What are the rules for subsidy?

Subsidy can be availed on home loans that were approved on or after 1 January 2017. Applicants who fall under MIG – I category can avail subsidy at the rate of 4\% with the maximum loan amount being Rs. 9 lakh. The maximum loan term taken into consideration for calculation of subsidy is 20 years.

How is PMAY subsidy calculated?

Using the loan’s amortisation schedule, the NPV of the interest subsidy is first calculated at a 9\% discount rate and then credited upfront to the loan. PMAY may generate a positive response, especially if the builders live up to their promise in terms of construction quality and timely delivery.

Who qualifies for housing subsidy?

In order to apply for a FLISP subsidy, you must meet the following requirements:

• Earn either a single or joint gross monthly household income of between R3 501 to R22 000.
• Be a first time home buyer.
• Be over the age of 18 years.
• Have financial dependants.

How much subsidy does central government give?

Amount or percentage of subsidy: Under this scheme, the Central Government will provide margin money subsidy of up to twenty per cent of the project cost with a cover of Rs 1,00,000 as well as interest subsidy at 6\% per cent per annum for working capital, and a term loan of up to Rs 10,00,000 for a maximum period of …

What is the income limit for Pradhan Mantri Awas Yojana?

If a person’s family income exceeds Rs. 18 Lakh per annum, they are ineligible for subsidies under the Pradhan Mantri Awas Yojana. The housing scheme is divided into two primary types, depending on the area where the subsidy scheme is extended, namely, PMAY Urban (PMAY-U) and Gramin (PMAY-G).

What is the maximum annual income for home loan under Awas Yojana?

As per the new home loan scheme, people having annual income of up to Rs. 18 Lakh can avail housing loan benefits under PM Awas Yojana for urban. The government is already disbursing loans under the earlier scheme for which the maximum annual income is 6 Lakh.

How to apply for PM Awas Yojana?

To avail of benefits under the scheme, users need to fulfil the minimum eligibility for PM Awas Yojana and secure their places as beneficiaries under the PMAY list. Apply for a home loan with a registered Primary Lending Institution (PLI) post such selection to avail yourself of PMAY interest subsidy.

How to calculate the eligibility criteria for PMAY?

Step 1: Check if anyone in the family owns a pucca house. Step 2: Calculate your household’s annual income to confirm if it remains under Rs.18 lakh. Add up your spouse’s income for this calculation to determine eligibility criteria for PMAY.