Not Received PMAY Subsidy on Housing loan? These Could Be the Reasons - Loan Trivia


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Thursday 15 July 2021

Not Received PMAY Subsidy on Housing loan? These Could Be the Reasons


The Government offers first-time house purchasers a subsidy of up to Rs.2.67 lakh under the PMAY scheme, which is one of the housing schemes in India. Around 832,000 beneficiaries have received subsidies under this credit-linked subsidy plan, totaling Rs.20,983 crore as of January 2020. Many homebuyers have recently complained about delays or rejections in securing assistance. Let's see the possible reason behind such a delay:

  1. Failure to meet the eligibility requirements- 

Individuals must meet the following eligibility in order to be eligible for this PMAY home loan housing programme:

  • Applicants must belong to any of these income segments – EWS, LIG, MIG-I or MIG-II.

  • Their maximum family income in a year should not be over Rs.18 lakh.

  • The carpet area of the Property in question should be within 260 sqm.

  • Applicants with a Pucca house cannot qualify for this PMAY Yojana.

  • They should not be a beneficiary of any housing schemes in India.

  • A female family member must be either the sole or joint owner of the Property in question.

  1. Inadequate information on the application form- Another important cause of delay could be any inconsistency or discrepancy in the information supplied in the PMAY application form. For example, when entering facts such as the state name, district name, family head's name, gender, and so on, individuals should be cautious about spellings and information.

  2. The Government's delay in disbursing funds- Subsidy processing and disbursement are frequently delayed owing to extraordinary circumstances. Several financial institutions, for example, have delayed the claim process during this outbreak. Aside from that, the Government's failure to transfer funding to the central nodal agencies is a common cause.

  3. A balance transfer was chosen by an existing borrower- Loan applicants who transfer their home loan balance to another lender are not eligible for the PMAY subsidy because the subsidy is based on the eligible loan amount for the entire tenor i.e. 20 years.

What can be done if your PMAY subsidy gets delayed?

When a CNA is used to submit a subsidy application, the beneficiary receives an application ID by SMS. He or she can verify the status of CLAP using the application ID. When there is any activity on the claim, the PMAY status of the application is also notified to the eligible beneficiary by SMS. Borrower whose subsidy has been delayed for more than six months should write to to find out why.

Apply for an affordable Home Loan with Indian companies offering housing finance to enjoy the PMAY benefit. Here you can get a substantial sanction for a tenor of up to 30 years. Along with this, you can also avail of a low-interest top-up loan and enjoy easy doorstep pickup of documents to fast-track your application.

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