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A Comprehensive Home Loan Guide For First Time Home Buyers In India.
The Pradhan Mantri Awas Yojana housing for all urban area envisages that everyone will have a home by 2022. The scheme was launched in 2015 by the central government with a view to ensure housing to all of the urban people by the year 2022. One of the key features of PMAY is the credit-linked subsidy scheme. This means that interest subsidy is extended to the beneficiaries as and when they take a housing loan.
The scheme also envisages central assistance to both states and union territories that focus on building houses for all eligible sections of people in urban slums, especially the economically weaker sections. Therefore, the major features of the project are slum rehabilitation and making available affordable housing to the people belonging to economically weaker sections.
In urban areas, interest subsidy is extended to three types of income groups. They are as follows:
Subsidy for Economically Weaker Sections
(Annual per capita income less than Rs. 300,000)
Subsidy for Low Income Group
(Annual per capita income ranging from Rs. 300,001 to Rs. 600,000)
Middle Income Group I
(Annual per capita income ranging from Rs. 600,001 to Rs. 1,200,000)
Middle Income Group II
(Annual per capita income ranging from Rs. 1,200,000 to Rs. 1,800,000)
On the basis of their pradhan mantri awas yojana eligibility, credit-linked subsidies will be extended to these categories of people. People belonging to the low per capita income category will get higher interest subsidy. The programme offers the following components or options to the cities and towns in states and union territories:
As per the provisions of the programme, the house constructed for the people belonging to the economically weaker sections shall be all-weather single units or one unit in a multi-storeyed building. There should be adequate basic civic amenities. Infrastructure amenities should include toilets, water, electricity, etc. States have the freedom to choose the area as per local needs.
Credit-linked interest subsidy of 6.50 percent is provided by the Government of India for the actual term of the loan or 20 years, whichever is lower, to eligible people belonging to the EWS/LIG category. The subsidy is, however, limited to a maximum of Rs. 267,000.
The central government provides an assistance of Rs. 150,000 per house for beneficiaries belonging to the EWS category. State Governments/affiliates, for instance, Housing Boards, might take up affordable housing projects and avail the Central Government grant.
The Credit-Linked Subsidy Scheme, in short CLSS, launched by the Government of India under the auspices of the Housing and Urban Poverty Alleviation Ministry for the MIG beneficiaries was initially implemented for a year (01.01.2017 to 31.12.2017). However, it has now been extended till 31.03.2019.
Other key points to be noted as far as PMAY is concerned are:
Eligibility criteria , credit score & documentation required
Home Loan Agreement & Important Clauses
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This process may take time, and it’s duly advised not to take any information currently mentioned on the website like images, material, stock photography, projections, details, descriptions, etc. to make a final purchase decision. All information should be deemed to be or considered only as advertisements, solicitations, marketing, offer for sale, an invitation to offer, an invitation to acquire, including within the purview of RERA.
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