After The Transfer & Disbursement Of Home Loan, May I Apply For PMAY?
The PMAY benefits may be utilised if you want to purchase a new home from the developer or builder as well as a home from the secondary market through buyback. For the building of the house, one can also get a loan. It’s interesting that there is still a choice for house owners who want to take advantage of PMAY. The government has stated clearly that improvements/incremental housing to the current “pucca” are also included in the Mission (Housing for All by 2022) under the CLSS component. As a result, a borrower seeking a mortgage for the purpose of adding a bedroom, kitchen, etc. to their current residences cannot reject or ignore a mortgage provider on the grounds that they already own a pucca structure.
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Under the Pradhan Mantri Awas Yojana (PMAY), the government has introduced a number of financial frameworks for beneficiaries in the Economically Weaker Community (EWS), the Low Income Category (LIG), the Middle Income Group-I (MIG I), and the Middle Income Group-II (MIG II). A typical form of financial assistance is the Credit Linked Subsidy Scheme (CLSS). The subsidy gain is calculated based on the carpet area or income sizes. The highest subsidy that may be utilised under the CLSS scheme is up to INR 2.67 lakh.
For home building, home purchase, homes repair/remodeling, and home extension, you can apply for a home loan. By utilising the PMAY Subsidy Calculator, you can determine the amount of the Central Government’s subsidy to which you are entitled under the Pradhan Mantri Awas Yojana (PMAY). For the Credit Linked Subsidy Scheme (CLSS) under PMAY, the government has established a set of eligibility requirements (Urban).
After a loan transfer, may I apply for PMAY?
The borrower is authorised to transfer the existing house loan, even though the incentive for the subsidy has already been used, but she is not permitted to redeem the subsidy concurrently with the balance transfer. Additionally, as the incentive is only accessible to the borrower when the house is first bought or built, you cannot use it by transferring your present home loan after the date that was notified. You don’t necessarily need to purchase a brand-new home. The house can potentially be a resale from the builder or another owner.
| Loan Providers | Home Loan Balance Transfer Rates (in per annum) |
| Tata Capital | 9.2% and above |
| Indiabulls Housing Finance | 9.0% and above |
| ICICI Bank | 6.9% – 8.0% |
| Axis Bank | 7.7% – 8.5% |
| Piramal Capital & Housing Finance (PCHF) | 9.6% and above |
| State Bank of India (SBI) | 6.9% – 7.6% |
| PNB Housing Finance (PNBHFL) | 7.5% – 9.2% |
| Citibank | 7.1% – 8.0% |
| Bank of India | 6.8% – 7.7% |
| LIC Housing Finance (LIC HFL) | 6.9% – 7.9% |
After my loan has been disbursed, can I apply for PMAY?
Yes, you are able to submit a PMAY application after the loan has been disbursed. But if you wait too long, you might not get your PMAY payments.
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