PMAY Credit Linked Subsidy Scheme – Loan Amount & Procedure
Many times people do not know how much subsidies will be given to them under Credit Linked Subsidy Scheme. The central government offers subsidy in interest for the amount of Rs 3 lakh to Rs 18 lakh. The maximum benefit of this scheme will be to the middle class and BPL families. It is divided into different categories and the subsidy given will be divided.
Amount and Subsidy Received Under the PM Awas Yojana Credit Linked Subsidy Scheme
- If fall in the category of 3 to 6 lakh per annum then more subsidy will be available on interest.
- If fall in the category of 6 to 12 lakh per annum then less subsidy will be available on interest.
From 1 January 2017, the benefits of this scheme have been expanded.
2 Categories for Middle Class
In order to take advantage of the Pradhan Mantri Awas Yojana, two categories have been made for the Middle Income Group (MIG).
(A) The first category is from Rs. 6 lakh to Rs. 12 lakhs per year.
(B) The second category is 12 lakh rupees to 18 lakh rupees.
Terms and Conditions for Credit Linked Subsidy Scheme
The condition of this plan is that no member of the family has got the benefit of the housing scheme under any scheme of the Government of India. If any member of the family has got the benefit of housing under the government scheme, no other member can get the benefit of the Pradhan Mantri Awas Yojana.
Can Apply Separately After Marriage for Credit Linked Subsidy Scheme
At the time of application for this scheme, it is necessary to give the number of Aadhaar card to all the members of the undivided family. This includes spouses, and unmarried sons and daughters. After marriage, son or daughter can apply for this scheme separately.
The married sons and daughters of parents who take advantage of the pucca house are considered to be different families anyway. However, both husband and wife can not take advantage of PMAY That is, in the name of son-daughter-in-law or daughter-in-law, subsidies can be found in the same house at all times. It would be their will to hold one of the ownership of the house or both of them together. Read on how much subsidy will be given to the government.
How much Loan?
People earning 12 lakh rupees per year will get a loan of upto 9 lakhs, which will get a subsidy of 4 per cent on the interest rate. This will save the monthly EMI of Rs. 2,158, which will be Rs. 2, 39, 843 in the 20 year period.
How much Subsidy?
If your annual income is between 12 to 18 lakh rupees, then you will get a discount of 3% in interest rates on loans up to Rs 12 lakhs. This will depend on the loan given to the construction of the house in 110 square meters. The subsidy of 3 per cent for Rs 12 lakh will be repaid in 20 years, with a total rebate of Rs 2.30 lakh on interest. In this way, the government will pay 2.30 lakh rupees for your loan, which is big savings in today’s time.
How the Person having income upto 6 lakh rupees per annum will get the benefit of the Scheme?
Those with an annual income of Rs 6 lakh can get a home loan of up to Rs 6 lakh and a subsidy of 6.5 per cent is given by the Government on interest rates. Thereby saving Rs 2,219 in monthly EMI, these savings are up to Rs 2 lakh 46 thousand 625 in the 20 year period.
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