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Herculean task to get subsidy
Even though you apply for subsidy for constructing a house under Pradhan Mantri AwasYojna, you can’t get it easily. Bankers openly say there is no such provision as the state government is allocating the entire amount for theirhousing programmes.
Nellore: Even though you apply for subsidy for constructing a house under Pradhan Mantri AwasYojna, you can’t get it easily. Bankers openly say there is no such provision as the state government is allocating the entire amount for their housing programmes.
Consequently, banks are discouraging the consumers by denying loans. They are also insisting for undertaking for repayment of the subsidy amount in case, the government fails to reimburse the same.
It is true that one can avail the subsidy only when they become beneficiary of the scheme. As per the scheme, an applicant for a housing loan should not own a permanent house in any part of the country either in his name or any of his family members' name.
They should not have availed any assistance from the Centre or state under any scheme sanctioned for Economically Weaker Sections, Low Income Groups and Middle Income Groups.
Subsidy under Pradhan Mantri Awas Yojna is being awarded to the applicants from rural and urban areas with an annual income of Rs. 3 lakh to 18 lakh for constructing a house in urban areas in 30/60 square metres to 180 square metres. Maximum limit of the loan is from Rs. 6 lakh to Rs. 12 lakh. In rural areas it is applicable for houses less than Rs. 2 lakh.
The Union government sanctions loans under Housing for All with 3 to 6.5 percent of interest subsidy ranging from Rs. 2.30 lakh to 2.65 lakh in urban areas as Credit Linked Subsidy Scheme. Three per cent of interest subsidy will be provided for loans under PMAY Gramin scheme.
Validity for MIG 1 and 2 is up to March 2019 and for LIG it is 2022. Interestingly, the scheme applies only to all statutory towns based on Census 2011 and also to towns notified subsequently. So, majority bankers deny housing loans in adjoining areas and suburban areas stating this rule where people have to go for a small amount of loan and subsidy under Graminscheme which is insufficient.
“We take applications for housing loans but cannot process under PMAY since there will be no chance for sanction. Entire amount is being allocated for government housing,’’ officials maintain.
