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.
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.
Also question is, how can I check my PMAY subsidy amount?
PMAY Toll Free Number
- NHB – 1800-11-3377 , 1800-11-3388.
- HUDCO – 1800-11-6163.
How can I check my PMAY subsidy?
Visit http://pmaymis.gov.in/, the official website of PMAY scheme.
- Go the option titled ‘Citizen Assessment’ on the task bar.
- Select the option ‘Track your Assessment status’ form the drop down menu under Citizen Assessment.
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.
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.
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.
Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS) Details:
|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|
|Maximum Subsidy Amount||Rs.2.20 lakh|
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.
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.