How to Improve Your Chances of Getting a PMAY Subsidy

Since the Pradhan Mantri Awas Yojana was launched in 2015, it has been much talked-about government initiatives. Under this ambitious scheme, the government aims to fulfil its ‘Housing for all’ mission and build more than two crore new affordable housing units across cities and rural locations in India.

The fundamental objective of building these homes is to provide a permanent housing unit to the low-income and poor sections of the society. Another important aspect of this ambitious affordable housing scheme is the CLSS or Credit Linked Subsidy Scheme. Under CLSS, the government aims to provide financial aid to the aspiring home buyers by offering them subsidies on home loan interest rates.

As citizen friendly as the scheme may sound, to get the PMAY benefits, you must meet its specific requirements and abide by the strict rules and regulations. Often the potential PMAY beneficiaries who apply for a home loan under the scheme get their claim rejected mainly because they are unaware of the rules.

So, to help you improve your chances of getting the PMAY claim approved, we list down a few vital tips.

You or any of your family members must not own a property in any part of India. Remember, the primary objective of the PMAY scheme is to help the homeless become homeowners. So, you can claim the PMAY benefits only if you are a first-time buyer. If you or any of your family members has a property registered in any part of India under their name, your claim will be rejected.

You or any of your family members must not have been a beneficiary under any other government housing scheme. Apart from the PMAY, there are many other central and state-government affordable housing initiatives. If you or any of your family members have availed the benefits under any such scheme, you cannot claim the PMAY subsidy benefit.

One of the critical reasons why many people get their PMAY claim rejected is that they apply for the benefits under the wrong income group. To ensure that every individual gets maximum subsidy benefits, the government has divided the beneficiaries into four categories based on their annual household income. The income groups are –

•         Economically Weaker Section (EWS) – household with an annual income of up to Rs. 3 lakhs
•         Lower Income Group (LIG) – household with an annual income of up to Rs. 6 lakhs
•         Middle Income Group (MIG I) – household with an annual income of up to Rs. 12 lakhs
•         Middle Income Group (MIG II) – household with an annual income of up to Rs. 18 lakhs

So, to increase your chances of getting the PMAY claim approved, apply for the benefit under the right income category.

If you are a married individual, you can apply for the PMAY benefits jointly with your spouse or either of you get it individually. So, make sure that your partner has not applied for the PMAY benefits earlier to avoid the chances of your claim getting rejected.

Final Word

The main objective of the PMAY scheme is to provide an affordable housing unit to all Indian citizens. So, if you wish to buy a new home, make sure that you do your research well about the PMAY scheme and its benefits and take advantage of it. This will help you make the home loan repayment more affordable.