Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply
Quick Links for loans
Quick Links for Insurance
Investment
Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > How Much Time Does It Take to Get PMAY Subsidy?

Loan for Home

How Much Time Does It Take to Get PMAY Subsidy?

How Much Time Does It Take to Get PMAY Subsidy?

If you have been wanting to purchase a home but can’t afford the high housing loan interest rates, then this is the best time check out whether you can apply for a loan interest subsidy under the Pradhan Mantri Awas Yojana (PMAY). The PM Awas Yojana aims to provide “housing for all” by the year 2022. 

Know More

Let us understand what is Credit Linked Subsidy Scheme all about.

What Is Credit Linked Subsidy Scheme (CLSS)?

The CLSS is one of the four components of the Pradhan Mantri Awas Yojana (PMAY-U). Under CLSS,  economically backward sections can avail of interest subsidy, also known as the Pradhan Mantri Awas Yojana subsidy. The beneficiaries of PMAY-U include- Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG).

What Is Government Subsidy on Home Loan?

The Indian Government to provide affordable housing options under the PMAY scheme is offering Pradhan Mantri Awas Yojana subsidy on home loan interest rates. This home loan subsidy on the interest rates is to benefit the urban poor by making housing finance more affordable.

Additional Read:- How to Complete your Dream of Owning a House Using PMAY

What Is PMAY Subsidy and Its Classifications?

The subsidy rate and the amount is fixed as per the Government guidelines; hence they cannot be altered. The eligible applicants can avail the subsidy under the following guidelines. 

Beneficiary Annual household income Maximum loan amount allowed for availing subsidy Interest rate subsidy
Economically Weaker Section (EWS) Up to Rs.3 lakhs Rs.6 lakhs 6.5% p.a.
Low Income Group (LIG) Rs.3 to 6 lakhs Rs.6 lakhs 6.5% p.a.
Middle Income Group 1 Rs.6 to 12 lakhs Rs.9 lakhs 4% p.a.
Middle Income Group 2 Rs. 12 to 18 lakhs Rs.12 lakhs 3% p.a.

What Is the PMAY Subsidy Approval Time?

After document verification, the PMAY subsidy time will be between three to four months. The decision of providing a subsidy depends on the Government. The applicant’s chances of getting approved for the subsidy are higher if the documents and details provided are complete and accurate.

PMAY Eligibility to Avail Subsidy

  • A beneficiary’s family should comprise of husband, wife, and unmarried daughters and sons.
  • The beneficiary should be a first-time homebuyer, and should not own any pucca house in their name or the name of any other family member in India.
  • The beneficiary or their family should not have already availed central assistance under PMAY scheme or any different Government housing scheme.
  • The beneficiary’s annual income should fall under any one of the above mentioned four categories.
  • Married couples can apply for subsidy under individual or joint ownership of the property.

You can apply for Pradhan Mantri Awas Yojana online. The PMAY online apply process is quick and straightforward. Log onto the official PMAY website and click on the ‘Citizen Assessment’ button. Then enter your Aadhar card number, after which you will be re-directed to the Pradhan Mantri Awas Yojana form. Duly fill out the form and click on ‘submit’. After submitting, you will receive an application number to check if your name is there on the PMAY list.

Additional Read:- How is PMAY Beneficial for You?

If you are looking to apply for a home loan under PMAY, head to Tata Capital. We accept housing finance applications under the PMAY scheme. Log on to www.tatacapital.com and learn more about what is PMAY subsidy, and also check your Pradhan Mantri Awas Yojana eligibility.

Apply Now
Disclaimer

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Important Information

Investor Information

Visit us on:,Visit us on: www.tatacapitalmoneyfy.com,www.tatacapitalmoneyfy.com

Our Private Equity Funds

Amalgamated Companies

Top Branches

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.