If you have applied for subsidy on home loan interest under the PM Awas Yojna, then you may soon be able to check the status of your application on a real-time basis. Prime Minister Narendra Modi has directed the housing and finance ministries to put in place a tracking system by September end to find where exactly the process is getting delayed and which agency is responsible.
In many such instances, banks did not respond to applicants for months after they were assured by their banks that they will get interest subsidy. Even the housing ministry did not get updates in many cases and it received complaints from applicants under the scheme.
Under the proposed mechanism, each applicant will get a unique identification number (unique ID) after the bank approves his/her home loan application. “This will help homebuyers to track their cases and find out the real-time progress. We will also come to know where the application is pending. It will bring transparency in the entire process and the release of upfront subsidy will be streamlined,” a leading daily quoted Amrit Abhijat, joint secretary (housing), as saying.
The first time home loan applicants with annual income of up to Rs 18 lakh are entitled to get the interest subsidy under the Credit Linked Subsidy Scheme up to Rs 2.5 lakh subsidy from central government.
The objective of the PMAY scheme is to make housing loan affordable to all. The first time home loan applicants with annual income of up to Rs 18 lakh are entitled to get the interest subsidy up to Rs 2.5 lakh from the central government.
To avail subsidy under this scheme, it is mandatory that the beneficiary family must not own a pucca house in the name of any of the family members in any part of the country. Also, the beneficiary family must not have received any kind of benefit from the government under any other housing scheme…..Read more>>