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How Can You Reduce Your Home Loan EMI using PMAY

How Can You Reduce Your Home Loan EMI using PMAY

The Pradhan Mantri Awas Yojana (PMAY) scheme, a revolutionary affordable housing scheme launched by the Indian government, has two basic components – Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awas Yojana (Gramin) (PMAY-G/PMAY-R) for the rural poor. As part of the mission, the government provides subsidy in the form of Credit Linked Subsidy Scheme (CLSS). The beneficiaries can avail interest subsidy on a home loan and can thus speed up the repayment.

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Under PMAY, eligible groups can get an interest subsidy on their home loan EMIs. So, how do you avail this subsidy? Read on to find out about this home loan subsidy.

Eligibility Criteria

Those belonging to the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group-I (MIG-I) and Middle Income Group-II (MIG-II) are eligible for this scheme. The following conditions must hold for Pradhan Mantri Awas Yojana eligibility for the Pradhan Mantri Awas Yojana subsidy –

  • The applicant must be less than 70 years old
  • The applicant’s income must be less than Rs. 3 lakhs per annum for EWS and between Rs. 3 – 6 lakhs per annum for LIG
  • Home loans sanctioned or in the approval stage post January 1, 2017 are eligible for the home loan subsidy
  • Applicants with annual income of up to Rs. 12 lakhs that have housing loans of up to Rs. 9 lakhs are eligible for a 4% reduction in home loan EMIs. Those with an income of up to Rs. 18 lakhs with loans of Rs. 12 lakhs can avail 3% subsidy
  • The PMAY subsidy includes construction, acquisition, and repurchase of an existing house

Additional Read:- What is CLSS and How Does It Work Under PMAY

Scope and Coverage of PMAY

The house’s ownership must either be in the name of a female member or should be joint with the wife. However, this condition is not mandatory in cases of construction or renovation of an existing kuccha/semi-pucca house. Moreover, none of the family members should own a pucca house in their name in any part of India. For the EWS category, the carpet area of the house must be up to 30 sq. mts and for the LIG category the limit is 60 sq. mts. 

Under the scheme, women are given preference. Additionally, single working women, widows, differently-abled women, and those belonging to scheduled castes and tribes are given preference.

Additional Read:- How is PMAY Beneficial for You?

How to Apply

To apply for the Pradhan Mantri Awas Yojana scheme, a borrower can apply for the CLSS subsidy with a lender. You can contact Tata Capital if you wish to avail the PMAY subsidy. You can then either choose to pay reduced EMIs or quickly repay the loan with your current EMIs. Using the Pradhan Mantri Awas Yojana subsidy scheme, you can significantly reduce your home loan burden. To check your PMAY eligibility and fill the Pradhan Mantri Awas Yojana form, visit our website today.

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