PMAY CLSS 10028 views
Some of us are looking to buy their first home. Others, stay with parents, but want to buy another home. Regardless of your need, home-buying comes across as daunting. And to make matters worse, you feel as though the government doesn’t care about the middle class and you’re completely on your own.
Now, we’ve been hearing a lot about Pradhan Mantri Awas Yojana or PMAY. So, what’s the hype about? Is this just another lofty Government Subsidy programme aimed at a rural audience? Or is it relevant to regular home buyers? Well, rest your cynicism for a bit as you might be in for a pleasant surprise!
GST Council has recently lowered GST on affordable housing schemes from 12% to 8% which is available to only those who are eligible under PMAY Credit Linked Subsidy scheme. Post the implementation of this new tax, which started from January 25, 2018, if you buy an Under Construction property, and is eligible for PMAY, you will be liable to pay a concessional GST on the property which is 4%. However, those who are not eligible under PMAY subsidy scheme will not be eligible to get the interest subsidy on home loans and will have to pay the complete 12% tax.
Wishfin dives in deep into PMAY so that you get to know what’s in there for you. If you have a question about PMAY, there’s a good chance you’ll find your answer here… and maybe the key to your first home! Can’t find your question in the list? Just Tweet or Comment asap – we’ll not only answer it but also add it to our FAQs for the benefit of others Home Wishers.
Table of Contents
- 1 FAQs on PMAY
- 1.1 What is PMAY?
- 1.2 What is CLSS? And what’s the other jargon – MIG, LIG, EWS, etc?
- 1.3 What are the benefits of CLSS under PMAY?
- 1.4 Sounds great on paper. But how will the Savings get transferred to me? What happens to my EMIs?
- 1.5 Am I eligible?
- 1.6 What’s the Tenure of a Home Loan under CLSS?
- 1.7 Is there a Limit on the Loan Amount under PMAY?
- 1.8 Is there any size restriction for Houses availed under PMAY CLSS?
- 1.9 Is there a processing fee?
- 1.10 Do I have to wait long to get a CLSS Home Loan approved?
- 1.11 Are there any specific documents I need for CLSS?
- 1.12 I already have a Home Loan for my first home. Can I avail of the PMAY CLSS benefit?
- 1.13 Say, I have taken a Home Loan under PMAY from a Bank (Primary Lending Institution). Can I Balance Transfer it to another Bank?
- 1.14 Great! Where can I avail the PMAY? How do I get started?
FAQs on PMAY
For more details on the scheme, please refer to the official govt. source
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