{"id":9326,"date":"2023-08-29T03:18:10","date_gmt":"2023-08-29T03:18:10","guid":{"rendered":"\/blog\/?p=9326"},"modified":"2024-06-12T17:57:22","modified_gmt":"2024-06-12T12:27:22","slug":"how-much-time-does-it-take-to-get-pmay-subsidy","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/how-much-time-does-it-take-to-get-pmay-subsidy\/","title":{"rendered":"How Much Time Does It Take to Get PMAY Subsidy?"},"content":{"rendered":"\n

If you have been wanting to purchase a home but can\u2019t afford the high housing loan interest rates, then this is the best time check out whether you can apply for a loan interest subsidy under the Pradhan Mantri Awas Yojana (PMAY). The PM Awas Yojana aims to provide \u201chousing for all\u201d by the year 2022. <\/p>\n\n\n\n

Know More<\/a><\/div>\n\n\n\n

Let us understand what is Credit Linked Subsidy Scheme all about.<\/p>\n\n\n\n

What Is Credit Linked Subsidy Scheme (CLSS)?<\/strong><\/p>\n\n\n\n

The CLSS is one of the four components of the Pradhan Mantri Awas Yojana (PMAY-U). Under CLSS,  economically backward sections can avail of interest subsidy, also known as the Pradhan Mantri Awas Yojana subsidy. The beneficiaries of PMAY-U include- Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG).<\/p>\n\n\n\n

What Is Government Subsidy on Home Loan?<\/strong><\/p>\n\n\n\n

The Indian Government to provide affordable housing options under the PMAY scheme is offering Pradhan Mantri Awas Yojana subsidy on home loan interest rates<\/a>. This home loan subsidy on the interest rates is to benefit the urban poor by making housing finance more affordable.<\/p>\n\n\n\n

Additional Read<\/strong>:- How to Complete your Dream of Owning a House Using PMAY <\/a><\/p>\n\n\n\n

What Is PMAY Subsidy and Its\nClassifications?<\/strong><\/p>\n\n\n\n

The subsidy rate and the amount is fixed as per the\nGovernment guidelines; hence they cannot be altered. The eligible applicants\ncan avail the <\/strong>subsidy under the\nfollowing guidelines. <\/p>\n\n\n\n

\n Beneficiary<\/strong>\n <\/td>\n Annual household income<\/strong><\/strong>\n <\/td>\n Maximum loan amount allowed for availing subsidy<\/strong>\n <\/td>\n Interest rate subsidy<\/strong>\n <\/td><\/tr>
\n Economically Weaker Section (EWS)\n <\/td>\n Up to Rs.3 lakhs\n <\/td>\n Rs.6 lakhs\n <\/td>\n 6.5% p.a.\n <\/td><\/tr>
\n Low Income Group (LIG)\n <\/td>\n Rs.3 to 6 lakhs\n <\/td>\n Rs.6 lakhs\n <\/td>\n 6.5% p.a.\n <\/td><\/tr>
\n Middle Income Group 1\n <\/td>\n Rs.6 to 12 lakhs\n <\/td>\n Rs.9 lakhs\n <\/td>\n 4% p.a.\n <\/td><\/tr>
\n Middle Income Group 2\n <\/td>\n Rs. 12 to 18 lakhs\n <\/td>\n Rs.12 lakhs\n <\/td>\n 3% p.a.\n <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

What Is the PMAY Subsidy Approval Time? <\/strong><\/p>\n\n\n\n

After document verification, the PMAY subsidy time will be between three to four months. The decision of providing a subsidy depends on the Government. The applicant\u2019s chances of getting approved for the subsidy are higher if the documents and details provided are complete and accurate.<\/p>\n\n\n\n

PMAY\nEligibility to Avail Subsidy<\/strong><\/p>\n\n\n\n