Sage-Tips

Can I apply for Pradhan Mantri Awas Yojana after loan sanction?

Is Application for PMAY Possible After Home Loan Disbursement? Yes, you can apply for PMAY after the loan is disbursed. But you may need to do it very quickly else you might lose out on having PMAY benefits.

Can I apply for PMAY after 31st March 2021?

Income Groups (for PMAY purposes) MIG-1 and MIG-II scheme – The mission was effective from March 31, 2020 and PMAY validity is till Mar 31, 2021 .

How long does it take to get PMAY subsidy in HDFC?

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.

How can I avail PMAY subsidy in HDFC?

In order to claim subsidy under PMAY, your home loan should have been approved on or after January 1, 2017 and the scheme is valid till March 31, 2022 in case of EWS/LIG segments and March 31, 2021 for MIG segments.

How much PMAY loan can I get?

PMAY Eligibility & Subsidy 2021

Income Group	Annual Income	Maximum Eligible Loan Amount
EWS – Economically Weaker Section	Upto ₹ 3 Lakh	₹ 6 Lakh
LIG – Light Income Group	₹ 3 to 6 Lakh	₹ 6 Lakh
MIG1 – Medium Income Group	₹ 6 to 12 Lakh	₹ 9 Lakh
MIG2 – Medium Income Group	₹ 12 to 18 Lakh	₹ 12 Lakh

Can I transfer loan after PMAY subsidy?

With this, borrowers can transfer their outstanding loan balance to another lender who is providing a lower interest rate. The answer to this question is: Yes, an individual can apply for PMAY even after availing the Home Loan Balance Transfer Facility.

What is EWS LIG?

Economically Weaker Section (EWS): EWS households are defined as households having an annual income up to Rs. Low Income Group (LIG): LIG households are defined as households having an annual income between Rs. 3,00,001 (Rupees Three Lakhs One) up to Rs. 6,00,000 (Rupees Six Lakhs).

What is LIG scheme?

Beneficiaries of Economically Weaker Section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5 \% for a tenure of 20* years or during tenure of loan whichever is lower.

Who are eligible for PMAY subsidy?

Who is eligible for PMAY subsidy. Any household with annual income ranging from INR 3 lakh to 18 lakhs may apply. In no part of the country should the applicant or other family member have a pucca house. The recipient cannot benefit from PMAY scheme for a previously constructed building.

Does HDFC provide PMAY?

If you meet the eligibility criteria, then you can visit the nearest HDFC Bank and apply for the Pradhan Mantri Awas Yojana (PMAY) scheme. PMAY is a government launched home loan scheme which aims to provide homes to all the people who are economically weak.

What is the last date to apply for PMAY CLSs?

Before today, the last date for anyone who wants to enjoy the benefits of PMAY CLSS scheme was March 31, 2020. After the extension, you can avail the benefits till March 31, 2021. However, the date will be March 31, 2022 for the LIG/EWS category.

How to apply for home loan subsidy under PMAY scheme?

Tell them your intention to avail a home loan under the scheme. The loan officer will then give you the loan subsidy application, which you will have to fill and submit along with the required documents. After verification, the eligible housing loan amount will be disbursed to your bank account.

Can Lig/EWS apply for PMAY After loan disbursement?

The subsidy scheme will be available for LIG/EWS till March 31, 2022, while that of MIG-I and MIG-II will last till March 31, 2021. Now, the question that many could ask is whether they can apply for PMAY after loan disbursement.

Can I apply for PMAY after the loan is disbursed?

Yes, you can apply for PMAY after the loan is disbursed. But you may need to do it very quickly else you might lose out on having PMAY benefits. Check with the bank or any other lending institution as to how later you can apply for PMAY after the loan disbursement.