My PMAY status is stuck on third stage for ten months. The loan was taken from IKF housing Finance ltd. at 13% I want to shift my loan to other firm offering lower interest rate . But I am waiting for subsidy. Should I switch my loan without getting subsidy as it is taking too much time?

As most of you are aware, the Government of India started the Pradhan Mantri Awas Yojana (PMAY) with the goal of giving all citizens access to affordable housing. By providing financial aid to people who cannot afford their own homes, the programme addresses the lack of reasonable housing in India, particularly in urban areas. However, there’s a scheme under PMAY that focuses mainly on India's urban areas, known as PMAY-U. This scheme is split down into three phases, of which PMAY subsidy 3rd stage is crucial for the present year. Let’s check out the details below.

Method to overcome if PMAY subsidy stuck at Step 3

By December 2024, the remaining cities that were not part of Phases 1 and 2 are expected to be covered under the 3rd phase. If you got stuck, then you must visit

and contact the mentioned number. The PMAY 3rd stage green colour will indicate that your application for this phase has been approved. 

• Making the decision to switch your loan without receiving a subsidy can be challenging because it necessitates a detailed evaluation of your financial condition and long-term objectives.

• However, if you transfer your home loan to a different lender before receiving the PMAY subsidy, the new lender will resume responsibility for the remaining balance on your loan account. He will calculate your EMI using the new duration and interest rate. You won't be able to apply for PMAY-CLSS in this situation.

I would suggest you reach out to your banking officials to get your queries resolved easily. I hope you found this helpful.

Many people obtain housing loans from private banks in order to expedite the documentation procedure and obtain loan approval. However, due to high-interest rates, consumers subsequently find it difficult to pay monthly EMIs, and some private lenders even increase the interest rate after a specific length of time. People try to remedy this problem by transferring their home loans from one lender to another. However, for a detailed understanding and clarification of your doubt, I would suggest you to go through

It helped me understand the complete process better.