Exploring Pradhan Mantri Awas Yojana (PMAY): Can I Sell PMAY Houses? And Other FAQs
The Pradhan Mantri Awas Yojana (PMAY) is a government initiative to ensure affordable housing for all segments of society, including the middle class. One of the common queries that arise is whether individuals can sell PMAY houses. This article addresses this question and answers other essential FAQs related to the PMAY scheme.
Understanding PMAY Basics
The PMAY scheme encompasses various components, including the Credit Linked Subsidy Scheme (CLSS), which aims to reduce the burden of home loans for eligible beneficiaries. Before delving into selling PMAY houses, let’s clarify some fundamental aspects.
FAQs about PMAY
Q. What is PMAY?
A. PMAY stands for Pradhan Mantri Awas Yojana, a government initiative to provide housing for all, focusing on the middle class.
Q. What is CLSS?
A. CLSS stands for Credit Linked Subsidy Scheme, where the government provides subsidies to reduce the burden of home loan interest payments.
Q. What are the MIG, LIG, EWS, and UMI categories?
A. MIG 1: Middle Income Group 1 (Income – INR 6 lac to INR 12 lac per annum)
MIG 2: Middle Income Group 2 (Income – INR 12 lac to INR 18 lac per annum)
EWS: Economically Weaker Sections (Income – up to INR 3 lac)
LIG: Low Income Group (Income – up to INR 6 lac)
Q. How does PMAY work?
A. PMAY offers interest rate subsidies on home loans. For instance, a borrower in the MIG category purchasing a house of Rs. 60 lahks would receive a subsidy of 3% on the loan amount up to Rs. 12 lahks. The standard home loan interest rate would then apply to the remaining amount.
Q. What is the maximum loan amount under PMAY?
A. There is no fixed maximum loan amount; eligibility depends on various factors. However, subsidy benefits are capped based on income categories.
Q. What documentation is required for PMAY?
A. Essential documents include the Aadhaar of all household members and a Notarized Affidavit cum Undertaking, submitted as per IIHFl Credit Policy.
Q. Is there a processing fee under PMAY?
A. No, there is no processing fee for availing a home loan under Pradhan Mantri Awas Yojana.
Q. Is there a size restriction for houses under PMAY CLSS?
A. There is no size limitation for houses, but the scheme covers a carpet area of 30 sq. m. for EWS and 60 sq. m. for LIG beneficiaries.
Q. What is the carpet area?
A. Carpet area refers to the enclosed space within the walls, excluding the thickness of the inner walls.
Q. Can I apply for a subsidy if I own a plot or a Kutcha house?
A. You can apply if you don’t own a pucca house, meeting specific qualifiers related to income and property.
Q. How many interest subsidies are available under PMAY?
A. MIG 1 and MIG 2 beneficiaries receive interest subsidies of 4% and 3% on loan amounts up to specific limits, respectively.
Q. Can I benefit from more than one component of PMAY?
A. No, a beneficiary can avail the benefit of only one component.
Q. How can I maximise subsidy benefits?
A. Eligibility for maximum subsidy requires specific disbursement amounts, income categories, and loan tenures.
Q. Can a person with an empty plot benefit from PMAY?
A. if eligible, you can receive subsidies for individual home construction.
Q. Can I sell a PMAY house?
A. Houses purchased under PMAY cannot be sold within five years of purchase, as the scheme aims to provide affordable housing to those in need.
Conclusion
The PMAY scheme offers substantial benefits to individuals seeking affordable housing solutions. While exploring the possibility of selling PMAY houses is a valid question, the scheme’s intent to cater to genuine beneficiaries remains paramount. The government’s introduction of a five-year lock-in period ensures that the scheme’s purpose is preserved and affordable housing reaches those who truly require it.