Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs

SUPPORT

Menu  
 
Apply Now
Apply Now

Tata Capital > Blog > Loan for Home > How to Get Subsidy Benefit Under PMAY Home Loan This 2020?

Loan for Home

How to Get Subsidy Benefit Under PMAY Home Loan This 2020?

How to Get Subsidy Benefit Under PMAY Home Loan This 2020?

Due to the rising costs of property, owning a home remains a dream for many Indians. To make affordable housing a reality for everyone, the Indian Government introduced the Pradhan Mantri Awas Yojana (PMAY) back in 2015. 

What Is Pradhan Mantri Awas Yojana 2020?

The PM Awas Yojana 2020 or PMAY 2020 is a welfare scheme under which the Government of India aims to provide an interest subsidy on housing loans to the economically weaker sections of the society. Through the PMAY-U the Government intends to achieve its mission of “housing for all” in urban areas by 2022. 

PMAY Subsidy Benefit 

One of the most significant features of the PMAY scheme is the Pradhan Mantri Awas Yojana subsidy. This subsidy is provided through the Credit Linked Subsidy Scheme (CLSS), which is one of the four segments of the Pradhan Mantri Awas Yojana (PMAY-U). The beneficiaries include- Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG).

Under CLSS, the sections mentioned in the table below are given a Pradhan Mantri Awas Yojana subsidy on home loan interest rates. This home loan subsidy on the interest rates allows the urban poor to avail of housing finance at cheaper ROIs. The PM Awas Yojana makes female homeownership or co-ownership of the property a mandatory clause under the EWS and LIG categories, and an optional clause under the MIG-1 and MIG-2 categories. 

The eligible applicants can avail of PMAY subsidy benefit under the following guidelines.

Beneficiary Annual household income Maximum loan amount allowed for availing subsidy Interest rate  subsidy Maximum loan tenure (in years)
Economically Weaker Section (EWS) Up to Rs.3 lakhs Rs.6 lakhs 6.5% p.a. 20
Low Income Group (LIG) Rs.3 to 6 lakhs Rs.6 lakhs 6.5% p.a. 20
Middle Income Group 1 Rs.6 to 12 lakhs Rs.9 lakhs 4% p.a. 20
Middle Income Group 2 Rs. 12 to 18 lakhs Rs.12 lakhs 3% p.a. 20

Additional Read:- How to Complete your Dream of Owning a House Using PMA

PMAY Eligibility

  • The beneficiary’s annual household income should fall under any one of the categories mentioned above.
  • A beneficiary family should comprise of husband, wife, and unmarried sons or daughters.
  • The beneficiary or any other family member should not own any pucca house.
  • The beneficiary or their family members should not have already availed of central assistance under the PMAY scheme or any other housing scheme of the Government.
  • Married couples can apply for subsidy under individual or joint ownership of the property.

If you haven’t applied to the PMAY scheme yet, then you can apply for Pradhan Mantri Awas Yojana online. The PMAY online apply process is quite easy. You have to log onto the official PMAY website and click on the ‘Citizen Assessment’ button. Then enter your Aadhar card number, after which you will be directed to the Pradhan Mantri Awas Yojana form. Duly fill and submit the form. After completing the process, you will receive an application number to check if your name is enlisted on the PMAY list. 

Additional Read:- How Can You Reduce Your Home Loan EMI using PMAY

When looking for housing loans under PM Awas Yojana 2020, look no further than Tata Capital. We accept home loan applications under the PMAY scheme. Log on to www.tatacapital.com to check your Pradhan Mantri Awas Yojana eligibility. Once you meet the eligibility, apply for a loan with us and make the most of the Pradhan Mantri Awas Yojana 2020.

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
More About Loans
home loan calculating home loan housing loan rate of interest calculate home loan eligibility documents needed for housing loan quick cash loan housing loan top up home loan transfer home loan with overdraft facility home loan balance transfer calculator home loan disbursement process loan for home extension rgrhcl
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools