bvvgc

PMAY List 2021: How to Avail of Home Subsidy Under PMAY

The Pradhan Mantri Awas Yojana (PMAY) has benefited first-time homebuyers in several ways. Subsidy on your home loan interest is one of the primary benefits that PM Awas Yojana provides. 

Claiming the PMAY list for 2021 subsidy on your house loan is a straightforward method of determining your eligibility, provided you apply for the Pradhan Mantri Awas Yojana according to your income and acquire a home that meets the scheme’s carpet area requirements.

List of Pradhan Mantri Awas Yojanas for the Years 2021-2022

The organization’s official website already includes the 2021 PMAY list. It lists the candidates for fiscal year 2021–22. The PM Awas Yojana is divided into two parts: urban and rural. Two things are specific to the PM Awas Yojana list and that go for PMAY beneficiaries, too. The list illustrates who is eligible for the scheme. 

The beneficiaries are listed below, along with their income brackets.

  • Individuals belonging to scheduled castes and tribes
  • Ladies
  • Economically Weaker Section- EWS Families with income up to Rs.3 lakh)
  • Low-Income Group-LIG Families (with income up to Rs.6 lakh)
  • Families in the Middle-Income Group- MIG l and ll (pay up to Rs.12 lakh for MIG-l and up to Rs.18 lakh for MIG-ll).

The Eligibility Criteria for PMAY-Pradhan Mantri Awas Yojana

To be eligible for the PMAY list for 2021, you must be single or have a family consisting of your parents, spouse, and unmarried children. To qualify for PM Awas Yojana home loan subsidy, you must also meet certain income conditions.

The following are the program’s eligibility requirements:

  • No pucca houses are allowed in the country.
  • People with income exceeding Rs.18 lakhs in annual household income cannot avail of the benefits of this. 
  • You must not have received government housing assistance in the past.
  • The deed or property paper must name a female relative. Female co-ownership is also allowed.
  • The scheme applies to all towns as of 2011 and those notified since.
  • The property must be built, extended, or renovated within 36 months after receiving the loan amount.
  • The scheme excludes pre-built homes.

Read also: Know Why Gold Loan Is Considered As Saviour In All Times

Claim Procedure for the PMAY Interest Subsidy

Get a PMAY home loan subsidy by doing the following:

Before applying for a PMAY list loan subsidy for 2021, check your pay, confirm your income (EWS, MIG, or LIG). Your household income determines the PMAY-eligible carpet area. Use an online EMI calculator to estimate your savings.

PMAY online application:

The PM Awas Yojana application can be made online or off. While submitting a paper application takes time, you can apply for PMAY online by following the steps below.

  1. Go to https://pmaymis.gov.in.
  2. On the ‘Citizen Assessment’ page, select the category under which you wish to apply.
  3. Fill in the form below to link your Aadhar Card to your application (this is mandatory).
  4. You’ll then be taken to the application form to fill out your details.
  5. Click the ‘Save’ button to save your PMAY application.

How Much PMAY Subsidy Can You Claim?

The Pradhan Mantri Awas Yojana offers up to Rs.2.67 Lakh in house loan subsidies. Your subsidy amount is determined by your income category and the total carpet area of your new home. 

What you should know:

  1. You can earn a 6.5 per cent credit-linked subsidy on a housing loan up to Rs.6 lakh if you are EWS or LIG. 
  2. The carpet area of the property you acquire should be 30 square metres for EWS applicants and 60 square metres for LIG applicants.
  3. The MIG I category offers a 4% credit-linked discount on housing loans up to Rs.9 lakh. This discount is available for homes with a carpet size of 160 square metres.
  4. The MIG II category offers a 3% credit-linked subsidy on housing loans up to Rs.12 lakh. This discount applies to homes with carpet areas of 200 square metres or more.

What are the CLSS Scheme Benefits?

The housing loan subsidy scheme has the following benefits:

  • The subsidised interest rate on house loans is up to a certain amount.
  • The subsidy is put directly into your account. As a result, both your principal and EMI are reduced.
  • Your loan can be extended up to 20 years.
  • The loan amount is unlimited. If the amount exceeds the limits, the lender’s usual interest rate will apply.

Conclusion

The major goal of the PMAY initiative is to prevent homelessness through the provision of inexpensive housing. The PM Awas Yojana has been designed to ensure that no one stays homeless. However, to be able to avail of all the benefits of PMAY, applicants must have the essential paperwork and documents ready and must meet the qualifying criteria.