If you ever tried buying a house in 2015 or before that, you know how difficult it was to buy a house of your own: the property prices were at an all-time high, the Home Loans were offered at a very high-interest rate up to 10 percent at the minimum, and even the household income was quite low. Comparatively, the dream of owning a house is much more probable: the MCLR rate brought down the Home Loan interest rate by 2 per cent, making Home Loan much more affordable. Further, the introduction of PMAY scheme made it possible for anyone and everyone belonging to the economically weaker section, the lower income group and the middle-income group to buy a home of their own. So, if you have a similar wish and you think you can qualify all the eligibility terms and conditions (available on the PMAY website), you can navigate to the website or visit your nearest Bank or NBFC to avail the benefits of the scheme.
Not just that, if you have already purchased a home using a Home Loan you can still leverage the benefits of PMAY scheme. You can apply for the PMAY subsidy which is available for existing Home Loan subscriber, however, check the eligibility criterions before applying for the subsidy.
Moving on, below are the steps you must follow to avail a PMAY subsidy:
- Loan Application – The first step is to make a Home Loan application to a lending institution.
- Determination of Loan eligibility – The next step is to determine the applicable subsidy as per the applicant's eligibility.
- Approval – The subsidy application is then forwarded to the central nodal agency for its approval.
- Transfer of Funds – Once the subsidy application gets approved, the amount is transferred by the central nodal agency to the lending institution and deposited in the applicant's account.
Note: You can avail the PMAY Subsidy only if the Bank or NBFC - the lending institution has signed a Memorandum of Understanding (MOU) with the NHB or HUDCO for providing this subsidy.
Also Read: Owning a Home, Now much Simpler with PMAY