Want to buy houses cheaply, then know how you can take advantage of PM housing scheme
To deal with the economic crisis arising out of Corona, the Central Government has announced to help those who fulfill their dream of home with many sectors through a self-sufficient package of 20 lakh crores. The Finance Minister has announced that whoever buys a house or who buys a house under the PM Awas Yojana, will now get the benefit of credit linked subsidy till 31 March 2021. This will benefit more than 2 lakh middle class families.
Those earning 6 lakh to 18 lakhs per annum under the Credit Linked Subsidy Scheme (CLSS) will benefit. Let us tell you that through the Affordable Housing Scheme, the government brought the PM Awas Yojana in 2015 to provide cheap houses to the people by 2022. So if you also want to disturb the house for the first time, then know how you can get the benefit of this scheme and on which conditions you will have to pay attention?
What is the government's PM Awas Yojana?
Finance Minister has announced that people earning between 6-18 lakh rupees will get the benefit of credit linked subsidy.
Under this scheme, up to Rs 2.67 lakh subsidy is given for taking home loan.
The Credit Subsidy Scheme of the PM Awas Yojana was launched in 2017, which ended in March 2020. Now Credit Linked Subsidy Scheme has been extended till 31 March 2021
Increasing the deadline will benefit the new home buyers and getting low interest loans will save people in their pockets
Under the PM Awas Yojana, government agencies build houses, houses and flats cheaply, which a common man can buy according to his income.
Especially to fulfill the dream of poor, middle class people having their own house, the government started Affordable Housing Scheme
Who can take advantage of PM Housing Scheme?
If you are buying a house through PMAY, then you should not have a permanent house of your own.
First time home buyers get the facility of credit linked subsidy scheme through PMAY scheme.
On taking home loan, you get the benefit of subsidy on interest which is up to Rs 2.67 lakh.
In view of the corona virus crisis, the government has extended the duration of this credit linked subsidy scheme by one year.
Are there any conditions applicable to those buying a house, flat or house?
There should not be a pucca house of its own
There should be no application in PMAY to buy a house in advance
Have not already availed housing scheme by any government
Applicant's Aadhar card mandatory to buy house
Loan will be given on the basis of annual income of four categories EWS, LIG, MIG1, MIG 2
The annual income for EWS category people should not exceed 3 lakhs
Income from 3 lakh to 6 lakh rupees is necessary for buying house for LIG class people
Income from 6 lakh to 12 lakh rupees for MIG 1 category applicants
Not more than Rs 18 lakh income for those applying in MIG 2 category
Government takes census 2011 census data to identify people under PMAY
Anuraj Poori, chairman of Ainrock Property, believes that the government's move to extend the CLSS by one year i.e. by March 2021 is greatly appreciated. This move will accelerate the demand for affordable housing, so that the demand for other sectors such as cement, steel, raw materials, transport companies and construction companies along with construction companies will also increase in the market.
How can you apply?
Contact your private bank or NBFCs. The applicant has to fill the form and submit the full details on getting the registration number. You can check the complete details by going to the bank or any financial institution where you have submitted the form or on their website.
Applicants can also go to PMAYMIS dot gov.in before buying a house.
You are also provided with the registration number by the bank. Through that number, the process of getting loan for your house can also be checked.
People living in the city can get complete information about credit linked subsidy from the government website or bank.
Which category gets how much subsidy?
The credit linked subsidy of CLSS means that when you buy a new house, you get an interest subsidy by announcing a home loan, which is a kind of financial aid.
Maximum subsidy of Rs 2.67 lakhs available in PM Awas Yojana
6.5% subsidy possible for EWS and LIG categories
Credit linked subsidy of 4 percent to MIG 1 category
MIG 2 category gets credit linked subsidy of 3%
According to Sharad Mittal, CEO, Motilal Oswal Real Estate Fund, the government's move to extend the CLSS period by one year will accelerate the stagnation caused by the slowdown in affordable housing demand and benefit the housing sector.
On the other hand, Shishir Baijal, Chairman and MD of Knight Frank India, says that by extending the Finance Minister's CLSS to 2021 March, the government will help the affordable housing sector. When the economy improves, the housing sector will get a further boost. At the same time, construction companies will be able to do their work faster due to the increase in demand, which will also benefit the construction companies.