How To Avail Pradhan Mantri Awas Yojana Subsidy?

By Author: Tushar singh
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Pradhan Matri Awas Yojana is an action taken by the Government of India to construct 20 million affordable houses by March 31, 2022. The Pradhan Matri Awas Yojana was launched in June 2015.

Pradhan Mantri Awas Yojana involves the project of developing affordable houses in selected cities. Moreover, it will benefit the population all over India as the construction will be done in an eco-friendly way. The program will aim to build homes for the lower-income groups and economically weaker sections. There is a subsidy in the scheme, and one can surely avail of the PMAY subsidy if one falls in the groups. There are various ways to avail of the subsidy, which are described in detail below.

What Is PMAY?

The PMAY is a scheme through which loans are available at various interest rates depending upon the category of the loan applicant. The initiative is a Credit-Linked incentive scheme. For the specific period of housing only, the loan can be availed for 15 years. To provide a better life to citizens and to uplift the economic ...
... growth, the scheme has been introduced by the Indian government.

The person who has an individual income less than Rs.3 lakh and total household income of Rs 10 lakhs can avail of the scheme. The scheme has been divided into various categories, as per the income of the people. The scheme is available irrespective of creed, religion, and caste.

Availing The Benefits Under The Scheme

To provide the benefits of the PMAY subsidy, the process of applying for this scheme has been kept simple. The simple application process is as follows:
One can visit the official website of the PMAY and download the subsidy scheme application form.
As per suitability, one can apply for the home loan from NBFC or bank.
With accurate information, one needs to fill out the form after taking out the print out.
The form should be submitted along with necessary documents to the nearby location.
The application will be forwarded to CNA if all eligibility criteria match.
CNA will send the subsidy total to the particular lender who lends the money if the application gets approved.
While decreasing the total principal amount of the loan, the subsidy amount will be credited to the home loan account.

If the loan applicant is a woman and sole bread earner of the family, then she will be given priority. Disabled persons and senior citizens can also avail of this scheme. The urban local bodies, housing boards, and development authorities are the agencies that support the scheme. The scheme is also known as the “ Housing For All” project.

The money will be transferred into the bank accounts, in the form of installments. The transaction is done through the Direct Benefit Transfer ( DBT) program. It will allow the person to update and receive the money without going into the offices and banks. To check-in which phase a person’s city is covered, one needs to visit the website and check the details of the Phase 1 program.

Housing is one of the basic needs of an individual. Now, with the help of the Pradhan Mantri Awas Yojana, the downtrodden part of the society can also dream of having a roof beneath their heads.

A passionate writer on finance Tushar Sharma is a financial advisor with an experience of more than 6 years. He has worked with top-most financial firms and has been a visiting faculty at many reputed institutes in India. Currently based in Delhi, Tushar Sharma is a passionate writer and loves sharing his knowledge on the subject.