Here, we will learn more about how the PMAY scheme benefits us in availing of home loan subsidies and how we can apply for it to enjoy the advantages.
In a progressing country like India, the prices of properties and land sites are constantly on the rise. As a result, people are becoming less able to afford the purchase of a new home or piece of land to build their home on. The capacity of individuals to purchase homes is especially reduced in metropolitan cities.
Therefore, to deal with this issue of affordability and to support and endorse reasonably priced housing for the people, the government of India devised a scheme known as the PMAY scheme with the sole intention of improving the housing situation and building affordable homes for the people.
PMAY is an abbreviation of Pradhan Mantri Awas Yojana. It is a credit-linked subsidy scheme whose primary objective is to make the concept of owning a home more affordable especially to the people who belong to the economically weaker sections of society.
- How can I avail PMAY subsidy?
The Pradhan Mantri Awas Yojana has proved beneficial to many people in India by providing them with affordable housing as well as access to interest subsidies on any home loans that they have borrowed from a bank to build or buy their own home. The process of applying to benefit from this credit linked subsidy scheme has been fashioned in a very simple way to make it easily accessible for anyone that wishes to obtain it. The steps to apply for this scheme are explained below:
- First, you need to apply for a home loan at any bank or NBFC which suits your needs. You need to make sure that the bank you choose offers the PMAY scheme.
- Next, you need to visit the official website of the Pradhan Mantri Awas Yojana scheme and download the application form for the subsidy scheme.
- Now, you need to get a hard copy of this form printed out so that you can fill it up with the required information.
- After you fill the form with all the necessary details, you need to visit the nearest office concerned with the submission of this form and submit it along with the required documents.
- After evaluation of your form, if you are declared eligible to apply for the PMAY scheme, then your application will be forwarded to the CNA.
- Now, if the CNA approves of your application, they will send the subsidy amount to the particular bank or fund house that has loaned you the money.
- This subsidy amount will be directly credited to your home loan account thereby reducing the total principal of your loan amount.
It should be understood that the government gives priority to applications made by women, senior citizens, and the differently-abled.
- How to avail of PMAY subsidy SBI? Following the PMAY scheme that has been launched by the government of India, the State Bank of India has introduced the SBI PMAY scheme for people opting for home loans via SBI.
Some attributes of the SBI PMAY scheme are as follows:
- SBI offers longer tenures for home loans.
- Economically weak families living in urban areas can opt for this scheme if they wish to own a pucca house.
- The interest of 6.5% P.A. is charged by SBI on their home loans.
The process of applying for the PMAY subsidy scheme under SBI is a simple one. The steps to do so are as follows:
- First, you need to visit your nearest branch of SBI.
- At the bank, you will be assisted by a representative who will address all your questions regarding the scheme and help you apply for it directly.
- After your application is found eligible, it will be sent to the CNA for further inspection.
- After approval from the CNA, your subsidy amount will be automatically credited to your home loan account at SBI. This will lower the principal amount that you had initially loaned from SBI.
- You can also choose to visit the official website of SBI-PMAY and select the option for a call back where a bank representative will call you to give you the details of the scheme they offer and help you apply for it.
- How to avail of PMAY subsidy LICHFL?
LICHFL (LIC Housing Finance Ltd) has introduced a home loan scheme known as ‘Apna Ghar’ in accord with the Pradhan Mantri Awas Yojana scheme launched by the government of India. The Apna Ghar scheme offers credit-linked subsidies to the people who opt for home loans under LICHFL. The maximum amount that can be credited to your account under this scheme is Rs. 2.67 lakh. The steps to avail of this subsidy scheme are as follows:
- If you wish to physically visit the branch of LICHFL and apply for the PMAY scheme, you can easily do so at your nearest office.
- At the branch, a representative will be assigned to you who will help you along the process.
- Now, if you wish to apply for the subsidy scheme online, you can also do so conveniently.
- How can I avail of PMAY subsidy in HDFC?
If you have applied for a home loan under HDFC, you can access the Pradhan Mantri Awas Yojana credit-linked subsidy scheme in two ways, either online or offline. How to avail of PMAY subsidy HDFC via online method? The answer lies below:
- You can simply visit the official website of the PMAY. Here, you will be provided with different forms varying based on the type of loan you have applied for.
- You need to select the one that meets your requirements and fill it with accurate information.
- Next, you need to submit this form and wait for approval of the same.
You can also apply for this scheme via offline method:
- You need to first visit your nearest CSC office and fill up a form concerned with your PMAY application.
- This form will be sent to the CNA for further approval.
- After your form is approved, your subsidy amount will be directly credited into your home loan account at HDFC.
- How to avail of PMAY subsidy ICICI? Following the government of India, ICICI Bank has also launched home loans under the Pradhan Mantri Awas Yojana scheme. Under this scheme, credit-linked subsidies are provided to customers who belong to economically weaker sections (EWS)/Lower income groups (LIG)/Middle-income groups (MIG) of society.
The process of applying for this benefit under ICICI bank is explained below:
- First, you need to visit the official website and download the self-declaration form offered by ICICI.
- Now, you need to fill this form with accurate details and submit it at the nearest ICICI bank branch.
- You need to compulsorily carry your original identity proof with you when you submit the form.
- Aadhaar card has been made mandatory for the process of availing subsidy under this scheme.
- How to avail of PMAY subsidy Axis bank? Axis bank has introduced home loans under the Pradhan Mantri Awas Yojana credit-linked subsidy scheme by government regulations. Now, to avail of subsidies under this scheme on the home loans that you have borrowed from axis bank, you need to follow some simple steps. They are as follows:
- First, you need to visit the nearest axis bank branch. They will provide you with all the necessary information and also assist you along the application process.
- After submission of your application, you need to await its approval by the CNA.
- After the CNA approves your application for a subsidy, your home loan account at axis bank will be automatically credited with your subsidy amount.
- This will lower your initial principal loan amount.
Also read: Pradhan Mantri Awas Yojana Gramin
Is the PMAY credit-linked subsidy scheme accessible by NRIs?
What should be my work profile for me to be eligible for this scheme?
The PMAY scheme is accessible by both salaried as well as self-employed individuals.
Is the subsidy provided to the beneficiaries directly?
No. The subsidy that you have applied for will be credited to your loan account at the bank or fund house from where you have loaned the amount.