Launched in 2015, the Pradhan Mantri Aawas Yojna is defined as PMAY Urban and Rural. This scheme is the flagship program of the Narendra Modi-led Union Government that aims to offer Housing for All by 2022. This housing scheme is also popular as the Credit-linked Subsidy Scheme [CLSS] and is introduced to provide dwelling unit to each family who particularly come under the Economically Weaker Section [EWS] and Middle Income group [MIG].
But, there are some unanswered queries regarding this scheme and thus this blog post lists all the basic frequently asked questions [FAQs] on the same issue.
1. Can I transfer my ongoing home loan under CLSS ?
Yes, the ongoing home loan can be transferred under CLSS but the loan value must fall under the predefined loan amount of the scheme. The beneficiaries having an annual income under the EWS [Economically Weaker Section], LIG [Low-Income Group], MIG & MIG 2 [Middle-Income Group] are eligible to transfer their home loan under the Credit-linked Subsidy scheme.
2. Will I bear the Processing Fee to avail Home loan under PMAY ?
No, is the answer to this query. The lender i.e. the bank or the financial institution will receive Rs. 300 by the Union Government of India as the processing fee. A homebuyer need not worry about the processing fee charge when availing home loan under the Credit-linked Subsidy Scheme.
3. How many members can become eligible to get a home under the PMAY or the CLSS scheme?
No, this scheme directly offers Housing for All. According to the scheme, if the son is already a co-borrower in father’s home loan application then he is not eligible to get a dwelling unit [pucca house] on his name under the Pradhan Mantri Aawas Yojna.
4. Is it mandatory to make a woman the primary homeowner to avail subsidy under PMAY ?
Yes, according to the framed guidelines for this scheme, the applicant can only avail subsidy if the dwelling unit is bought in the name of the female family member.
Remember this is the condition only case of an application under the Economically Weaker Section. However, both the man and the wife can be the primary owner of a dwelling unit if they fall under the MIG and MIG 2 category. MIG refers to the Middle Income Group.
5. Who are the beneficiaries of PMAY benefit ?
The framed guidelines of the PMAY scheme says that any person falling under the EWS category and having an annual income of less than Rs. 3 lakh per annum is eligible to buy a dwelling unit of 30 sq.m. the PMAY scheme. Following this guideline, the applicant with an annual income between Rs. 3 lakh to Rs. 6 lakh can buy a pucca makan within the 60 sq.m under the HIGH category of the PMAY Scheme.
A person having yearly income between Rs. 6 lakh to Rs. 12 lakh can purchase a flat under the PMAY scheme that covers160 sq.m. A person under the MIG 2 category with yearly income between Rs. 12 lakh to Rs. 18 lakh is eligible to buy a dwelling unit of upto 200 sq.m.
6. Is it possible to buy land under the PMAY scheme ?
No. The Pradhan Mantri Aawas Yojna only offers flats/apartments with the target to achieve Housing for All by 2022.
7. Is there any determined loan amount to be availed under PMAY ?
The home loan amount is not predetermined under the scheme but yes a subsidized loan of Rs. 9 lakh is offered at 4 percent. The remaining loan value is calculated at an unsubsidized interest rate.
8. When will the subsidy amount credit into my account ?
This process will be completed as soon as the financial lender or the bank disburses your home loan amount.