Table of Contents
Is PMAY subsidy paid in installments?
The interest subsidy will be credited upfront to the loan account of beneficiaries resulting in reduced effective housing loan (deducting it from the principal loan amount) and Equated Monthly Installment (EMI). The borrower will pay EMI as per agreed document rates on the remainder of the principal loan amount.
Can I prepay my home loan after PMAY subsidy?
Yes, you can pre-pay your housing loan after receiving PMAY subsidy based on the terms and conditions for pre-payment of your lending institution.
How long does it take for subsidy to be approved?
If you have applied for the CLSS subsidy, it takes anywhere between 3-4 months to get the subsidy amount, once the verification is complete. The PMAY credit linked subsidy scheme is a great initiative by the government to reduce the burden of a Home Loan.
How does PMAY subsidy work?
The subsidy under this scheme is given as upfront relief, in the form of a reduction in the overall loan liability. The present value of the interest subsidy is calculated at 6.50\%, for a maximum tenure period of 20 years, on the maximum loan amount of Rs 6 lakhs.
Can we close the loan after PMAY subsidy?
Yes, the PMAY subsidy availed is subject to keeping the loan alive for the entire period. In case the loan is prepaid the subsidy amount is reversed and you will lose part of the benefit.
How much time it will take after subsidy claim approved?
The government verifies all the details provided by you and only after the verification is done, the subsidy is released. Generally, it takes 3-4 months.
What is the interest rate under PMAY scheme?
Under PMAY Scheme, subsidy interest rate is provided at 6.50\% p.a. on housing loan for the term of 20 years to all the beneficiaries. Differently abled and senior citizens will be given preference in allocation of ground floors.
How long does it take for PMAY subsidy to be credited?
It usually takes around 3 to 4 months for the subsidy amount from PMAY to be credited to the beneficiary. This is subject to the verification process of the government. How to get the Assessment ID for PMAY?
Why choose LIC HFL for home loan?
Get you Home Loan sanctioned In-Principle without stepping out from the comfort of your couch. Customers can also check their eligibility, upload documents and pay their processing fee. We at LIC HFL realize that Home Loan is one of the biggest financial decision of one’s life and we strive to make it a comfortable and hassle free process.
Can I apply for PMAY If I already own a house?
People who already own a house are not eligible to apply for this scheme. No pucca should be owned by the beneficiary or member of the family, in any part of the country. People will be allowed to buy/construct new houses only. One cannot avail PMAY benefits on already built house.