Pradhan Mantri Awas Yojana was introduced by Government of India helping people to avail a home loan and get the interest subsidy. Moreover, the plan is also to build as much as affordable homes for the weaker section and lower income group. The plan is to offer a home to more than in 2022. In India, buying or building a home is everyone's dreams, which very few can fulfill. This is why the concept of home loan is introduced to help home buyers in buying home and also not facing much of the burden. People usually go heavy EMI loan that creates a burden for a long period of time. However, the weaker section people cannot go for the loan purpose to buy a home.
Launched in 2015, Pradhan Mantri Awas Yojna was introduced to offer Credit Linked Subsidy Scheme (CLSS). There is a process on how PM can be availed by people-
Applying for the loan-
This is the first step while availing the interest subsidy under the PMAY scheme. There are National Housing Bank (NHB) and Housing and Urban Development Corporation (HUDCO).
The lending service providers will scrutinize your application and forward it to HUDCO or NHB for the final approval.
Credit of the subsidy- Once your home loan application is approved, the amount is credited to your account with the interest subsidy.