All about Pradhan Mantri Awas Yojana and bank providing subsidy
Government of india in 2015 launched a scheme called the Pradhan Mantri Awas Yojana( PMAY).
The PMAY scheme aims to give affordable casing for all by 2022. We at ICICI Home Finance, are aligned with Central Government’s’ Casing for All charge and offer benefits as outlined in the Pradhan Mantri Awas Yojana( PMAY).
The Ministry of Housing and Urban Poverty Alleviation( MoHUPA) has introduced in June 2015, an interest subvention scheme called Credit Linked Subsidy Scheme( CLSS) under Pradhan Mantri Awas Yojana( Urban)- Casing for All, for purchase/ construction/ extension/ enhancement of house to feed EWS/ LIG/ MIG parts to meet the casing demands in India.
Our home loan product, Apna Ghar is erected as an extension of the Pradhan Mantri Awas Yojana( PMAY), which offers you a subvention benefit of over to ₹2.67 lakh. From the operation process to the eligibility morals to the prepayment options, we’re committed to support you in making your and your family’s dreams come true.
Still, into gram panchayats and regularised colonies, we will support you, If your dream home takes you beyond the reopenedcommunities. However, we will support you, If you can not arrange formal income attestations likeITR.However, we will support you! At each of our 135 ICICI HFC branches, you’ll find friendly, If you have plant it delicate to get a home loan in the history or have noway really believed you could get one.
Pradhan mantri awas yojana Benefits
CLSS under PMAY schemes makes the home loan affordable as the PMAY subvention handed on the interest element reduces the exodus on the home loan. The subvention quantum under the scheme largely depends on the order of income which you belong to as well as the size of the property unit being financed.
When to apply for PMAY?
The PMAY scheme is being enforced in three phases, with the first two phases having ended. Presently, the last phase is on; it began on April 1, 2019, and will end on March 31, 2022.
So if you want to mileage of Pradhan mantri awas yojana, the time is now.
- Income piecemeal, there’s another crucial condition the devisee family should not enjoy a pucca house either in his/ her name or in the name of any member of his/ her family in any part of India.
- Women Power/ Title- For EWS/ LIG Women power is obligatory only for new purchase and not for new construction on an being piece of land or for improvement/ repairs of an being house. For MIG- (Middle income Group) I and MIG (Middle income Group)- II Not obligatory.
- Still, either you or your partner can apply or do so concertedly If you’re wedded and want to mileage of Pradhan mantri awas yojana benefit.
- Your income as a couple will be considered as a unit; still, if there’s another adult earning member in the family, he/ she can be treated as a separate ménage irrespective of their connubial status.
- You must not have any other central government backing on home purchase/ construction.
- You have to submit a tone- protestation about your total family income and documents of the asked property to your loan provider.
- All lending accounts below Pradhan mantri awas yojana must be linked with your Aadhar card.
Pradhan mantri awas yojana eligibility
First, the property itself:
- To mileage of the subvention, the domestic property you choose must be a single unit or a unit in anymulti-storeyed structure.
- The eligible unit needs to have introductory installations and structure like restroom, water, sewerage, road, electricity etc.
Alternate, the carpet area( walls not included) mustn’t exceed:
- LIG (Low income Group)– 60 square metre( 646 sq ft)
- EWS (Economically Weaker Section) – 30 square metre ( 323 sq ft)
- MIG (Middle income Group) – I – 160 square metre( 1722 sq ft)
- MIG (Middle income Group) II – 200 square metre( 2153 sq ft)
How to Apply for PMAY Scheme
Any ménage with an periodic income up to 18 lakh can apply for PMAYscheme.However, you can submit your operation at any of our 135 ICICI HFC branches, If you wish to apply for the PMAY subvention benefit. Our original branch experts will review your request and process your request at foremost. Our end is to make the process quick and simple for you.
- Download and fill the tone- protestation form
- Submit it at your nearby ICICI HFC Branch
- Carry your original ID evidence along with Aadhaar card of all family members
* Assessment of your eligibility to mileage the benefits of CLSS is at the sole discretion of the Government of India. The content herein is parameters outlined under the PMAY scheme for assessment of annuity.
What is The Most PMAY Subsidy that You can Claim?
Under the Pradhan Mantri Awas Yojana, you can get a subvention of over toRs.2.67 lakh on your home loan. The quantum of subvention you’re eligible for is determined by your income group and the total carpet area of the home you buy. Then’s what you should be anxious of.
- If you drop into the EWS or LIG categories, you can get a 6.5 percent credit-linked subsidy on a home loan up to Rs.6 lakh. If you apply under the EWS category, the carpet area of the property you buy should be 30 square meters, and if you register below the LIG (Low income Group) category, it should be 60 square meters.
- A credit- linked subvention of 4% on a home loan of over toRs. 9 lakh is available under the MIG Icategory.However, you can apply for this reduction, If the home you buy has a carpet area of 160 square meters.
- A credit- linked subvention of 3% on a home loan of over to Rs. 12 lakh is available under the MIG IIcategory. However, you can apply for this reduction, If the home you buy has a carpet area of 200 square meters.