{"id":9326,"date":"2023-08-29T03:18:10","date_gmt":"2023-08-29T03:18:10","guid":{"rendered":"\/blog\/?p=9326"},"modified":"2025-12-19T11:31:01","modified_gmt":"2025-12-19T06:01:01","slug":"how-much-time-does-it-take-to-get-pmay-subsidy","status":"publish","type":"post","link":"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/how-much-time-does-it-take-to-get-pmay-subsidy\/","title":{"rendered":"How Much Time Does It Take to Get PMAY Subsidy?"},"content":{"rendered":"\n

If you have been wanting to purchase a home but can\u2019t afford the high housing loan interest rates<\/a>, then this is the best time check out whether you can apply for a loan interest subsidy under the Pradhan Mantri Awas Yojana (PMAY)<\/a>. The PM Awas Yojana aims to provide \u201chousing for all\u201d by the year 2022. <\/p>\n\n\n\n

Let us understand what is Credit Linked Subsidy Scheme all about.<\/p>\n\n\n\n

What Is Credit Linked Subsidy Scheme (CLSS)?<\/strong><\/h2>\n\n\n\n

The CLSS<\/a> is one of the four components of the Pradhan Mantri Awas Yojana (PMAY-U). Under CLSS, economically backward sections can avail of interest subsidy, also known as the Pradhan Mantri Awas Yojana subsidy. The beneficiaries of PMAY-U include- Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle-Income Groups (MIG).<\/p>\n\n\n\n

Also, read – <\/strong> Difference between PMAY Gramin and PMAY Urban<\/a><\/p>\n\n\n\n

What Is Government Subsidy on Home Loan?<\/strong><\/h2>\n\n\n\n

The Indian Government to provide affordable housing options under the PMAY scheme is offering Pradhan Mantri Awas Yojana subsidy on home loan interest rates. This home loan subsidy<\/a> on the interest rates is to benefit the urban poor by making housing finance<\/a> more affordable.<\/p>\n\n\n\n

What Is PMAY Subsidy and Its Classifications?<\/h2>\n\n\n\n

The subsidy rate and the amount is fixed as per the Government guidelines; hence they cannot be altered. The eligible applicants can avail the\u00a0subsidy under the following guidelines.\u00a0<\/p>\n\n\n\n

<\/p>\n\n\n\n

Beneficiary<\/strong><\/td>Annual household income<\/strong><\/td>Maximum loan amount allowed for availing subsidy<\/strong><\/td>Interest rate subsidy<\/strong><\/td><\/tr>
Economically Weaker Section (EWS)<\/td>Up to Rs.3 lakhs<\/td>Rs.6 lakhs<\/td>6.5% p.a.<\/td><\/tr>
Low Income Group (LIG)<\/td>Rs.3 to 6 lakhs<\/td>Rs.6 lakhs<\/td>6.5% p.a.<\/td><\/tr>
Middle Income Group 1<\/td>Rs.6 to 12 lakhs<\/td>Rs.9 lakhs<\/td>4% p.a.<\/td><\/tr>
Middle Income Group 2<\/td>Rs. 12 to 18 lakhs<\/td>Rs.12 lakhs<\/td>3% p.a.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Also, read – <\/strong> Why Should You Keep Women as a Co-owner to Avail PMAY Benefits?<\/a><\/p>\n\n\n\n

What Is the PMAY Subsidy Approval Time?<\/strong><\/h2>\n\n\n\n

After document verification, the PMAY subsidy time will be between three to four months. The decision of providing a subsidy depends on the Government. The applicant\u2019s chances of getting approved for the subsidy are higher if the documents and details provided are complete and accurate.<\/p>\n\n\n\n

Also, read – <\/strong>All you Need to Know About Pradhan Mantri Awas Yojana for Existing Home Loan<\/a><\/p>\n\n\n\n

PMAY Eligibility to Avail Subsidy<\/strong><\/h2>\n\n\n\n