After Home Loan Transfer & Loan Disbursement, Can I apply for PMAY?
The PMAY benefits may be used if you wish to purchase a new house from the developer or the builder and also to buy a house from the secondary market through repurchase. You can also take out a loan for the house to be built.
Interestingly, there is still a choice if someone who already owns a home wishes to benefit from PMAY. The government has clarified that the Mission (Housing for All by 2022) also provides for advancements in housing to the present ‘pucca’ under the CLSS portion.
Accordingly, an applicant seeking a home loan to add a bed, kitchen, etc to the existing dwellings may not refuse or entertain a provider of a home loan solely on the ground that the applicant already owns a pucca building.
Under Pradhan Mantri Awas Yojana (PMAY), the government has adopted many financial mechanisms for recipients in these groups: the Economically Weaker Class (EWS), the Low Income Category (LIG), the Middle Income Group-I (MIG I), and the Middle-Class Group-II (MIG II).
Popular financial assistance is the Credit-Related Subsidy Scheme (CLSS). The subsidy benefit is measured for the carpet area and revenue scales. The cumulative subsidy that can be used under the CLSS scheme is up to INR 2.67 lakh.
For house building, renting a house, repair/remodeling a house, and house expansion, you can use home loans. Find out the subsidy number you are eligible to get from the Central Government under the Pradhan Mantri Awas Yojana (PMAY) by using the PMAY subsidy converter.
A collection of eligibility requirements for the use of the Credit-Related Subsidy Scheme (CLSS) under PMAY (Urban) has been framed by the government.
May I apply for PMAY after the conversion of the loan?
Although it is appropriate for the borrower to transfer the existing home loan under which the subsidy benefit has already been used, the borrower is not allowed to repay the subsidy in connection with the transfer of the balance.
Moreover, you cannot use the benefit under this program by moving the new home loan after the informed period, because the subsidy is only applicable to the purchaser until the house is first bought or built. There’s no reason for the house you need to purchase to be new. It can even be another resident or the resale home of a contractor.
After Loan Disbursement, May I apply for PMAY?
Yeah, once the loan is disbursed, you will apply for PMAY. But you will need to do so really fast, or you may miss out on getting rewards from PMAY.