Subsidy

News & Media

1. Get Subsidy upto Rs 2.67 Lacs

The Eastern Park is approved under Affordable housing Scheme of Central Government. Thus , buyer will be eligible for Subsidy under Pradhan Mantri Awas Yojana ( PMAY) for booking a home with The Eastern Park.

Pradhan Mantri Awas Yojana Mission was launched on 25th June 2015 , with an objective to provide housing for all in urban areas by year 2022. The Mission provides subsidy of upto Rs 2.67 lacs to all eligible families in case they purchase homes as per guidelines. For Middle Income Group(MIG), the interest subsidy will be provided on housing loans for acquisition/construction of houses (including repurchase).For Economically Weaker Section(EWS)/Lower Income Group(LIG), the interest subsidy will be provided on housing loans for acquisition, construction of house.

The availability and amount of interest subsidy is subject to meeting income criteria as per various categories under the scheme. Broader framework for subsidy is as below-

Particulars	EWS+LIG
Household Income Criteria ( Per annum in Rs.)	600000
Loan Amount eligible for subsidy ( In Rs.)	600000
Interest Subsidy Rate	6.50%
Loan Tenure for Subsidy ( In yrs)	20
Area Eligible for Subsidy	60 sq. mt.
PMAY Subsidy Plan ( In Rs.)	267280

Kindly check the latest PMAY guidelines for detail

2. Frequently asked Questions about PMAY subsidy

1. What is Pradhan Mantri Awas Yojana (Urban) and its objectives?

Pradhan Mantri Awas Yojana (Urban) is a subsidy plan formulated by central government for ensuring housing for all in urban areas. This scheme was launched on 25th June 2015 to provide pucca houses to all eligible beneficiaries by 2022. This subsidy is provided to all home buyers who apply for home loan and such subsidy is credited to their home loan account directly. PMAY(U) has made a mandatory provision for the female head of the family to be the owner or co-owner of the house under this Mission.

2) Who can avail Pradhan Mantri Awas Yojana subsidy (PMAY)

Some of the criteria’s for being eligible for PMAY are-

You or your spouse should NOT own any pucca house- Jointly or otherwise.
You or your spouse should not have availed facilities and benefits of another government housing scheme in the past.
You should have an Aadhaar Card to apply for the Pradhan Mantri Awas Yojana.
To be eligible for PMAY under the LIG category, your combined annual household income should be up to Rs.6 lakh.

You can connect with your Relationship Manager for any clarification.

3) What are the documents required to apply for the PMAY subsidy scheme?

Following documents needs to be submitted to avail PMAY subsidy scheme:

Declaration Form (Stamp duty to be the same as Affidavit, as per State Laws)
Permanent Account Number (PAN). If PAN is not assigned, Form 60 is required.
Aadhaar Number all the applicants in the Beneficiary family (For MIG I & MIG II category).
End-Use Undertaking Certificate.

However, this list is not exhaustive. Banks can ask for more documents as per applicable rules.

4) How will I receive the interest subsidy benefit under Pradhan Mantri Awas Yojana?

Once the loan amount is disbursed subject to eligibility, your bank will claim the subsidy benefit on your behalf from NHB (National Housing Bank). Once your bank receives the subsidy, it will be credited upfront to the loan account and EMI will be readjusted or the duration of loan will be reduced. This means that initially while repaying your home loan you will have to put forward EMIs concerning the normal interest rate. It is only after a few months when your bank's application on your behalf is approved by the government that your EMIs will decrease and you will get compensated for the excess you have already repaid towards your interest obligation.

5) Do all flats come with PMAY benefits?

No. Not all flats offer the benefits of PMAY. The Government has framed a set of norms that define the flats eligible under the various categories of PMAY – EWS, LIG, MIG I and MIG II. Find below the eligibility matrix of PMAY subsidy

Scheme Type	Eligibility Household Income	Carpet Area (Square metres)	Interest Subsidy	Subsidy calculated on Max Loan availed	Max Subsidy
EWS and LIG	Upto Rs 6 Lakh	60 sqm	6.5%	Rs 6 Lakh	Rs 2.67 Lakh

6) Does land purchase come under Pradhan Mantri Awas Yojana?

No, land cannot be purchased under PMAY. The scheme is applicable to provide affordable homes at subsidised rates to every household in India.

7) If there is no female member in the household, will the family be eligible for assistance?

Its mandatory to have female head in the family to be part of the ownership of the home, to be eligible for PMAY. However in circumstances, adult applicant is not married, then he can apply for subsidy without female co-applicant.