What isthe Reasons for not Receiving PMAY Subsidy?

The Indian government has introduced a number of affordable housing programmes. The Pradhan Mantri Awas Yojana, or PMAY, which provides you subsidised or reduced housing loan interest rates, is the most notable. However, if you don't meet the required requirements, lending institutions can reject your application for a housing loan subsidy under the programme. Let's look at the main reasons why your PMAY subsidy not received after 1 year.

What are the reasons for not receiving PMAY subsidy?

• Your spouse has already claimed the benefits:

For married couples, only one of the spouses (through a joint loan) is eligible for a single subsidy. Therefore, if you're married, you need to be sure your partner hasn't previously applied for assistance. If they have, your application will be turned down.

• You applied under the wrong income group:

The wrong income group being selected when applying is one of the most frequent causes of PMAY rejection. In order to qualify for the perks, prospective homebuyers must be:

1. Households in the Low-Income Group (LIG) have an annual income between Rs. 3 Lakh and Rs. 6 Lakh.

2. Households in the Middle Income Group (MIG-I) have an annual income between Rs. 6 Lakh and Rs. 12 Lakh.

3. Households in the Middle Income Group (MIG-II) have an annual income between Rs. 12 Lakh and Rs. 18 lakh.

4. Households in the "Economically Weaker Sections" (EWS) have an annual income of less than Rs. 3 lakhs.

Therefore, to prevent being rejected, determine whether you fit into any of these categories before applying.

• You applied for a property that PMAY does not cover:

Only the building or acquisition of a new home or the expansion of an existing property is covered by the Pradhan Mantri Awas Yojana. Therefore, you will undoubtedly receive a PMAY subsidy rejection if you apply for the subsidy for any other property, such as a resale flat.

• You have central assistance under any other scheme:

You will not be qualified for a home loan subsidy under the Pradhan Mantri Awas Yojana if you or any member of your family has taken advantage of another central government-sponsored programme for affordable housing.

• You or your family members own a property:

The applicant should not possess any pucca property, which is one of the main qualifications for qualifying under this government-sponsored Credit Linked Subsidy Scheme (CLSS). Additionally, none of the members of your immediate family can have a property anywhere in the nation; otherwise, your application would be denied.

I believe these are some of the reasons why your PMAY subsidy not received after 1 year. Avoid these typical errors to ensure quick and simple approval of your loan application and to benefit from the PMAY housing subsidy.

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PMAY (Pradhan Mantri Awas Yojana) is a flagship housing scheme launched by the Government of India in 2015. It provides interest subsidies, credit-linked subsidies, and affordable housing in partnership with the private sector for those who cannot afford to buy or rent a house. My uncle availed of this Yojana but faced a problem and came to us a few months ago. He said that the PMAY subsidy not received after 1 year. It was quite shocking, so we went to the bank and asked about it. I know many of you might be facing the same problem, so learn here what to do.

There can be multiple reasons for not getting the PMAY subsidy and they are-

• The applicant already owns a home

An applicant won’t be receiving any subsidy if the borrower or his/her immediate family member has a house in any part of India.

• The applicant enjoys Central or State Housing Scheme benefits

An applicant is not eligible for the PMAY subsidy if he/she is already receiving any other central or state housing scheme. 

• The applicant’s spouse has already availed of this scheme 

If you are a married couple, be sure to register the wife as the co–applicant for the loan. But if one of the spouses has already availed of the subsidy under this scheme, he/she won’t be getting any subsidy.

• The applicant has applied under the wrong income bracket

As was the case for my uncle. You have to make sure that all the details you provided are true and that you fall under the right income bracket as per the PMAY scheme. 

I hope you will be able to figure out now why PMAY subsidy not received after 1 year. If not, visit the bank and ask them about it.