What is interest subsidy under PMAY?

Interest subsidy is at the rate of 6.50% for the initial amount of Rs 6 lakhs. Repayment. Maximum repayment term is up to 30 years. Interest subsidy is available only for 20 years.

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Similarly one may ask, can I sell PMAY house?

Can I sell a PMAY house? A. If you have purchased the house under the Pradhan Mantri Yojana, you cannot sell that property within five years of its buying. The main purpose of the PMAY is to provide homes to needy people.

Moreover, can we close House after PMAY subsidy? Yes, the PMAY subsidy availed is subject to keeping the loan alive for the entire period. This happens because the upfront subsidy is credited to the account keeping the loan period for the calculations. In case the loan is prepaid the subsidy amount is reversed and you will lose part of the benefit.

Also question is, how can I check my PMAY subsidy amount?

PMAY Toll Free Number

  1. NHB – 1800-11-3377 , 1800-11-3388.
  2. HUDCO – 1800-11-6163.

How can I check my PMAY subsidy?

Visit http://pmaymis.gov.in/, the official website of PMAY scheme.

  1. Go the option titled ‘Citizen Assessment’ on the task bar.
  2. Select the option ‘Track your Assessment status’ form the drop down menu under Citizen Assessment.

How can I get PMAY subsidy on my existing home loan?

PMAY is open only for those people who are looking to buy a home for the first time. The most vital criteria to get a PMAY subsidy is that the applicant must not own any pucca house in their name across India. This is why PMAY on existing home loan is not a possibility.

How PMAY subsidy is calculated?

For all the slabs, the scheme will apply to loans with a tenure of up to 20 years. The interest subsidy amount will not be the differential of interest amount (of actual and subsided rate) but will be the net present value (NPV) of the interest subsidy amount. It is to be calculated at a discount rate of 9 per cent.

Is PMAY subsidy Cancelled?

The CLSS under the PMAY had been extended only up to March 31, 2021. As of now, there is no news of further extension. An alternative to the PMAY subsidy is also not currently available. In case the buyer is also taking a loan, then the papers are released to the institution which is giving a loan to the buyer.

What is criteria for home loan subsidy?

Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS) Details:

Criteria EWS/LIG
Annual Household Income EWS – Up to Rs.3 lakh LIG – Rs.3 lakh to Rs.6 lakh
Maximum loan amount for Subsidy Up to Rs.6 lakh
Subsidy % 6.50%
Maximum Subsidy Amount Rs.2.20 lakh

What is interest subsidy?

What is Interest Subsidy Scheme? Students from the economically backward sections can claim interest on their educational loans from the government as subsidy. The scheduled banks in the country provide the loans to students without the need of any collateral security against the loan.

Who is eligible for PMAY CLSS?

There are certain eligibility criteria to be fulfilled in order to successfully avail a home loan through the CLSS. For instance, the applicant’s family income should not be above Rs. 18 lakh per annum and the maximum carpet area (area enclosed within the walls) eligible for the subsidy is 150 sqm.

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