- PMAY Subsidy
- How does the PMAY subsidy work?
- PMAY Subsidy Track: How to Check PMAY Subsidy Status @ pmayuclap.gov.in
- Procedure to claim PMAY subsidy
- PMAY Subsidy: Eligible candidates for the PMAY subsidy
- PMAY Subsidy: What is the CLSS scheme?
- PMAY Subsidy Calculator: How to Use Calculator @pmaymis.gov.in
- PMAY Benefits PMAY-G Outlook
- PMAY Extension in Union Budget 2022-23
New: March 31st, 2022 is the last date to fill the form for Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (CLSS) for LIG and EWS categories.
PMAY Subsidy
PMAY subsidy is the monetary assistance given by the Indian Government under its flagship PMAY. With the intent to provide housing for all the weaker sections of the society, the PMAY subsidy has been rolled out. PMAY Subsidy is monetary assistance given on the loan availed to purchase a home under PMAY system.
How does the PMAY subsidy work?
EWS, LIG, MIG I, MIG II categories under the PMAY scheme can take benefit of the PMAY subsidy. The subsidy covers benefits for various needs involving home construction, acquisition, renovation/repair, or extending homes.
How PMAY subsidy is given – EWS and LIG Category
Applicants under the EWS category are eligible for Government assistance in all four structured models/verticals. At the same time, LIG & MIG categories applicants can only apply for subsidy under the CLSS group of the PMAY scheme.
To give a clearer picture, EWS category applicants are eligible for PMAY subsidy if their income is around Rs 3 lakhs per year. Similarly, the LIG category applicants have 3 to 6 Lakh rupees annual income.
PMAY Subsidy: EWS, LIG, MIG I and MIG II Category
The following table gives the PMAY subsidy rates per sq ft, category-wise. The table also explains the parameters under which applicants fall into respective categories.
PMAY Subsidy Track: How to Check PMAY Subsidy Status @ pmayuclap.gov.in
To apply and track your PMAY subsidy status, you need to click www.pmaymis.gov.in official website. You need not have to visit banks to know the status just visit PMAY CLSS. When you enter the official website the following essentials and/or steps needed.
- Application ID generation
- Due diligence by Primary Lending Institutions (PLI)
- Upload claim on the Central Nodal Agency Portal
- Subsidy claim approval
- Subsidy released to PLI
Step 1: Login to the PMAY CLSS website (https://pmayuclap.gov.in/)
Step 2: On the left please enter Application ID and submit ‘Get Status.’
Step 3: After submission you receive OTP to your number used while registering in the PMAY scheme.
Step 4: Enter OTP. You will see all the phases of the receiver’s submission.
Step 5: Green colour indicates the phases are completed and blue color on the screen indicates that the phases are under process.
The above is a roadmap to know the PMAY status.
Procedure to claim PMAY subsidy
The payment of the PMAY subsidy is covered in phases by the Government of India. It is managed by NHB and HUDCO, which pay the subsidy interest rates for PMAY loans.
These Government bodies smoothen the subsidy component to the listed credit firms so that the beneficiaries will gain the benefits of the PMAY subsidy.
Claim the PMAY subsidy in the following ways:
One: After the home loan payment, the banks approach the NHB for the data validations and other approvals.
Two: So, the NHB scrutinizes and grants the approval for the deserving borrowers.
Three: After the approvals, the eligible borrowers receive the PMAY subsidy with the respective banks.
Four: The home loan subsidy amount is added to the applicant’s home loan account by the banks. This way, the applicable beneficiary receives the PMAY subsidy from NHB.
PMAY Subsidy: Eligible candidates for the PMAY subsidy
There are set eligibility criteria to receive the Credit Linked Subsidy Scheme (CLSS). To achieve the PMAY subsidy benefits under the CLSS PMAY scheme, each individual falling into a respective category should meet the following criteria –
- No pucca house anywhere in India by the applicant or his family.
- Married applicants can either apply with a single application or co-ownership settings, like application on either one or both. In any case, only one subsidy is granted to the applicant.
- The applicant or his/her family must not have benefited previously or under any similar schemes driven by the Government.
PMAY Subsidy: What is CLSS scheme?
In the wake of providing housing for all, the Government has come up with the PMAY scheme. Further, in order to provide subsidized home loans for the urban poor to purchase homes, construct, and/or get repaired, the Indian Government launched CLSS under PMAY.
LIG, MIG, and EWS applicants under PMAY CLSS will be eligible to receive a 6.5% subsidy for 20 years or a total loan period. The home loan interest subsidy covers up to six lakh rupees. The home loan amount beyond 6 lakh rupees will be given at non-subsidized rates.
The home buyers receive advance home loan interest subsidy by PLIs, in turn reducing effective rate and EMI.
PMAY Subsidy Calculator: How to Use Calculator @pmaymis.gov.in
One can calculate the PMAY subsidy through a digital calculator. Following steps makes it easy to calculate subsidies.
Step 1: Enter the link https://pmaymis.gov.in/
Step 2: On the top of the page, you will find the subsidy calculator. When you click you will get into a separate page.
