The most often asked question by the individuals who apply for a Home Loan through Pradhan Mantri Yojana is what is the process to get subsidy in their accounts and how much time will it take? Everybody wants to enjoy the benefits as soon as possible. But before knowing the process, it’s important to know what Pradhan Mantri Awas Yojana is Well, a lot of individuals cannot afford a home in our country. And, to encourage people from the Economically Weaker Section and Middle Class living in the Urban Areas to buy their own houses, the government of India launched this scheme.
The primary aim of this scheme was to provide ‘Affordable Housing for All’ by the year 2022 and launched in 2015. The most important thing about this scheme is that it is only for those customers who are buying their house for the first time in their lives. So how do people get benefit from it? Well, individuals get a certain subsidy on the interest part of their home loans and this varies from one individual to another according to their income slab. In this article, we will cover everything related to the process through which individuals can get the subsidy in their accounts. So, keep reading to know more. Highlights of Pradhan Mantri Awas Yojana Before getting to know the subsidy process, it is important to know some of the prominent features of Pradhan Mantri Awas Yojana or commonly known as PMAY. We are showing some of them below. Have a look.
How to Get Subsidy on Pradhan Mantri Awas Yojana? Now you have sufficient information about the PMAY, it’s time to know about the process with which you will get subsidy into your home loan account. You should keep this in mind that it takes usually 3 to 4 months to get the subsidy into your account. The reason: First, the government verifies all the details provided by you for the verification purposes, and then only releases subsidy. As soon as an individual applied for Pradhan Mantri Awas Yojana, he or she receives a unique application ID through which the status of the CLSS can be tracked. You only need to visit the CLSS Awas Portal (CLAP). There, you will see a few steps such as Generation of ID, Due Diligence by the Lending Institution, Claim regarding the subsidy, Claim Approval, and Subsidy Release. An applicant can see the subsidy in his or her Loan Account Statement. The best thing about it is your EMI amount will be received than before. You must be thinking how? Well, let’s understand this with an example. Suppose an individual coming from MIG-2 opts for a Home Loan of INR 40 lakh. He will get a subsidy of INR 2,30,000. So, after receiving this amount, the loan amount will be reduced to INR 37,70,000. So, the new EMI will be according to this new loan amount.
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Anika Sharma
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