How to get a Home Loan Subsidy Under Pradhan Mantri Awas Yojana

How to get a Home Loan Subsidy Under
Pradhan Mantri Awas Yojana
With the motto of 'Housing for All' by the year 2022, the Pradhan Mantri Awas
Yojana scheme is heading towards its goal at full swing. The National Housing
Bank has announced in May 2018 that a corpus of Rs 3,018 crore against
140,943 units under the credit-linked subsidy scheme (CLSS) of the Pradhan
Mantri Awas Yojana (PMAY) has been dispatched till the announcement date.
The Beneficiaries
This scheme benefits Economically Weaker Section (EWS), Low Income
Group (LIG), Middle Income Group-I (MIG-I), and Middle Income Group-II
(MIG-II) of society. The divisions are done depending on the annual income of
the family. Here is how the categories are made-

a) The applicant/family/household should not own a pucca house either in his
name or any of his family member’s names.
b) The applicant must not have availed any central/state housing subsidy under
any housing scheme from Government of India ever.
c) The property must be co-owned by a female member of the family
d) Location of the property should fall under all statutory towns as per 2011
census and their adjacent planning area.
e) The applicant's age must not be more than 70 years.
f) The Applicant must be a citizen of India
Eligibility Criteria For MIG
The applicant must not own a pucca house either in his/her name or in the name
of any member of his/her family.
Applicant must not have availed any central/state assistance under any housing
scheme from the government.
Adult female membership ownership in property is desirable but not mandatory.
Location of the property should fall under all statutory towns as per 2011 census
and or adjacent planning area.
The Documents Needed
To apply for subsidy under PMAY, one needs to furnish some documents. Here
is the list of documents which has to be handy while applying for the subsidy.
KYC Documents & Photograph
Aadhar Card
Salary slip or Certificate & updated bank statement for salaried applicants
Income Tax Returns of last two years and bank statement for selfemployed
applicants

Self-certificate/affidavit as proof of income
Customer declaration undertaking
Additional Application form
How to Apply For PMAY?
If you fulfil all the criteria of PMAY, you can definitely apply for a subsidy.
The subsidy can be applied in two different ways. The first way is applying
independently and the second way is to apply via bank in the case of applying a
home loan subsidy.
If you want to have the subsidy for building your home, you can apply for the
same independently through the website of PMAY. The online application form
which is available on the website has to be filled. One can download the form
and fill it. On the website, one has to click on Citizen Assessment. Under the
citizen assessment select 'benefit under 3 components' if you belong to EWS or
LIG. After this you are to submit the 'Format-B applications.
If you are a home loan borrower and want a home loan subsidy, then the
subsidy is claimed through the financial institution from which the loan has
been taken. After the sanctioning of the loan, the details of the
borrower/applicant is verified. Once the verification is done successfully and
the applicant is proved to be eligible for the subsidy, the process can be started.
The subsidy claiming is done by the lending institution on the behalf of the
home loan borrower, claims the subsidy. Once the subsidy is granted the
amount will be disbursed by the National Housing Bank towards your loan
account. The subsidy amount deducts your principal amount and hence you will
have to pay a lower EMI amount. To avail of the subsidy under EWS and LIG
category, the must be co-borrowed by a female member of the family. For
middle-income group (MIG), one must submit Adhaar card of the applicant (s).
The Updates on PMAY Scheme
The rules on PMAY has undergone some upgradation recently. The scheme
which has already helped a huge number of people to avail their own homes has
become more convenient. Previously the GST on this scheme was of 12%
which is now brought down to 8%. Any person who is buying a home for the
first time will be paying GST of 8% instead of 12%. This can be a real form of
an exciting news for any middle class Indian.