PMAY Scheme
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PMAY i.e. the Pradhan Mantri Aawas Yojna can be said as a dream project of the Prime Minister Narendra Modi as he wished Housing for All by 2022. Launched in the year 2015, this scheme actually gave life to the aspirations of many home buyers who didn’t even dare to dream of being a property owner due to small income. But, even after the introduction of PMAY also known as the CLSS i.e. the Credit-linked Subsidy Scheme there remains few unanswered questions. Thus, we have listed all the common FAQs about the PMAY scheme in this blog post as it will allow you to realize the dream of owning a home in a hassle-free manner.

  1. Is it possible to transfer my current homeloan under CLSS

Yes, the transfer of current home loan under CLSS is possible only when you the borrower fall under the predefined eligibility of the scheme. In short, those who have a said annual income that falls under the EWS [Economically Weaker Section], LIG [Low-Income Group], MIG & MIG 2 [Middle-Income Group] can transfer their home loan under the Credit-linked Subsidy scheme.

  1. Do I need to pay the Processing Fee to avail Home loan under PMAY

No, you need not pay any fee but the lender gets paid for Rs. 300 by the Central Government as a processing fee. In short, the home buyer is not required to worry about the payment of processing fee.

  1. Eligibility? Will I (son) become eligible for CLSS in case I am a co-applicant in father’s home loan application for the property owned by him

In this case the answer in NO. The scheme is introduced to offer Housing for All and thus you are not eligible to avail subsidy under the PMAY scheme as already one person of your family owns a home [Pucca Makan] under the same scheme.

  1. Is it compulsory to make woman a homeowner to avail subsidy under PMAY

Yes, the subsidy can only be availed if the home owner is a woman. However, the male member can be the co-owner of the property. But, a female needs to be the primary owner of the property. This is the condition in case of the EWS category. But, both the man and the woman can be the primary owner of the property in case of MIG and MIG 2 category.

  1. Who all can avail PMAY benefit

There are predetermined norms to avail PMAY benefits. Under these norms, in the EWS category, any applicant/beneficiary with lesser annual income than Rs. 3 lakh can purchase a flat that covers an area of 30 sq.m. Similarly, in the case of LIG the beneficiaries with an annual income ranging between Rs. 3 lac to Rs. 6 lac can purchase a flat that measures a carpet area of upto 60 sq.m. under PMAY.

Similarly, in the case of MIG 1, the beneficiary with an annual income ranging between Rs. 6 lac to Rs. 12 lacs can buy a flat that covers an area of 160 sq.m. However, in the case of MIG 2, any beneficiary earning an annual income between Rs. 12 lacs to Rs. 18 lacs can own a flat that measures upto 200 sq.m.

  1. Does land purchase comes under PMAY scheme

No. this scheme is only applicable on the purchase of flat as the Union Government aims to offer Housing for All by 2022.

  1. Is there any prefixed loan amount under PMAY

No, there is no predetermined home loan amount under the scheme but yes you can only avail a subsidized loan of Rs. 9 lac at 4 percent. The remaining loan amount will be calculated at an unsubsidized rate of interest.

  1. When will I get subsidy credited to the account

 The subsidy will be credited to your account after the disbursal of by the bank.

Till now the Union Government has built more than 19 lacs dwelling units in urban areas and 78 lac affordable homes in the rural areas under the Pradhan Mantri Aawas Yojna. Also, the Government has sanctioned 79 lac affordable homes for construction under the PMAY scheme by 2022.