If you are thinking of buying a house, then the subsidy link home loan scheme (Pradhan Mantri Awas Yojana) can be very beneficial for you. So far, 10 lakh people have benefited from this scheme through SBI.
new Delhi. The Government of India has decided to extend the subsidy link home loan scheme Pradhan Mantri Awas Yojana (PMAY-Pradhan Mantri Awas Yojana) by one year. The Credit Linked Subsidy Scheme (CLSS) was implemented by the government in 2017. The scheme can be availed till March 2021. The benefit of this scheme will be given to those whose annual income is between Rs 6-18 lakh. Let us tell you that under this scheme, the central government gives loan subsidy of Rs. 2.30 lakhs.
SBI told via tweet that so far 10 lakh people have been benefited through this scheme. Come, know how and who will get the benefit of this scheme … How
to apply for this scheme- Benefits of this scheme Apply for home loan in banks and ask for subsidy. If you will be eligible for the subsidy, then your application will be sent to the Central Nodal Agency (CNA).
>> If your application is approved, the nodal agency will send the subsidized amount to the bank. This amount will be deposited in your account. This will reduce your total loan amount.
>> For example, if your annual income is Rs 7 lakh and the loan amount is Rs 9 lakh, then the subsidy will be Rs 2.35 lakh. When this subsidy is reduced from home loan, the amount of your loan will be reduced to Rs 6.65 lakh. 2.67 lakhs to those having annual income up to 6 lakhs, 2.35 lakhs to those having 12 lakhs income and 2.30 lakhs to those having annual income up to 18 lakhs.
>> After this you will have to pay EMI on this reduced amount. If the loan amount is more than the prescribed limit to take advantage of the subsidy, then you will have to pay interest on the additional amount at the current rate.
Let us tell you that under the Indivisual House Construction Scheme, such beneficiaries are covered under the PM Awas Yojana. They get interest rebate on the loan they get.v
SBI is privileged to be a part of the 10 Lakh CLSS Beneficiaries of PMAY(U) milestone achieved by Ministry of Housing Affairs. We thank our customers for giving us an opportunity to serve.
These people will not get the benefit of the scheme – according to the rules, there should be no permanent house anywhere in India in the name of any family member. No family member has taken advantage of any housing scheme started by the government earlier.
If a married couple, then both single and joint ownership is allowed. But only 1 subsidy will be available for both options. Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group are eligible for CLSS.
Under this scheme, beneficiaries are only allowed to buy or construct a new residential property. Economically Weaker Section. Women (of any caste or religion).
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4 categories based on Scheduled Caste and Scheduled Tribe income – Economically Weaker Section (EWS) and Lower Income Group (LIG) with annual income of 3 lakh to 6 lakh, Middle Income Group 1 (MIG1) and 12 with annual income of 6 lakh to 12 lakh Middle Income Group 2 (MIG2), with annual income from lakh to 18 lakh.
Who will get subsidy – If your income is up to Rs 6 lakh per annum, then you will get 6.5 percent credit linked subsidy on a loan of Rs 6 lakh. The loan should be for a maximum period of 20 years. Those earning up to Rs 12 lakh annually will get 4 percent interest subsidy on loans up to Rs 9 lakh. The loan should be for a maximum period of 20 years. Those earning up to Rs. 18 lakhs will get 3 percent interest subsidy on loans up to Rs. 12 lakhs. The loan should be for a maximum period of 20 years.
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