Government Pushes Housing All Programmes

Government Pushes Housing

The ‘Pradhan Mantri Awas Yojana-Housing for All’ scheme was launched to provide every Indian family with a pucca house by 2022. The home loan interest subsidy under this scheme can be availed by individuals if they fulfill the necessary criteria. The Credit Linked Subsidy Scheme (CLSS) is the interest subsidy of the government. This scheme is also known as the Government Pushes Housing that promises to complete 2 crore houses by the year 2022. The initiative was divided into two sections- Urban poor and rural poor. 

What is Credit Linked Subsidy Scheme (CLSS)?

The Credit Linked Subsidy Scheme is one of the main components under the Pradhan Mantri Awas Yojana. The individuals who fall under this scheme are:

• EWS (Economically Weaker Section), LIG (Lower Income Group).
• Revised EWS/LIG.
• MIG-I (Middle Income Group 1).
• MIG-II (Middle Income Group 2).

Maximum Subsidy that can be claimed under CLSS is Rs. 2.67 lakh. The subsidy is offered at the rate of 6.50% and the amount can be availed under the revised EWS/LIG scheme.

Housing for all by 2022 scheme pdf can be downloaded from the official website of PMAY. The scheme guidelines and policies are mentioned in the Pradhan Mantri Awas Yojana pdf.  

Pradhan Mantri Awas Yojana 

The Pradhan Mantri Awas Yojana was introduced to provide affordable housing to the weaker sections, lower-income groups, urban poor, and rural poor. It aims at constructing around 20 million houses at an affordable rate by March 31, 2020. The Central Government is giving financial assistance of USD 31 billion to the scheme. The two components of the Pradhan Mantri Awas Yojana are:

• Pradhan Mantri Awas Yojana Urban (PMAY-U)

The Urban division consists of 4300 cities and towns in India under the Pradhan Mantri Awas Yojana. It is in charge of planning across urban centers, development authority, industrial development body, notified planning authority, and more. 

• Pradhan Mantri Awas Yojana Gramin (PMAY-G)

The PMAY scheme is not limited to bigger cities and towns. It was launched to aid families categorized as economically weaker sections and lower-income groups. 

It is also linked with other schemes such as:

• The Swachh Bharat Abhiyan aims at the construction of house toilets and to maintain cleanliness around the houses and roads.
• Saubhagya Yojana aims at providing electricity connection.
• Ujjwala Yojana aims at providing an LPG Gas connection.
• Accessibility of pure drinking water.
• Pradhan Mantri Jan Dhan Yojana aims at opening a zero balance amount.

The four components of Pradhan Mantri Awas Yojana:

• In-Situ Redevelopment 
• Credit Linked Subsidy
• Affordable Housing in Partnership (AHP)
• Enhancement and construction of beneficiary led house

How to apply for Pradhan Mantri Awas Yojana?

The application can be applied into two categories:

• Under 3 components- The beneficiaries for the “Housing for All Scheme” include the weaker sections of the society that can be divided into Low-income groups (LIG), Middle-income groups (MIG), and EWS. 
• Slum-dwellers- Individuals who live in unhygienic conditions and have unhealthy drinking water and sanitation facilities.  

The steps given below are the procedure of applying for Pradhan Mantri Awas Yojana:

1. Visit the official website of Pradhan Mantri Awas Yojana and log in.
2. Select the benefits under three components under the citizen assessment drop-down menu.
3. Enter the AADHAR details to proceed (mandatory).
4. A new webpage will be redirected to the application form where you have to fill in the AADHAR details.
5. Click on ‘Save’ and then enter the Captcha code.
6. Click on ‘Save’. You can take a print out after the application form is complete.

Eligibility SBI 

SBI home loan scheme has different sets of eligibility parameters. It is wise to check the SBI Home Loan eligibility before applying to avoid rejection.

The factors of eligibility are given below:

• The minimum Loan amount for self-employed is Rs. 50,000.
• The maximum loan amount for self-employed is Rs. 50 crore.
• Loan tenure is not more than 30 years.
• Age limitation for salaried Indian/NRI is 18 to 70 years.
• Age limitation for self-employed Indian/NRI is 18 years onwards.

Documents required for SBI Home Loan Application

Applicant’s documents:

• Office ID Card.
• PAN Card/Passport/Driving license/Voter ID Card.
• Filled out the application form with 3 passport size photos.
• Recent Utility bill copy.

Income documents:

• Last 6 months bank account statements of the applicant.
• Last 12 months bank account statements.

Property documents:

• Constructions permit (only if applicable).
• Registered sale agreement (only for Maharashtra)/Stamped sale agreement/allotment letter.
• Occupancy certificate.
• Property tax receipt/maintenance bill/share certificate (only for Maharashtra).
• Conveyance deed for a new property/registered development agreement of the builder and photocopy of the blueprint of the approved plan.
• Payment receipts from the builder/seller.

Subsidy on home loan by the Government Pushes Housing

Pradhan Mantri Awas Yojana Subsidy is the subsidy on home loans by the Government Pushes Housing. The scheme aims at simplifying the process of purchasing a home for both urban poor and rural poor at a reasonable rate of interest through EMIs. It offers people subsidized loans as the rate of interest is comparatively lesser than commercial rates. To calculate the EMI you need to follow the steps mentioned below:

You need to visit the Pradhan Mantri Awas Yojana website and enter the details such as total loan amount in rupees, rate of interest, and the total loan period in months. After filling in the details, click on the ‘calculate’ option that will give you the EMI payable in rupees. 

How to get PMAY Interest Subsidy 

• You can apply for a home loan from any listed lending institution asking for a subsidy.
• After the lending institution reviews your application and your eligibility. Your application will be forwarded to the Central Nodal Agency.
• If your application is approved upon verification and no discrepancies are found, the Central Nodal Agency will disburse the amount.
• Your total loan amount will be lowered after the amount is credited to your account by the lending institution.
• You can keep paying the EMIs towards the balance loan amount.

Home loan subsidy calculator 

A home loan subsidy calculator helps you to determine the discount you can avail of on a home loan obtained from a PMAY scheme. You simply have to enter your loan detail like the rate of interest, principal, etc to calculate the subsidy on your PMAY scheme. 

To use the subsidy calculator, you need to follow the given steps:

• You need to visit the official PMAY website.
• Select ‘Others’ and click on ‘NPV Subsidy Calculator’ from the drop-down menu. You can also visit the pmay mis Calculator.
• You will then have to enter your loan details as required by the page.
• Click on ‘Calculate’.
• Now you will get information on the subsidy amount you requested.

Documents required to get the benefits of PMAY

• AADHAR card.
• PAN card.
• Stamp paper/affidavit.
• Sanction Letter for the loan.
• Buyer builder agreement.

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