The Central Government of India aims to provide over 20 million houses within 2022 under Pradhan Mantri Awas Yojana (PMAY) scheme. This subsidy scheme has brought a wide range of benefits for the first-time home buyers.
The Government releases two different PM Awas Yojana lists for applicants in urban and rural areas. Applicants can check if their names are on the lists by following the steps mentioned below.
Steps to Check PMAY Urban List
Step 1 – Visit the official PMAY website.
Step 2 – Applicants are required to select the “Search by Name” tab present under the drop-down menu titled “Search Beneficiary”.
Step 3 – They need to enter the first three characters of their names and click on the “Show” option.
Step 4 – The search results will appear as soon as the applicants enter the details; they will get to see if they are selected to avail PMAY benefits along with other information.
Steps to Check PMAY Gramin List
Applicants need to follow the steps mentioned below to check if their names are on the PM Awas Yojana list.
Step 1 – Applicants need to visit the official website of PMAY-Gramin.
Step 2 – They need to enter the registration number they received when they applied for this scheme
Step 3 – They will be able to see their details if their registration number.
Applicants can check the results if they do not have their registration number. They need to select the ‘Advanced Search” option present on the page. Upon submitting the required details, applicants are required to click on the “Search” button. They will be able to see the results automatically if their names are present on the list.
Eligibility Criteria of the PMAY CLSS Scheme
PMAY eases the way for an individual to become a home-owner. However, to avail benefits under this scheme, they must meet the following eligibility criteria.
Individuals belonging to minority sections such as SC, ST and OBC can avail a home loan subsidy under PMAY scheme. They have to produce their caste certificate and income proof at the time of application.
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Economically Weaker Section (EWS)
Individuals having an annual household income of less than Rs. 3 Lakh are eligible to avail interest subsidy on their home loans under the PMAY scheme. They are entitled to avail a subsidy of 6.5% for loans up to Rs. 6 Lakh.
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Middle Income Group (MIG)
Middle Income Group is Divided into the Following:
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MIG I
Applicants having an annual household income between Rs. 6 Lakh and Rs. 12 Lakh can apply under this category. They can avail interest subsidy of 4% for loans of up to Rs. 9 Lakh. The tenor of such credit ranges of up to 20 years and may increase further depending on the age of the applicants.
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MIG II
The Middle Income Group-II category is for the applicants having an annual household income between Rs. 12 Lakh and Rs. 18 Lakh. They can avail interest subsidy of 3 % for credits up to Rs. 12 Lakh.
How to Claim Subsidy?
After registering for PMAY scheme, individuals can apply for a home loan from any lender of their choice. To avail benefits of the Pradhan Mantri Awas Yojana scheme, borrowers must ensure a lender they choose is enlisted under this scheme. Borrowers will receive the sanctioned amount in their account once an application is approved.
Only an enlisted lender can claim subsidy on behalf of a borrower from the Government. Once they receive interest subsidy, it will be added to their housing loan. The interest part will get reduced accordingly, subsequently, the EMI amount.
Bajaj Finserv is one such NBFC that offers Home Loans under benefits of PMAY scheme. They also provide other benefits like high loan amount, flexible loan tenor, affordable interest rates, etc.
Also, they provide pre-approved offers to reduce the time consumed to avail such credits by simplifying the process.
The points mentioned above should give you a clear idea of how to check PM Awas Yojana lists. The home loan that you avail under this scheme will also be available for income tax deductions.