The last date to buy your dream home with the benefit of Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojna is ending on 31.03.2022. If you haven’t taken the benefit of this scheme, you have only 6 months.
To boost affordable housing and achieve the vision of Housing for all by 2022, the Centre have given an opportunity to every one through Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojna.
In order to receive this subsidy borrower has to fulfill three simple criteria. One, the borrower’s income should be less than Rs. 6 Lakh, second the borrower shouldn’t own a house already and third a women should be the co-owner of the property. The scheme is basically for the household comprising of parents and children’s
below 18 years having annual income up to 6 lakhs who don’t own a pucca home anywhere in the country.
As per new guidelines an adult (above 18 years) earning member whether married or unmarried can treated as a separate household; also married couple living on rent or house owned by their parents are also eligible to opt for PMAY, provided they are earning. The subsidy amount is up to Rs. 6 Lakh is 2.67 Lakh. For example If a person buys a dwelling unit of Rs. 15 Lakh than after paying 10 percent i.e. Rs. 1.5 Lakh the balance loan amount of Rs. 13.5 Lakh can be borrowed from the financial institutes.
Under PMAY Scheme the subsidy of Rs. 2.67 Lakh will be deducted from the loan amount and financial institute’s interest rate will be applicable on rest of the amount. Monthly instalment after the subsidy is received will be reduced by Rs. 2318 effectively.
The buyer need to look for carpet area up to 60 sq. mt. to understand 1 Sq. Mtr equals to 10.7639 Sq. Ft. The buyer can avail the loan from scheduled commercial
banks, housing finance companies, state cooperative banks, urban cooperative banks, non banking financial company etc.
With the lowest interest rates offered by financial institutes this is an added advantage for all the home buyers. Lower interest rates translate to lower EMI’s for borrowers and over the tenure of the loan may lead to large savings on interest payments. Only 1% GST is applicable on Affordable Housing.
The Credit Linked Subsidy Scheme under Pradhan Mantri Awas Yojna is ending on 31.03.2022 it means that your dream home will be costlier by Rs. 2.67 Lakh.
The Pradhan Mantri Awas Yojana is an initiative of the Central Government which aims to meet the housing needs of the growing urban population. With just 180 days for the CLSS interest subsidy scheme to end, those who wish to buy a home should explore the opportunity and those who have already took the benefit of this scheme should encourage and aware others to avail the benefit.