Home Improvement

When Will My PMAY Subsidy Get Credited?

The Government of India launched PMAY in 2015 to achieve its target of housing for every citizen of the country by the year 2022. One of the critical aspects of the scheme is CLSS (Credit Linked Subsidy Scheme) under which a first-time homeowner can get a loan subsidy of up to Rs. 2.67 lakhs based on his/her income category.

The scheme is available for people from EWS (Economically Weaker Section), LIG (Lower Income Group), and MIG (Middle Income Group) income classes to help them achieve their dream of owning a home. If you are eligible for CLSS and have applied for it or are planning to apply soon, you’d want to know how long it takes to receive the subsidy.

The subsidy credit duration and other important aspects of the scheme are discussed below-

How to Apply for CLSS?

If you are planning to purchase a home under CLSS, firstly, you must get in touch with a lender approved under the scheme. If you meet the eligibility requirements of the lender as well as of the scheme, you must submit a loan application form along with other essential documents to the lender.

The lender will then forward your application to NHB (National Housing Bank) for approval. If everything is in order, NHB will directly deposit the subsidy amount to your home loan account. 

How Long Does It Take to Receive Subsidy?

If you are eligible for CLSS and your documents are in order, it can take 3-4 months for you to receive the subsidy. The NHB will verify your documents, property, income, etc. before approving your application. Also, the loan subsidy is only available for first-time homeowners. 

Can I Track the Status of My Subsidy Application? 

Yes, you can visit the official website of PMAY (www.pmaymis.gov.in) to track your application. Once on the website, look for the ‘Citizen Assessment’ option in the menu bar. Scroll to this option, and a menu will open with multiple options. Click on ‘Track Your Assessment Status’.

A new page with two options should open asking you to check one of the two boxes; ‘By Name, Father’s Name, & Mobile No’ or ‘By Assessment ID.’ After choosing the preferred option, fill the required details to get the result. There are also toll-free numbers of HUDCO and NHB that you can use for tracking your application status. 

Being a Homeowner with Pradhan Mantri Awas Yojana

The home loan subsidy under the Pradhan Mantri Awas Yojana is one of the most advantageous schemes ever launched by the government. With the rising cost of real estate in India, it is only with the help of a home loan and subsidy that most people could afford a home for their family. 

Now that you know more about CLSS look for a top lender approved under the scheme to apply for the subsidy and make your dream of owning a home come true.