PMAY Gramin is a Credit Linked Subsidy Scheme (CLSS) as per which those who have availed home loans will get subsidy on payment of interests. In case a married couple decides to seek loan and then jointly apply for loan, they are entitled to only one subsidy. Here's the CLSS criteria for different categories:
EWS and LIG: Those with household income up to annual income of Rs. 6 Lakhs can avail maximum subsidy of Rs. 2.67 Lakhs.
MIG1: Those earning between Rs. 6 Lakhs - Rs. 12 Lakhs are eligible for maximum subsidy of Rs. 2.35 Lakhs.
MIG2: Those with annual household income between Rs. 12 Lakhs -Rs. 18 Lakhs per annum can, at the most, get Rs. 2.30 Lakhs in subsidy. CLSS is applicable for those who can afford to construct or buy a house with a home loan.
Other than the CLSS, there are a few more components in the Pradhan Mantri Awas Yojana:
In Situ Slum Rehabilitation (ISSR): It's only for slum-dwellers.
Affordable Housing Partnership (AHP): It's directed towards those families that don't own any land and can’t afford a home loan as well.
Beneficiary led Construction component: It's for those who own land and require construction.
A person whose family owns a permanent home in any part of India, or who has previously availed any government housing scheme cannot apply to PMAY. In order to apply for PMAY Gramin, a person needs to go on to the official PMAY website and select the option 'Citizen Assessment' Then the appropriate category needs to be selected and the Aadhar number keyed in. After that a form will appear.The alphanumeric captcha characters that would be visible on the screen need to be typed in exactly in the same format. This needs to be done towards the end when the form is ready to be submitted. Submission status of the form can be tracked on the same website. .
Under the Pradhan Mantri Awas Yojana, the Uttar Pradesh government is building affordable homes at a rapid pace. Lack of money is no longer a hindrance towards the dream of owning a house for the financially weaker sections and those without sufficient savings. Those willing to avail this scheme should consider applying for Home Loan on Finserv MARKETS. Instant approval on the loan application, flexible repayment period of maximum 30 years, minimal documentation requirements are some of the major benefits of availing a Home Loan on Finserv MARKETS.