More Than 600 Goans Benefitted From PMAY Subsidy

Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) is launched by the government for the Economically Weaker Section (EWS) and individuals belonging to Low Income Group (LIG). The beneficiaries covered under this scheme are entitled to interest subsidy on construction and purchase of a house.

Pradhan Mantri Awas Yojana 

In Goa, 1500 individuals had been identified as eligible to receive benefits under the home loan with PMAY scheme and 686 individuals have availed CLSS for purchase as well as the construction of new homes.

Under Pradhan Mantri Awas Yojana, a credit-linked subsidy scheme by the Ministry of Housing and Urban Poverty Alleviation is implemented through Goa State Urban Development Agency. This subsidy will be made available for new construction, or acquire a new unit from the builder, and also repurchasing houses from a secondary market.

Eligibility of beneficiaries 

Before applying for a subsidy, applicants will have to ensure that they meet all PMAY eligibility criteria.

• Mandatory female property ownership for Economically Weaker Section and Lower Income Group. Nevertheless, this criteria is not applicable for Middle Income Group
• Beneficiaries will necessarily have to be first-time home-buyers and the end-user of the property.
• Only one application is allowed under the Pradhan Mantri home loan subsidy. The applicant for loan subsidy is debarred from availing any prior benefit or subsidy under the state or central government for housing.
• An applicant must not have ownership of property under his or her own name
• This flat or house will have to be in an urban area as indicated under 2011 census

Beneficiaries in Goa 

The scheme adopted in Goa since 2018 can be availed not only for new construction but also for renovating an existing property. Maximum beneficiaries are recorded from 6 urban areas. The 7 municipal councils in Goa generated limited applications. Close to 177 beneficiaries availing the scheme resides in Mormugao and only 23 beneficiaries from Bicholim.

Beneficiaries belonging to Low Income Group in Goa

The benefits under the Pradhan Mantri Awas scheme indicate that individuals belonging to the Low Income Group (LIG) and Economically Weaker Section (EWS) can avail interest rate subsidies from housing finance companies. This is only applicable if they earn an annual income ranging between Rs.3 lakh to Rs.6 lakh. This interest subsidy that would be offered will amount to 6.5% for a period of 20 years for a housing loan that may go up to Rs.6 lakh.

All beneficiaries will have to adhere to the property specifications for availing a reduced interest rate under the Pradhan Mantri home loan subsidy. The house or the flat should have a carpet area of 60 square meters for Low Income Group and up to 30 square meters for Economically Weaker Sections.

Beneficiaries belonging to Middle Income Group in Goa

There are two categories in considering your annual income in the Middle Income Group (MIG) in Goa. In the category I, the annual income of a household would range from Rs.6 lakh to Rs.12 lakh. Beneficiaries belonging to this category may avail the interest subsidy of 4% when the amount of the loan is up to Rs.9 lakh. However, for beneficiaries belonging to category II, the interest subsidy will only be 3% if the loan is up to Rs.12 lakh. If such beneficiaries avail an additional loan above the sanctioned corpus of Rs.12 lakh, the beneficiary will have to pay a non-subsidized rate.

The carpet area for the Middle Income Group category I is 160 square metre, and for category II, this eligible carpet area should be 200 square meters.

The documents required for the home loan include KYC documents, salary slips or Form 16, along with borrower’s last 6 months’ bank statement.

For availing the subsidy scheme for a home loan, the applicants must ensure that they meet the eligibility as stipulated under the scheme. Without this knowledge, your application may face rejection or disapproval from the lender.