If you have been toying with the idea of investing in a house of your own, now is the best time to convert your idea into reality. With support from various financial institutions like Finserv Markets, the government of India has been able to take the necessary steps to make real estate more affordable and accessible for the common person. Once such step in this direction is the launch of PMAY or Pradhan Mantri Awas Yojana scheme. This is progressive step by the Government to empower people of the society to not only see the dream of owning their own home but also realize it.  

Subsidy linked to credit

One of the major duties of an aspiring homeowner is conducting research on the ways in which you can avail the best finance deal, in case you will be taking up a home loan. In doing so, it is advisable that you do extensive research, especially on the Pradhan Mantri Awas Yojana scheme, of which, one of the principal verticals is the credit linked subsidy scheme. This scheme is meant to specially benefit people from lower income groups as also middle-income group. This scheme allows the central government to extend financial assistance, via the various leading institutions such as Finserv Markets, to beneficiaries that are eligible for this, across all towns. The pmay subsidy scheme also includes the adjacent area in which planning is taking place.

Who can apply for it

In case you are an aspiring home owner looking to make use of the Pradhan Mantri Awas Yojana home loan subsidy, you must belong to the economically weaker sections of society or within the lower income groups with an annual income of 6 Lakh rupees and your family can not have possession of any pucca houses in any part of the country at the time of application. Once the subsidy is approved for the amount that availing a loan for, there will be a resultant lowering of the effective housing loan as also in the EMI you are expected to pay every month. Now that you are aware of the eligibility criteria, apply for a Bajaj Finserv loan now!

Features of the credit linked subsidy

 It is important that you are made aware of the integral features of the Pradhan Mantri Awas Yojana subsidy for a greater understanding of how they function and some of them have been listed below:

  • The maximum subsidy amount that can be availed is up to Rs. 2.67 lakh on your Bajaj Finserv Loan

  • The Pradhan Mantri Awas Yojana subsidy interest rate is at 6.5% for a loan tenure of about twenty years or throughout the period of the loan repayment, whichever happens to be lower in comparison.

  • It must also be remembered that the Pradhan Mantri Awas Yojana home loan subsidy is only applicable for Bajaj Finserv pre-approved loan amount extending to six lakh rupees, additional loan amount will be available at a rate that is not subsidized.

  • You must have a valid Aadhaar card if you wish to apply for a loan under the Pradhan Mantri Awas Yojana scheme.

 

Network of PMAY subsidy

Under the supervision of the government, the pradhan mantri awas yojana operates with the help of two central agencies or network, in case of the interest subsidy scheme. The interest subsidy is directed through the National Housing Bank, commonly abbreviated to NHB and the Housing & Urban Development Corporation or the HUDCO. The tributary government bodies direct the subsidy to the various lending institutions, one of which is Finserv Markets, that further assist the first-time eligible candidates to avail the subsidy without hassle.

How to calculate

In speaking of the Pradhan Mantri Awas Yojana scheme, it is of foremost importance that you are explained the way in which the Pradhan Mantri Awas Yojana subsidy calculator operates. At Finserv Markets, we believe in making the process easy and comprehensible for you and in this regard, details of the subsidy calculator are provided on our official website. The Pradhan Mantri Awas Yojana subsidy calculator is responsible for processing all your information such as annual household income, loan amount you have applied for, the tenure for your Bajaj Finserv pre-approved loan, rate of interest suited for you, your gender and then determining whether or not you are eligible to apply for PMAY subsidy. This is an important step in the Bajaj Finserv lending process and we advise you to use the calculator when applying for a loan.  

How to check PMAY Status

You can check your PMAY status by following the below-mentioned steps:

  • Visit PMAY’s official Website
  • On visiting the official Pradhan Mantri Awas Yojana website, you will be required to choose one of the two options through which you would like to track your PMAY status.

o Option 1: Track PMAY Application Status - By Name, Father’s Name & Mobile Number

o Option 2: Track PMAY Application Status - By Assessment ID

1. If you select Option 1, then you will have to enter all the required details like your name, father’s name, state, district, city, and mobile number. On providing all the information, your PMAY application status will be displayed.

2. If you select Option 2, all you will have to do is enter your Assessment ID and Mobile number. On providing the details, you will be directed to a page that, wherein your PMAY application will be displayed.

Things to keep in mind

It must be understood that the results that are shown to you by this calculator are based purely on the information you enter yourself and is aimed at helping you reach an estimation of how you must arrange things in order to be eligible to apply for the subsidy. These results, therefore, are approximations and the real amount may vary. 

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