One of the biggest aspirations of any individual or family unit in India is to have a home they can legally call their own. Owning a house is something that millions of Indians wanted but couldn’t afford to. Until the government launched the Pradhan Mantri Awas Yojana in 2015.
Let’s take a brief look at what the scheme entails, and then understand how you, a home seeker, can avail the benefits of the scheme!
How is the PMAY helpful to home seekers?
Under the PMAY, there is a Credit Linked Subsidy Scheme (CLSS) which gives the home loan seeker an upfront interest subsidy.
What does this mean? It means that if you get approved for a home loan under the PMAY, your EMIs for the home loan will be reduced upfront as you get a subsidy sanctioned from the government.
Let’s take a look at the three income groups which can avail the benefits of this scheme-
- CLSS EWS/LIG Scheme under PMAY
Households whose annual income is between ₹3,00,000- ₹6,00,000 fall under the Economically Weaker Section (EWS)/ Lower Income Groups (LIG). They can get an interest subsidy of 6.5%. However, one condition for the subsidy to be applicable is that the house being constructed or bought should not exceed carpet area of 60 sq.m. in size. Furthermore, the interest subsidy is eligible only up to a maximum loan amount of ₹6,00,000.
- CLSS MIG 1 Scheme under PMAY:
Households whose annual income is between ₹6,00,000- ₹12,00,000 fall under the Middle-Income Group 1 category. They can get an interest subsidy of 4%. Here, for the subsidy to be applicable, the house being constructed or bought should not exceed carpet area of 160 sq.m. in size. Furthermore, the interest subsidy is eligible only up to a maximum loan amount of ₹9,00,000 with a maximum tenure of 20 years. This means that if the home loan has a longer tenure, the interest rate will be without the subsidy, and as decided by the financing institution and the borrower.
- CLSS MIG 2 Scheme under PMAY:
Households whose annual income is between ₹12,00,000- ₹18,00,000 fall under the Middle-Income Group 2 category. They can get an interest subsidy of 3%. Here, for the subsidy to be applicable, the house being constructed or bought should not exceed carpet area of 200 sq.m. in size. Furthermore, the interest subsidy is eligible only up to a maximum loan amount of ₹12,00,000 with a maximum tenure of 20 years.
How to get the PMAY assessment ID?
Your assessment ID is a unique number that allows you to track your application through the PMAY system. Knowing your assessment ID is important because it takes some time between applying for the scheme and your application getting approved. In this interim, you may need to check your application, so it’s important to know that ID.
Follow these steps to get your assessment ID for PMAY:
- Go through the official PMAY website to understand your eligibility.
- Fill and submit the relevant application form based on your category.
In case you have missed noting down your assessment ID after submitting the application, you can follow these steps to access the ID number:
- Head to the official PMAY website.
- On the Home Page, click on ‘Search Beneficiary’.
- Enter your Aadhar number and click on ‘Show’.
That’s it! You are now ready to take the first step towards living in your own house!
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