Housing Loan Subsidy

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Housing Loan Subsidy: The introduction of PMAY in 2015 made it easy to own a house in this country. It brought a host of benefits for first-time homebuyers, and a prominent one is the availability of home loans at a subsidized rate.

The aim here is to provide Housing Loan Subsidy and make housing affordable for the rural and urban poor of India. Under this scheme, the government joined forces with various public and private limited partners to deliver its benefits.

As of January 2021, about 41 lakh houses have been completed, and the government has sanctioned the construction of another 1.68 lakh houses.

To receive the benefits of Housing Loan Subsidy scheme, homebuyers need to complete their application process and register themselves.

Pradhan Mantri Awas Yojana – Application process

PMAY application can be completed both online and offline, and the following is a guide on both these processes –

Online process

  • Log on to the official website of the PMAY scheme, and –
  • Go to the ‘Citizen Assessment’ section and choose from the following options.
  • Select either ‘Benefits under 3 components’ or ‘slum dwellers,’ as applicable
  • Enter Aadhaar number and click on submit
  • It will then redirect you to the application form
  • Fill it up with relevant information
  • Double-check the provided information and scroll down to submit it by entering the captcha
  • Individuals can later edit their application form by using their Aadhaar number to log in to this portal.

Offline process

To apply for Pradhan Mantri Awas Yojana offline, individuals need to visit their nearest common service center to obtain the application form. After that, they need to fill it up with relevant details and pay a nominal fee of Rs. 25 plus GST and submit it.

After submitting the application form, individuals can check their PMAY status online through the official website. They can use their mobile phone number and father’s name or assessment ID to check their application status.

Once the application is approved, individuals can then check the PMAY list online to see if their name is among the beneficiaries or not.

Process of accessing PMAY checklist

Since Pradhan Mantri Awas Yojana has two sections – urban and rural – the processes of accessing this checklist are also different.

For urban

  • Visit the official website of Pradhan Mantri Awas Yojana
  • Click on the ‘Search Beneficiary’ tab and choose ‘search by name’ from the dropdown menu
  • Type in your name, and click on ‘Search’

For rural

  • Visit the official website of Pradhan Mantri Awas Yojana Gramin
  • Click on the ‘Stakeholder’ option
  • Choose ‘IAY/PMAYG’ from that dropdown

Now individuals who have their registration numbers can enter them in the respective tab and click on the ‘Search’ option. However, in case one does not have their registration number, they can follow the below-mentioned steps.

  • Click on the “Advanced search” option
  • Fill-up the form
  • Click on “Search” to see this list

Individuals whose names appear on this list are eligible for PMAY subsidy. After that, they can apply for a home loan with lenders registered to extend credit under this scheme.

Homebuyers planning to apply for this government scheme should also learn about PMAY eligibility to avoid facing rejection.

Pradhan Mantri Awas Yojana eligibility criteria

  • Applicants and their immediate family members must not have a pucca house anywhere in India
  • They should not have availed benefits of any other government housing schemes.
  • Their annual family income must not exceed Rs.18 lakh.
  • Property ownership must include a female member for EWS and LIG, and it is desirable for the MIG group.
  • A concerned property should be located in statutory areas indicated in the 2011 Census.

A point to note here is that to avail of a home loan under PMAY, one needs to meet the eligibility criteria set by a specific lender. Furthermore, the availability of pre-approved offers also improves the borrowing experience.

It shortens the home loan application process and saves time. Such offers are available on loan against property as well. You can check your pre-approved offer with your name and phone number.

PMAY has eased the way for ordinary Indians to become a homeowner. Case in point, individuals can save up to Rs. 2.67 lakh on home loan interest liability by qualifying for this scheme.

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