If you are one of those looking to utilise the scheme to finance a housing unit for your loved ones, then you are at the right place. PNB Housing enjoys an affiliation with the government’s PMAY scheme since its introduction, thus offering you the interest subsidy as stipulated in PMAY’s Credit Linked Subsidy Scheme (CLSS).
And the good news is that the PMAY Scheme is still due to arrive. As per the official details, the last date to apply for the Pradhan Mantri Awas Yojana scheme is:
| S No | Loans sanctioned and disbursed | Submission by customer | Generation of Application ID, completion of due diligence by PLI and updating of claim on PMAY-CLSS portal by |
|---|---|---|---|
| 1 | February 2022 | 11th March 2022 | 15th March , 2022 |
| 2 | 15th March, 2022 | 21st March, 2022 | 25th March, 2022 |
But are you eligible for it? What are the criteria that you must satisfy to avail it? What are its benefits and can you apply for the same? In this quick guide, we will try to answer all your questions.
Inside PMAY Scheme and its Last Date
Under the Housing for All mission, the Government of India has an admirable vision to provide affordable housing for the entire population by 2022. With the year now upon us, many are wondering how to apply for homes under the government’s PMAY scheme. After all, it offers multiple benefits and subsidies to those of economically modest means who dream of a roof above their head.
Here are Some of Its Salient Features:
- PMAY Start Date Launched in 2015 by the Ministry of Housing and Urban Poverty Alleviation, PMAY comprises an interest subsidy scheme called CLSS.
- Anyone from the EWS/LIG segments can apply for the scheme to fulfil the requirements for home construction, purchase, repair, or improvement.
- Essentially, the CLSS scheme under PMAY makes home loans affordable and available for those from financially weaker sections of society.
- The scheme works by providing a subsidy on the home loan interest component to applicants depending upon their income category.
When Should you Apply for the PMAY Scheme?
Given that the scheme has been around for 7 years, it has already seen two phases of implementation. The third and final phase began in April 2019. Accordingly, the Pradhan Mantri Awas Yojana last date for application is 15th March for the loan disbursed in February, and 25th March for the loans getting disbursed by 23rd March.
Must Read: Introduction to PMAY – Pradhan Mantri Awas Yojana – Credit linked subsidy scheme
Pradhan Mantri Awas Yojana Last Date: Benefits of Applying Now
You should also note that as per the Budget 2022, Rs. 46,000 crore have been earmarked for the PMAY scheme. Additionally, the government also plans to construct 80 lakh homes by 2023. As per the PMAY scheme, the interest subsidy benefit is also calculated for 20 years – making it very beneficial.
Hence, there is no better time than now to apply for the PMAY scheme before the deadline.
PMAY Subsidy Last Date 2022: Eligibility Criteria
Now that you are aware of the PMAY subsidy last date, it is important to learn about the eligibility criteria:
- Age: 18 years or more
- Income group: Low-income Group (LIG), defined as having annual household income between Rs. 3-6 lakh; or Economically Weaker Section (EWS), defined as having annual household income up to Rs. 3 lakh. If your annual household income is more than Rs. 18 lakh, you are ineligible.
- Beneficiaries: A family that comprises husband, wife, and unmarried children
- Property: Chosen property must be a single unit or a unit in a multi-storeyed building with all basic utilities.
- Property carpet area: Below 30 m2 (323 sq ft) for EWS; below 60 m2 (646 sq ft) for LIG
- Other pre-requisites: No ownership of any pucca house anywhere in India
- No history of receiving any government grant for home purchase
- Mandatory woman ownership or co-ownership in case of new house purchase
How to Apply for PMAY Home Loan Subsidy Before Last Date
- Submit your application offline at any PNB Housing branch along with the typical home loan documents required such as ID proof, address proof, income proof, certificate of property valuation, NOC from a competent authority, and Aadhar card copy.
- Additionally, an affidavit stating the two below mentioned declarations are required:
- Total household income
- You or your family do not own any house in India
At PNB Housing, as an affiliate of the PMAY subsidy scheme, we provide a swift and hassle-free application process. Connect with our CLSS customer support for any queries here: https://www.pnbhousing.com/home-loan/pmay/
Here’s to fulfilling your home dreams!
