If you are working in a city, miles away from home, then it obvious that you are paying a heavy rent. You may be doing this for years now. Added to this is the fact that you need to hand over a deposit each time you rent a new home. Considering both the rent and the deposit you have less scope to save a considerable amount every month. This further dampens your plans of purchasing a home of your own. However, with the introduction of PMAY, the home buying process has become much more affordable. This is owing to the interest subsidies that you can get under this scheme. launched in June 2015 with intent to provide affordable housing for all, this initiative is slowly unfurling remarkable success in each of its phases.
How can you become a part of PMAY to embark on this transformationIJ
As per the terms and conditions of the scheme, in order to qualify for PMAY you need to ensure that your selected flat belongs to a location earmarked under PMAY directives. You also need to declare with an affidavit that this is your first pucca house purchase. This means that you or your family cannot avail PMAY benefits if you are already a homeowner and own a home anywhere in India. Apart from that having an Aadhaar Card is mandatory if you decide to avail the scheme. Also, you have to be at least 21 years old in order to apply for PMAY.
Now take a look at the ways in which you can claim benefits based on various Pradhan Mantri Awas Yojana eligibility criteria.
Credit-linked subsidies
You can avail home loan subsidies under PMAY with respect to the Credit-linked Subsidy Scheme (ClSS). Here are the percentage of ClSS you can claim is based on your eligibility category.
Remember that in case your lender approves a bigger loan amount to you, then the subsidy is not applicable on the extra amount. Also, the loan tenor through which you can enjoy the subsidy is 20 years. But, you are allowed to enjoy the subsidy up to a maximum of 30 years if your age at the end of the tenor is less than 70 years.
Higher-carpet area accommodation
The government recently has announced a rise in the carpet area accommodation for the MIG group. As per the revision, unlike earlier, as a part of the MIG I category of the PM Awas Yojana you can now enjoy a subsidy on your Home loan for a home with a 160 square meters carpet area. On the other hand, as a MIG 2 category applicant you can enjoy subsidy on a home with a carpet area of 200 square meters. Apart from that the carpet area cap for the other eligibility groups remains unaltered. So, as an EWS applicant the cap for subsidy claim is 30 square meters and for lIG it is 90 square meters.
Thus, the time is just right for you to gain from the benefits of PMAY. The Phase 1 of PMAY developments have already finished so, if you are eager to benefit from PMAY, apply now.
The Phase II is already on-going and started on April 2017. It will continue until March 2019 and will span across 200 cities in India. Phase III, or the last stage for PMAY, will span across 2019–2022 covering the remaining Indian cities.
If you are eager to begin your new journey as a homeowner, apply for PMAY and compare home loans based on the most competitive home loan interest rates to apply for a loan that complements the benefits of PMAY. You can choose a Home loan of up to Rs.3.5 crore from a leading NBFC like Bajaj Finserv on a nominal interest rate. This loan comes with additional benefits like a 3 EMI holiday, a top-up loan, and customised insurance schemes.
Author Bio:
Nishant is a passionate blogger. He has a very diversified skill of amazing artwork like card making, painting and crafting. He loves keeping himself up to date with news and happenings around. He is always open to learning and share his experiences on greetingsofthedays.