Step 3: You need to enter specific information asked in the PMAY subsidy calculator. Annual family income, loan amount, tenure, carpet area, also declare if what you’re applying for is the first pucca house or not.
Step 4: If you have entered the correct details then submitted, you will be able to see the PMAY subsidy on the right.
Example of how much you will be saving under the PMAY Scheme with the subsidy.
With an annual income of about Rs 5,00,000, Rs 15,00,000 loan amount with the carpet area of about 50 sq M for the tenure of 3 years for the first pucca house, the subsidy amount would be around ₹56,451 for the LIG (lower income group) subsidy category.
PMAY Subsidy: Time taken to get a PMAY subsidy?
The respective Government bodies verify the applications received, and then only the PMAY subsidy is disbursed, and it takes approximately 3 to 4 months.
Each applicant will receive an application ID from the banks and financial institutions. This ID will be helpful to track your CLSS status completely till the subsidy disbursement. Another way that applicants receive information is through messages on registered numbers. PMAY subsidy home loan amount, once received by the applicants, can be verified within their loan account statement. Upon receiving the PMAY subsidy, the effective EMI amount will be cut down.
PMAY Subsidy: Useful Contacts in applying PMAY CLSS subsidy
During the process of applying for a PMAY subsidy, if you need any assistance, you can call any of the below toll-free numbers of NHB and HUDCO.
- 1800-11-6163, Email Id: [email protected]
- 1800-11-3388, -1800-11-3377 Email Id: [email protected]
- 1800-11-2018 Email Id: [email protected]
Closing line: PMAY CLSS subsidy has to a greater extent, aided EWS in achieving affordable homes. Digitization has made it all easy to track the status and stay up-to-date.
PMAY Benefits
The government of India in 2015 implemented PMAY intending to cover up the large gap between demand and supply for urban housing. The main aim of this scheme:
- Providing slum dwellers a place to reside taking the help of private developers.
- Through CLSS, actively encouraging affordable homes for the economically weaker sections of the society.
- Actively building homes in association with the public and private sectors.
- Facilitating subsidies per house construction for the beneficiaries.
PRADHAN MANTRI AWAAS YOJANA-GRAMIN – Outlook
The previous blog provides an explanation of PMAY – U, its category types. PMAY is a scheme implemented to provide housing for all. Under this scheme, many underprivileged get the opportunity to own homes. Many have received their own houses under PMAY-U and PMAY-G which are the two components of PMAY. PMAY-U is an urban scheme for the urban middle class people while PMAY-G is for the people residing in the rural place.
The key beneficiaries are the following; EWS – Economically Weaker Section, LIG – Lower Income Group, MIG – Middle Income Group, Slum Dwellers.
Under PMAY-G the following map shows the houses completed and the sanctioned ones. https://pmayg.nic.in/netiay/home.aspx#MapPhase1
Houses Completed under PMAY-G
- Ladak – 78.94%
- Uttarakhand – 48.36%
- Jammu Kashmir – 40.97%
- Himachal Pradesh – 60%
- Punjab – 56.29%
- Rajasthan – 63.48%
- UttarPradesh – 95.05%
- Haryana – 67.96%
- Bihar – 63.68%
- West Bengal – 86.9%
- Meghalaya – 35.99%
- Assam – 48.53%
- Arunachal Pradesh – 11.69%
- Manipur – 27.97%
- Mizoram – 31.11%
- Madhya Pradesh – 78.69%
- Maharashtra – 55.16%
- Telangana – 0%
- Gujarat – 70.96%
- Chhattisgarh – 75.16%
- Odisha- 71.69%
- Karnataka – 40.75%
- Tamil Nadu – 40.87%
Houses Sanctioned
- Ladakh – 100%
- Himachal Pradesh – 95.87%
- Uttarakhand – 96.3%
- Uttar Pradesh – 99.33%
- Bihar – 96.69%
- Meghalaya – 80.07%
- Arunachal Pradesh – 95.01%
- West Bengal – 94. 97%
- Assam- 75.72%
- Manipur – 69.57%
- Jharkhand – 98.27%
- Madhya Pradesh – 99.36%
- Andhra Pradesh – 89.89%
- Tamil Nadu – 90.85%
- Karnataka – 69.54%
- Maharashtra – 74.76%
- Gujarat – 98.21%
- Rajasthan – 87.51%
- Odisha – 78.3%
- Chattisgarh – 99.94%
- West Bengal – 94.97%
- Telangana – 0%
- Mizoram – 76.4%
Total houses completed against the sanctions made till now.
PMAY Extension in Union Budget 2022-23
Under the PMAY scheme (both urban & rural outlay), the finance minister announced a Rs 48,000 crore budget allocation in her speech. She further discussed that by the end of 2023 central Government plans to build over 80 lakhs of homes that will undoubtedly help affordable housing and the construction sector. Also, Rs 600 billion is sanctioned for the tap water supplies for the real estate and affordable housing segment.
PMAY – G is extended to 2024. The revised policy boosts the development of affordable houses and is revised to 2.95 crore pucca houses. Further, there is a reduction of duty prices on steel and steel products, consequently bringing down the construction cost.
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