SBI PMAY Subsidy Status 2023 Check Application Form Status

The Pradhan Mantri House Loan Yojana, also known as the Pradhan Mantri Awas Yojana – Urban (PMAY-U) credit-linked subsidy system, provides interest subsidies on home loans. State Bank of India, India’s biggest public sector bank, is accepting online applications for house loans under the Pradhan Mantri Awas Yojana. SBI PM Awas Subsidy Status 2023 Candidates who are interested/eligible may apply online for the PMAY home loan program through the SBI home loans official website and get an interest subsidy.

SBI PMAY Subsidy Status 2023

The State Bank of India, like other banks, offers interest subsidies on house loans in four separate categories: CLSS – EWS / LIG (15 Years Tenure), Revised CLSS – EWS / LIG (20 Years Tenure), CLSS (MIG-I), and CLSS (MIG-II) (MIG-II). The PMAY home loan subsidy is available to qualified individuals for the purchase or building of their first house.

The CLSS plan is offered to qualified EWS and LIG candidates through 2023, whereas MIG applicants may apply for the interest subsidy under the CLSS scheme until 2023.

Overview of SBI PMAY Scheme – All Statutory Those as of Census 2011 and towns identified later will be eligible for MIG coverage under CLSS. The Scheme to offer interest subsidies for Housing Loan recipients belonging to Middle Income Groups would also encompass the Planning Jurisdiction as announced with regard to Statutory Towns and which surrounds the relevant Municipal area (CLSS-MIG).

PMAY CLSS Subsidy Status

PMAY City List 2023 State Wise

SBI PM Awas Yojana Subsidy Status 2023

The credit-linked subsidy of 4% would be offered for loan amounts up to Rs. 9 lacs in the case of MIG-I and 3% for loan amounts up to Rs. 12 lacs in the case of MIG-II. Banks may, however, grant Home Loans of more than Rs. 9 or 12 lacs, but the subsidy will be limited to Rs. 9 or 12 lacs, as applicable.

An interest subsidy will be offered under CLSS for a tenor of 20 years or the actual tenor of the loan, whichever is shorter. Banks, on the other hand, may authorize loans for a maximum term of 30 years, but the loan must be returned before the borrower reaches the age of 70. The Net Present Value (NPV) of or the subsidy will be computed at a discount rate of 9% and applied to the loan account upfront.

• The maximum subsidy amount available under CLSS-MIG (I) is Rs. 2.35 lakhs (approx.)
• The maximum subsidy amount available under CLSS-MIG (II) is Rs. 2.30 lakhs (approx.)

Housing Building Advance Scheme 2023

RHISS Interest Subsidy Status 2023

SBI PMAY Application Syayis 2023

Steps to check your SBI PMAY Application form Status

• You may check the progress of your application for the PMAY credit-linked subsidy at https://pmayuclap.gov.in. The CLSS Awas Portal (CLAP) website’s CLSS Tracker allows you to follow the progress of your PMAY subsidy application.
• Enter your application ID in the CLSS tracker on the main page. Your PMAY application ID is 11 digits long.
• After entering the number, click ‘get status’.
• Unlocking your account will now send you a six-digit OTP to your registered cellphone number, which you must enter within five minutes.
• The CLAP delivers the application ID and OTP code to the borrower/co-registered borrower’s cellphone number.
• The screen would then indicate the status of your PMAY subsidy, as seen below.

YEIDA New Residential Plot Scheme 2023

PM Gramin Awas Yojana Registration 2023

SBI PMAY Home Loan 2023

Eligibility for SBI PMAY Home Loan

• MIG-I households earn between Rs. 6,00,001 and Rs. 12 lacs per year.
• MIG-II households earn between Rs 12,00,001 and Rs 18 lacs per year.
• A married couple with at least one unmarried child is the recipient. An adult earning member, regardless of marital status, may be designated as a separate household and get a subsidy on their own.
• A married pair may be eligible for a single dwelling owned by either one of them or both of them jointly, depending on the income of the family.
• On any Indian territory, the beneficiary family or any member of the family may not possess pucca homes (all-weather housing units).
• The carpet space of the residence should be up to 160 sq. mts. for MIG-I recipients and up to 200 sq. mts. for MIG-II beneficiaries.
• Banks are obliged to issue a consolidated certificate no later than one year after the completion of construction

SBI PMAY CLSS Subsidy Status 2023

• or no later than 36 months from the date of the first payment distribution upon completion of the dwelling unit.
• If the CNA fails to submit the appropriate utilization/end-use certificate, the Bank will repay the subsidy.
• Borrowers who previously took up a Home Loan and utilized the Scheme’s interest subvention benefit but subsequently moved banks would no longer be eligible for interest subvention.
• Under this scheme, house loans with options such as Term Loans and Maxgain would have a maximum tenor of 30 years (for loan amounts of Rs. 20 lakh and more). In contrast, the subsidy may only be utilized for a maximum of 20 years.
• Loan limits in excess of Rs. 9 and 12 lacs will granted to qualifying borrowers based on the eligibility criteria set under our present Home Loan Scheme, despite the fact that the CLSS (MIG) interest subvention only accessible up to Rs. 9 or 12 lacs.
• All loan accounts under the Scheme would linked using Aadhaar.

For more updates – candidates need to visit the official portal of the State Bank of India