Can I get PMAY subsidy on 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.

Can I transfer my home loan after availing the PMAY subsidy towards the principal amount?

With this, borrowers can transfer their outstanding loan balance to another lender who is providing a lower interest rate. It helps them reduce their EMI amount and interest outgo. The answer to this question is: Yes, an individual can apply for PMAY even after availing the Home Loan Balance Transfer Facility.

Can I avail PMAY on second home loan?

No, you cannot avail PMAY subsidy benefits for a resale flat as the scheme is applicable for the purchase or construction of new houses, extension or improvement of existing homes.

Is pre closure allowed in a home loan after PMAY credited to a loan account?

No, there is no restriction on the closure of bank loan if PMAY subsidy is availed of. As per PMAY norms, maximum loan tenure is 20 years but there is no minimum period limit to continue the home loan. As per the rule, there will not be any pre-closure charges. Additionally, there is nothing like a loan under PMAY.

What is the last date of PMAY?

March 31, 2022
The PMAY scheme is being implemented in three phases, with the first two phases having ended. Currently, the last phase is on; it began on April 1, 2019, and will end on March 31, 2022.

Is PMAY still valid?

Income Groups (for PMAY purposes) MIG-1 and MIG-II scheme – The mission was effective from March 31, 2020 and PMAY validity is till Mar 31, 2021 .

Does EMI reduces after PMAY subsidy?

Interest and EMI of the Home Loans under the PMAY The maximum tenure of the housing loans under this scheme is 20 years. Similarly, at 3\% subsidy, the EMI of 12 lakhs loan will reduce by Rs. 2019/- per month.