PMAY: How Subsidy is Paid and How to Apply for a Loan Under This Scheme
Before you apply, check your eligibility for PMAY. The eligibility conditions are pretty much available on the lender’s website. You can check them from the website and assess your eligibility for the loan.
Once you’re done with checking and assessing your loan eligibility:
- You can approach your nearest bank or NBFC or HFC to apply and avail a PMAY home loan.
- Only a certain banks and NBFCs have been approved by PMAY to process home loans under PMAY scheme.
- The list of lenders can be accessed from PMAY website.
- You can check that list and find out lenders near you who would approve your loan application.
- You can then approach them with your home loan application, property purchase agreement etc. to get the required know how.
- You can also use the PMAY website or the websites of different registered lenders to apply for the said loan online.
How Subsidy is Paid Under PMAY
The Pradhan Mantri Awas Yojana or PMAY inaugurated by the prime minister of India allows the citizens of fulfilling their dreams of owning an estate or a house. With its sole focus of housing the entire nation within the year of 2022 the initiative seeks to provide useful benefits such as rehabilitating the slum sectors with financial aid from private sector, building affordable domiciles based on partnership, subsidy provided through credit link and also for house construction.
Here is subsidy criteria for PMAY:
- The unprivileged sections seeking for housing loans will be eligible for a subsidy of an interest rate of 6.5%
- The loaned amount will have to be fill within 15 years where the interest of the subsidy will be calculated on a discount of 9 percent.
- The credit link subsidy can be availed for an amount of 6 lakhs or more and can also be used for construction of additional rooms
- HUDCO and National Housing Bank are the agencies that are going to help formulate the subsidy
Also Read: Pradhan Mantri Mudra Loan