Prime Minister Awas Scheme: Under Prime Minister Awas Scheme (PMAY), the cheapest home loan borrowers have availed interest of Rs 30,000 crore till now. This right has been made by the National Housing Bank (NHB). The project was launched in June 2016. As part of the government’s plan in a program of NHB Executive Director Rahul Bhave, we have offered eligible lenders Rs. 30,000 crores.
Many home buyers are not taking advantage of the Credit Linked Subsidy Scheme (CLSS) launched under the Prime Minister Awas Scheme (PMAY). There may be many reasons for discontinuing the subsidy, for example …
Income limit wrong choice
- The income limit for exemption under PMAY is Rs. 3 lakh, Rs. 6 lakh and Rs. 12 lakh.
- If a person falls within the income threshold of Rs 3 lakh, he is exempted from Rs 2.67 lakh. They fall into the EWS class.
- Similarly, a person with income up to Rs 6 lakh is LIG and 6-12 lakhs are MIG-1 and 12-18 lakhs fall under the MIG-2 category.
- If there is a difference between a person’s income and the household, his subsidy stops.
You already own your house
To get exemption under PMAY’s CLSS, it is mandatory that they buy a home for the first time, meaning they don’t already have a home in their name. If a person already has a home in his name, he does not take advantage of this exemption.
Name difference in Aadhaar and document
According to experts, mistakes in filling out the form can also be another reason to delay getting a subsidy. For example, if there is a name difference in Aadhaar and other documents, there may be a delay.
Name of woman in co-ownership of property
To get an exemption, it is essential that the subsidized takeover property have female co-owners and co-borrowers. Otherwise, the benefit of the subsidy will not be available.
Delay in government institutions
Currently, Housing and Urban Development Corporation (HUDCO), National Housing Bank (NHB) and State Bank of India are reviewing applications received under PMAY. Home buyers face a lot of difficulties due to delays in the investigation process.
The subsidy is available for Rs 2.67 lakh
Under PMAY, affordable home loans are subsidized by three percent. However, the one time subsidy for each eligible lender is Rs 2.67 lakh. The project took effect from June 2016 and was launched as part of the National Housing Mission. In addition to the National Housing Bank, Hudco and State Bank of India have been appointed as the highest central agency to monitor subsidy release and its progress under the scheme.