For many people and families, buying a home is an important turning point in their lives. However, the financial commitment required can be intimidating, particularly if home loans are used for financing. Gaining knowledge about Home Loan Subsidy can significantly reduce the cost of purchasing a property. We will go into the fundamentals of home loan subsidies in this post, including what they are and how to be eligible for them.
Home Loan Subsidy Overview
| Pradhan Mantri Awas Yojana (PMAY) Scheme 2024 | Details |
| Scheme Name | Pradhan Mantri Awas Yojana (PMAY) |
| Started Year | 2016 |
| Extended Year | 2024 |
| Benefits | Two-room pakka residence |
| Last Date To Apply | 31 December 2024 |
What is a Housing Loan Subsidy?
To guarantee that everyone has access to a suitable place to live, the Indian government offers a housing loan subsidy. By 2022, the Pradhan Mantri Awas Yojana – Housing for All initiative seeks to guarantee that every person has access to a pucca house. A home loan subsidy is available to those who fulfill certain eligibility requirements under the PMAY-housing for all program. The Credit Linked Subsidy Scheme (CLSS) is a program that offers an interest subsidy.
Home Loan Subsidy Eligibility Criteria
| Beneficiary | Annual Income |
| Middle Income Group II (MIG II) | ₹12 lakh to ₹18 lakh |
| Middle Income Group I (MIG I) | ₹6 lakh to ₹12 lakh |
| Lower Income Group (LIG) | ₹3 lakh to ₹6 lakh |
| Economically Weaker Section (EWS) | Up to ₹3 lakh |
10 Banks Offering Govt Subsidy on Home Loans in India
- State Bank of India
- Axis Bank
- IDBI Bank
- Canara Bank
- HDFC Bank
- Bank of India
- Bandhan Bank
- Bank of Baroda
- IDFC First Bank
- Punjab National Bank
Eligibility Criteria For The Various Income Groups
- The highest loan amount is Rs. 6 lakhs.
- An interest subsidy of 6.50% is available.
- The maximum amount of loan subsidy that is available is Rs. 2.67 lakh.
- Maximum loan tenure: The subsidy is available for the full 20-year period or for the actual term of the home loan.
- Subsidy Availability: Available for home loans granted on or after January 1, 2017.
- The house’s carpet area is 30 metres by 60 metres for EWS and 60 metres by 60 metres for LIG.
How to use Pradhan Mantri Awas Yojana (PMAY) Subsidy Calculator?
A PMAY subsidy calculator is available on the official PMAY website as well as through several financial service providers. Websites like BASIC Home Loan and other websites of home finance companies have one such calculator.
Enter Your Details
- Loan Amount: Enter the desired loan amount for your house.
- Loan Tenure: Indicate the length of time you plan to pay back the loan.
- Interest Rate: Give the anticipated interest rate for the house loan.
- Annual Family Income: Input your household’s total annual income.
- Submission: Once all the required information has been entered, submit the data to the calculator.
How do I check the status of the PMAY subsidy?
Online Using Aadhaar or Application ID
- Check out the PMAY official website at https://pmaymis.gov.in
- Go to the ‘Citizen Assessment’ section and choose the appropriate application category.
- To check the status of your application, fill out the form with your PMAY application ID or Aadhaar number, then click submit.
Using the Assessment ID
- Proceed to the ‘Track Your Assessment Status’ section on the PMAY website, using a similar procedure as above.
- To verify the status of your subsidy, enter your Assessment ID and submit.
Via Toll-Free Number
For customer service, contact PMAY at 1800-11-3377 or 1800-11-3388. To find out about your subsidy status, you will have to give your application details over the phone.
Conclusion
Home loan subsidies, such as the Pradhan Mantri Awas Yojana (PMAY), are essential in lowering the cost of homeownership. Through comprehension of the qualifying requirements and utilisation of available resources, such as status check tools and subsidy calculators, people can effectively alleviate their financial burden and realise their aspiration of becoming homeowners.