In that effort, the loan taking process is expected to be made easier for first-time home buyers. Under the new process, buyers will be granted easily home loan on the basis of their income tax records. The Income Tax department will also play a significant role in the overall process as it will be responsible for assessing the income tax data and issuing a clearance certificate to such beneficiaries. Based on the certificate issued by the IT department, buyers will be easily granted home loans with subsidy under the PMAY scheme.
Who is Eligible?
Under the PMAY scheme, any person with an annual income of Rs 18 lakh or less can apply for a subsidy based home loan to buy their first house. The loan would be granted for the purchase as well as the construction of a new house. For a 20-year loan, a person can get a credit linked subsidy of up to Rs 6 lakh under the PMAY scheme. The subsidy amount of 2.5-2.7 lakh will be credited instantly at the time of issuing the loan, and the remaining amount will be deposited later.
As of December 2018, more than 3.4 lakh people have already been benefited by the PMAY linked subsidy scheme. The government has launched this campaign in order to speed up the home loan process so that a large number of people can benefit from it.
The campaign, which is expected to be started from the next week, will benefit from many people who were either not aware of the PMAY scheme or were still unable to take benefit under it. The initial planning has been completed and now a dedicated committee will finalize the detailed procedure through which the scheme would be implemented.
As the PMAY scheme is now linked with the Income Tax Return, it will benefit those citizens who file their returns regularly with complete honesty. With this scheme, the government wants to help those who are living under the poverty line or paying their taxes on time. The scheme will also uplift the real estate sector which has been down ever since demonetization.
