- The beneficiary or their family must not have received central aid through the PMAY or any other government housing scheme.
- Married couples can apply for a subsidy whether they own the property individually or jointly; both alternatives will receive the same amount of money.
How to track the application status
Applying for PMAY is very convenient. People falling into Pradhan mantri awas yojana eligibility criteria can easily apply for it online. And tracking PMAY home loan status is even easier than the application process. Checking PMAY status will hardly take a few minutes. If you are looking forward to reviewing your PMAY status online, you should follow the steps mentioned below:
- Visit the Pradhan Mantri Awas Yojana portal and click on the option of “Citizen Assessment.”
- From the PMAY list, click on the select option of “Track Your Assessment Status.”
- By clicking on this option, you will directly reach the next page named “Track Assessment Form”. Here you can check the application’s PMAY status by two options that are given below: –
- Track assessment form with the help of name father’s name and mobile number
- Track assessment form by the given ID of assessment
After entering all the asked details about ID, click the option of Submit to check PMAY status. To check the applicant’s PMAY status, the applicant can get an Assessment ID that they can get from the official portal of Pradhan Mantri Awas Yojana. Click on the option on Search Beneficiary and enter the required information to access your PMAY ID. Suppose the applicant is not known to the internet world. In that case, they can also check their PMAY status by calling the municipality officers as these officers are entirely responsible for the PMAY list of their relevant regions of the city.
To take advantage of the PMAY benefit in India, apply for a low-cost home loan from a lender affiliated with an HFC. The petitioner can receive a hefty sentence for up to 30 years here. They can also take advantage of a low-interest top-up loan and convenient document pickup at their doorstep to expedite their application.