SBI PMAY

Pradhan Mantri Awas Yojana (PMAY) is a government-launched scheme which aims to provide housing with water connection to every eligible family by 2022. State Bank of India (SBI), in order to help achieve this mission, has launched SBI PMAY under which eligible applicants can apply for this home loan scheme.

Some of the features of SBI PMAY are:

• Longer tenure.
• Families who are economically weak, do not own a pucca house, and reside in an urban area can apply for this home loan scheme.
• Interest rate charged is at 6.50% p.a.

Check other SBI home loan scheme

The government is providing four schemes under affordable housing through credit linked subsidy:

1. Credit Linked Subsidy Scheme (CLSS) – (Economically Weaker Sections) EWS/ (Low Income Group) LIG
2. Revised Credit Linked Subsidy Scheme (CLSS) – (Economically Weaker Sections) EWS/ (Low Income Group) LIG
3. Credit Linked Subsidy Scheme (CLSS) – Middle Class Income Group-I (MIG-I)
4. Credit Linked Subsidy Scheme (CLSS) – Middle Class Income Group-II (MIG-II)

EWS/ LWS category:

EWS/ LWS categories are defined as follows:

• The applicants having annual household income up to Rs.3 lakh fall in EWS category.
• The applicants having annual household income between Rs. 3 lakhs to Rs. 6 lakhs fall in LIG category.

MIG category:

The ‘Credit Linked subsidy Scheme (CLSS)’ launched by the Indian government for urban areas under PMAY scheme is CLSS- MIG. It was initially implemented for a period of one year i.e., from 01.01.2017 to 31.12.2017, but has been further extended.

Credit linked subsidy scheme EWS/LIG:

Scheme: The government provides interest subsidy for 15 years or actual loan tenure (whichever is lower) at the rate of 6.50%.

Scheme duration: 17th June 2015 to 31st March 2022

Subsidy allowed: Maximum subsidy of Rs. 2.20 lakh (approx.) is allowed

SBI PMAY eligibility

The applicant will have to fulfil certain eligibility criteria to apply for SBI PMAY scheme:

• Families with annual income between Rs.6,00,001 and Rs.12 lakh can apply for MIG-I scheme.
• Families with annual income between Rs.12,00,001 and Rs.18 lakh can apply for MIG-II scheme.
• The family must consist of a husband, wife, and unmarried children. A member of the family who is an adult, and earns independently can avail this subsidy independently.
• If the applicant is married, then either of the spouses or both the partners can jointly apply for the scheme.
• The family should not own a pucca house in the name of the household head or in the name of any member of the family.
• The carpet area for MIG-I scheme is up to 160 sq.m, and for MIG-II it is up to 200 sq.m.
• The bank will be required to submit a consolidated certificate once the house is built within one year of completion of construction. The consolidate certificate can also be submitted within a maximum of 3 years from the date of the disbursement of the first installment of the loan amount. In case the end-use certificate is not submitted, the bank will reimburse the subsidy amount to the CNA.
• In case the applicant had applied for the home loan scheme and switches to another bank, then in that case he/she cannot avail the benefits of interest subvention.
• Home loan scheme offered is available by way of a term loan where the maximum loan amount is up to Rs.20 lakh and maximum tenure of up to 30 years. However, the subsidy on offer is for a tenure of up to 20 years only.
• The interest subvention under CLSS (MIG) scheme is up to Rs.9 lakh or Rs.12 lakh. Interest subvention will also be available for loan amount higher than Rs.9 lakh and Rs.12 lakh provided the applicant meets the eligibility criteria.
• All the loan accounts under this scheme will be linked to Aadhaar.

PMAY CLSS Scheme under SBI

Revised Credit Linked Subsidy Scheme – EWS/LIG

As per this scheme, an interest subsidy at 6.50% will be charged on the loan amount for a tenure of 20 years. Applicants who belong to the economically weaker section (EWS) or Low- Income Group (LIG) will be eligible to apply for this scheme. However, there are certain points one must note before looking to avail the Revised Credit Linked Subsidy Scheme for EWS/LIG:

• The maximum tenure has increased from 15 years to 20 years
• The maximum subsidy that an applicant can avail is Rs.2.67 lakh.

FAQs on SBI PMAY

1. What is 17778 towns?

   17778 towns or 17778 statutory towns are towns which have a municipality, cantonment board, and corporation. Currently, there are 4,041 ‘17778 statutory towns’ in India.

2. I have a son and a daughter both of whom earn. Can they apply for this scheme?

   Yes, both your son and daughter can apply for this scheme individually.

3. How can I apply for this scheme?

   You can apply for this scheme by visiting the nearest SBI Branch with all the relevant documents. A representative from the bank will help with the application process. You can visit the SBI Home Loans page where on the SBI-PMAY page you can avail the call back facility. A representative from the bank will call you back.

4. I don’t have an Aadhaar. Can I apply for this scheme?

   It is mandatory for you to have Aadhaar for it must be linked to your primary bank account where the loan amount will be disbursed. If you don’t have one, it is recommended you apply for one. Once, you have the Aadhaar in your name, you can apply for this home loan scheme.

5. How can I track the status of my application for home loan?

   You can track the status of your application for Home Loan –PMAY by visiting the SBI Home Loans page where on the SBI-PMAY page, you will find the ‘Application Tracker’ status. You will then have to provide your mobile and reference number to check the status of your application for home loan.