Best 6 Ways to Claim the 2.67 Lakh Home Loan Subsidy This Diwali Season

The Diwali season is synonymous with new beginnings, and what better way to celebrate than by securing your dream home? To bolster housing ownership, the Indian government has introduced a host of initiatives, among which the 2.67 lakh subsidy on home loan is particularly enticing. This Diwali, make the most of this subsidy and transform your homeownership dream into reality. Below are the six best ways to claim this fantastic benefit.

1. Understand the Pradhan Mantri Awas Yojana (PMAY)

The foundation of claiming the 2.67 lakh subsidy on home loan lies in understanding the Pradhan Mantri Awas Yojana (PMAY) thoroughly. Under PMAY, the government aims to provide affordable housing to all by 2022. The Credit Linked Subsidy Scheme (CLSS) under PMAY offers an interest subsidy on home loans for the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Groups (MIG).

 Eligibility Criteria:

– EWS/LIG: Annual household income up to INR 6 lakh.

– MIG-I: Annual household income between INR 6 lakh to INR 12 lakh.

– MIG-II: Annual household income between INR 12 lakh to INR 18 lakh.

 2. Choose the Right Financial Institution

Selecting a reliable financial institution is crucial when applying for a home loan. Most public sector banks, private banks, and housing finance companies (HFCs) have been enlisted under PMAY. Verify that the bank or HFC you choose is authorized to provide the subsidy benefit. These institutions will guide you through the process of applying for the 2.67 lakh subsidy on home loan.

3. Gather Necessary Documentation

A seamless application process for the home loan subsidy requires precise documentation. Knowing the documents required for a home loan and keeping them ready will expedite your application process.

 Basic Document Checklist:

– Identity Proof: Aadhaar Card, Voter ID, Passport, or Driving License.

– Address Proof: Aadhaar Card, Utility Bills, or Passport.

– Income Proof: Salary slips of the last 6 months or Income Tax Returns (ITR) of the last 2-3 years.

– Bank Statements: Last 6 months’ bank statements.

– Property Documents: Agreement to sale, buyer-seller agreement, and encumbrance certificate.

4. Calculate Your Loan Amount and EMI

Before you apply, it’s essential to calculate the loan amount and Equated Monthly Installments (EMI) you can comfortably afford. Several online calculators are available that can help you determine the EMI based on the loan amount, tenure, and interest rate. Knowing this will allow you to make a more informed decision.

 5. Apply for the Home Loan

Once you have the documentation in place and have calculated your EMI, it’s time to apply for the home loan. When submitting your loan application, clearly specify that you want to avail of the 2.67 lakh subsidy on home loan under PMAY. The financial institution will then guide you through the subsidy application process.

 Tips for a Successful Loan Application:

– Maintain a good credit score.

– Provide accurate and truthful information.

– Keep a constant follow-up with the loan officer.

6. Track Your Subsidy Application

After submitting your application, it’s important to track the status of your subsidy claim. Most financial institutions provide regular updates via SMS or email. Additionally, you can check the status online through the PMAY portal. Keep all communication records and recognize that the process can take a few months. Patience and regular follow-up are key.

Conclusion

This Diwali, take advantage of the 2.67 lakh subsidy on home loan under the Pradhan Mantri Awas Yojana to turn your homeownership dream into reality. By understanding the PMAY scheme, choosing the right financial institution, gathering necessary documentation, calculating your loan and EMI, applying diligently, and tracking your application, you can seamlessly claim this subsidy. The festival of lights is all about new beginnings and positive changes, so why not start with a new home? With thorough planning and following these six steps, you will be well on your way to securing your home loan subsidy and welcoming a brighter future.

Happy Diwali and Happy Home Hunting!

By guestpost013

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