The Pradhan Mantri Awas Yojana or PMAY is a specialised housing scheme, ensuring affordable housing for all individuals, irrespective of their economic and social background. While this centralised housing scheme has several components, one of its most useful is the credit-linked subsidy it offers to eligible candidates on their home loans. However, not everyone that applies for this scheme is guaranteed to receive its benefits. This is why it is essential to perform a PMAY status check to verify whether one’s application has met with approval.
A PMAY list is released every year. However, individuals who apply for this scheme can check whether their application has been processed beforehand. The official PMAY application status check can be performed by visiting the online portal for this housing scheme. First, access the pieces of information necessary to perform such a check.
Knowing this procedure is essential for applicants who want to keep track of the various stages involved in its processing. Failure to check PMAY status may leave an applicant in the dark, thereby preventing them from planning home loan or other expenses.
Applicants can follow the steps mentioned below to perform a PMAY status check.
Home loan subsidy status checks can also be performed without the Assessment ID. However, to do so, one would need to provide the following details in the official portal –
Providing these details in the appropriate fields should reveal the PMAY CLSS status.
While individuals opt for such scheme benefits, they are often unaware of how the subsidised rates are calculated. Knowing the same should aid in determining the monthly liabilities from housing loans before opting for it –
For instance, an applicant earns Rs.5 lakh per year and avails a home loan of Rs.20 lakh. If the standard interest rate is 9%, this individual would be able to claim a subsidised rate of 6.5% on Rs.6 lakh of his loan amount and would need to service 9% on the remaining Rs.14 lakh.
Thus, this credit linked subsidy scheme can reduce interest liability for borrowers, enabling them to avail housing at affordable rates.
PMAY subsidy scheme for MIG I & II category is not extended by regulatory. Category wise scheme validity is mentioned below:
1. EWS & LIG category is valid up to 31st March 2022
2. MIG I & MIG II category was valid up to 31st March 2021
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Last update on 11-Mar-2021
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