The Prime Minister of India launched the Pradhan Mantri Awas Yojana in 2015 with an aim to provide affordable housing to all urban citizens by 2022. Under the PMAY scheme, the lower and middle-income groups of society are provided an interest subsidy on home loans under the Credit Linked Subsidy Scheme (CLSS) in India.
These loans can be used for construction, purchase or renovation of houses. The beneficiaries under the CLSS are divided into three major segments based on their annual family income – Economically Weaker Section (EWS), Low Income Group (LIG) and the Middle Income Group (MIG). Anyone, who is eligible for PMAY benefits, can avail the CLSS irrespective of his caste, race, or religion.
Here are a few points to consider:
Eligibility Criteria – To be eligible for PMAY, one needs to be a first-time home buyer and the ownership of the house should be in the name of a woman or jointly with her husband. Also, the beneficiary should not have availed central assistance under any housing scheme by the government.
Apply for PMAY – Here is how to apply for pradhan mantri awas yojana?. The eligible applicants under the CLSS can apply directly for house loan with one of the lenders enlisted under the PMAY. After the approval of your loan application, the amount will be credited in your bank account.
Subsidy transfer – After you’ve availed the home loan under PMAY, the lender will claim subsidy on your behalf from the government. When the lender receives the subsidy, it will be credited to your home loan account and your EMIs will decrease considerably.
To know more about PMAY CLSS, read this post today: https://guestpost.finserving.com/loans/home-loan-credit-linked-subsidy-scheme