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PMAY Scheme has been introduced in two categories - PMAY Urban and PMAY Gramin. The government provides subsidy amount to the beneficiaries based on their type, income group, and category. Keep reading to learn more about PMAY Subsidy, its benefits, and how it works for different types of beneficiaries.
PMAY CLSS Awas Portal
PMAY subsidy is the monetary assistance given by the Indian Government under its flagship Pradhan Mantri Awas Yojana (PMAY) or ‘Housing for All’ mission. PMAY subsidy was rolled out to help the economically weaker sections of the society in getting a home. PMAY subsidy is a financial assistance component given on the loan taken to buy a house covered under the PMAY scheme.
Following are the benefits of PMAY subsidy:-
A home buying aspirant can avail of the home loan and attached PMAY subsidy. The PMAY subsidy can be availed for construction of house, acquisition, repair/redevelopment, or extension of the present house.
The benefits of the PMAY scheme are classified for PMAY subsidy based on the economical background of the applicant as follows-
LIG vs MIG vs HIG Flats
The applicants falling under the EWS category are qualified for central assistance in all four verticals while the applicants under the LIG (Lower Income Group)/MIG (Middle Income Group) can only apply under the CLSS section of the PMAY scheme.
To be clearer, the EWS applicants with an annual income of up to Rs 3 lakh are eligible for the PMAY Subsidy scheme. If the beneficiary is from LIG strata, he/she must have an annual income of between Rs 3-6 lakhs.
Under the PMAY scheme, yearly household income between Rs 6-12 Lakh will be classified as a MIG I and interest subsidies on loans of up to Rs 9 Lakh will be available for the purchase/acquisition of the property.
In addition to this, if the applicant's yearly income of the household is between Rs 12- 18 lakhs, the applicant will be classified under the Middle-Income Group (MIG II) of the PMAY scheme and eligible to receive interest grant of up to Rs 12 Lakhs on their home loans.
To numerous citizens of India, buying a new house is a top priority and an indispensable need. In order to make houses affordable for the economically weaker sections, a flagship mission was initiated on 17 June 2015 called the Pradhan Mantri Awas Yojana.
Ever since its launch, the PMAY subsidy has changed the dynamics of the affordable housing market by significantly rationalising the cost of acquiring a home for urban/rural poor.
If you want to avail of the PMAY subsidy under the PMAY scheme, here is how you can track your application status on the official website of PMAY www.pmaymis.gov.in. To know the status of your application, you do not have to visit the banks. You can visit the PMAY CLSS website to view the status of the PMAY subsidy (PMAY Subsidy Tracking).
The PMAY subsidy status can be checked using five components such as Application ID generation, due diligence by Primary Lending Institutions (PLI), upload claim on the Central Nodal Agency Portal, subsidy claim approval, and Subsidy released to PLI.
Step 1: Login to pmayuclap.gov.in
Step 2: On the left pane of the website, enter the Application ID and press ‘Get Status’.
PMAY CLSS Tracker
Step 3: In this step, you will receive a One Time Password (OTP) to your registered number. Enter the OTP.
Step 4: Once you enter the OTP, the screen will show all phases of the recipient's submission.
Step 5: While the phases completed will be displayed in green colour, the phases that are still in process are displayed in blue colour.
Follow the aforementioned steps to check PMAY subsidy status online.
Find below a few simple steps to check the status of your PMAY Subsidy using the PMAY mobile application.
Step 1: Download the PMAY mobile application on your smartphone from your preferred app store, including the Apple App Store or the Google Play Store.
Step 2: Click on the Beneficiary Login button available on the mobile homepage.
Step 3: Login to the mobile application using your unique PMAY online portal credentials.
Step 4: Enter your Application ID in the space provided in the next window.
Step 5: Click on the Get Status button to check your PMAY Application and Subsidy Status.
The PMAY Subsidy disbursement is done by the Indian government in a phased manner. Helmed by two government agencies viz National Housing Board (NHB) and Housing and Urban Development Corporation (HUDCO) pay the interest rate subsidy for PMAY loans.
These government institutions streamline the subsidy component to the listed credit institutions to further maximize the benefits of PMAY subsidy to the eligible recipients. The process to claim PMAY subsidy benefit is as follows:
Step 1: Once the home loan has been disbursed, the banking institution will send the information required for data validation and other approvals to the National Housing Bank (NHB).
Step 2: The NHB approves the grant to deserving borrowers after due diligence.
Step 3: After this, both qualifying borrowers may receive the PMAY subsidy, charged to the concerned banking institution
Step 4: The home loan subsidy is credited to the applicants’ home loan account by the banking institution, on receipt of the PMAY subsidy from NHB.
Identifying the need to subsidize home loans for the urban poor to acquire a house or get one built/ repaired, the Government of India had launched the Credit Linked Subsidy Scheme (CLSS) under PMAY. As per the PMAY CLSS rules, LIG, MIG and EWS beneficiaries will receive a home loan interest subsidy of up to 6.5% for a period of twenty years or the total loan period, whichever is lesser. The subsidy covers up to Rs 6 lakh payment. The amount of home loan beyond this limit will be lent at non-subsidized rates.
The mission includes credit-related subsidy components as a demand-side intervention to increase institutional or banking credit flow to the economically weaker sections.
PMAY Subsidy CLSS: Introduction
The interest subsidy is deposited in advance by PLIs to the homebuyers’ loan account, leading to reduced effective rate and Equated Monthly Instalment (EMI). A discounted interest rate of 9% shall refer to the Net Present Value (NPV) of the interest rate.
The Government has defined a set of eligibility criteria to avail the Credit Linked Subsidy Scheme (CLSS) under PMAY. To get the benefit of PMAY subsidy under the Housing for all scheme, every intended beneficiary is required to meet the following eligibility criteria -
You can easily calculate the PMAY subsidy through an online calculator. To utilize the PMAY calculator for home loan interest subsidies, follow the below-mentioned steps.
Step 1: Visit the official PMAY website at pmaymis.gov.in/
Step 2: Click on the 'Subsidy Calculator’ tab on the home page. You will be redirected to the following Subsidy calculator page
Step 3: Enter the details such as annual family income, loan amount, tenure, and carpet area (in Square Meter). You will have to declare if you own a pucca house or not.
Step 4: Your PMAY subsidy amount will be displayed on the right side of the page.
The concerned government agencies will verify all the information submitted by the applicant, and the PMAY subsidy is disbursed only after the verification is complete. Generally, it takes over 3-4 months to get the process completed.
An applicant will get an application ID after applying for a PMAY home loan from the financial institution. This application ID is useful for the applicant to control the status of CLSS from the beginning of the application submission and ending with subsidy disbursement.
In addition, applicants also get the application status via continuous SMS Alert. Once the PMAY subsidy is deposited into the applicants’ home loan account, he/she can verify it in their loan account statement. The effective EMI amount is also reduced after the receipt of the PMAY subsidy.
Find below two major ways to check the PMAY Subsidy status offline.
Once you have applied for the PMAY subsidy component, you can also use the below-mentioned toll-free numbers to call the National Housing Bank (NHB) or the Housing and Urban Development Corporation (HUDCO). The numbers and email ids are-
To sum up, the PMAY subsidy has immensely helped the economically weaker sections to get affordable homes. If you are one of the beneficiaries, use the provided steps to check your PMAY Subsidy status online in no time. You can also get in touch with the PMAY Subsidy help and support team by using the provided contact information if you are facing any issues. The expert PMAY helpdesk representatives will not only answer all your queries but also guide you to the resolution without any hassle.
