HDFC Home Loan Scheme: Everyone wants to have his own house. Having your own home is a basic need. If you do not own a house and want to get finance to buy a house, you can take advantage of the Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS). This scheme covers people from most sections of the Indian society, which includes Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group (MIG I and II) etc.
A question may be coming in your mind that what is PMAY subsidy? Let us tell you that PMAY is a comprehensive scheme, under which subsidy is provided in the interest rate paid on home loan to make buying a CLSS house more affordable.
Required eligibility for PMAY subsidy
- To avail the benefit of subsidy, the house to be purchased or constructed must be in a city notified by the Ministry of Housing and Urban Affairs.
- To see the list of notified cities click on Click Will have to do.
- You and any member of your family should not own a permanent house anywhere in India.
- You or any member of your family (spouse and unmarried children) should not have previously availed any assistance under any Central Scheme of the Government of India or any component of PMAY.
- CLSS provides subsidy on interest paid on home loans under specific conditions. CLSS benefits vary depending on the category:
SBI बैंक होम लोन योजना
Different classes get different benefits
Category: MIG I:This category includes people whose annual household income is more than ₹ 6 lakh but less than ₹ 12 lakh and the carpet area of the property built or purchased by them should not be more than 160 square meters. people of this class Interest rate subsidy of up to 4% is given on loan amount up to a maximum of ₹9 lakh.
Category: MIG II: This category includes those people whose annual household income is more than ₹ 12 lakh but less than ₹ 18 lakh and the carpet area of the property built or purchased by them should not be more than 200 square meters. people of this class Subsidy of up to 3% in interest rate is available on loan amount up to a maximum of ₹ 12 lakh.
Category: LIG and EWS: LIG and EWS categories include those people whose annual household income is more than ₹ 3 lakh but less than ₹ 6 lakh. To avail the benefit of CLSS, the carpet area of the house you are buying or building should be a maximum of 60 square meters. The owner or co-owner of the house should be a female member of the family. People of this category are given interest rate subsidy of up to 6.5%. Interest subsidy is valid for loan amount up to ₹ 6 lakh.For all categories, interest subsidy is valid for home loans with a tenure of up to 20 years.
How can one avail the benefit of subsidy?
To avail subsidy under PMAY, your home loan approval must be on or after January 1, 2017. And this scheme will be valid till March 31, 2022 for EWS/LIG category and till March 31, 2021 for MIG category. The subsidy is not claimed by you personally; This claim is made by your home loan provider on your behalf.
All you need to do is submit a declaration confirming your eligibility. Upon completion of the application, the lending institution will raise the claim on your behalf and fulfill all the necessary requirements. Once the loan subsidy is approved by any nodal agency, such as the National Housing Bank, the amount will be automatically transferred directly to your home loan account.
