PRADHAN MANTRI AWAS YOJANA (PMAY)
Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has introduced in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN)-Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Group (MIG), given the projected growth of urbanization & the consequent housing demands in India. Details are available at https://pmaymis.gov.in/
The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
We will claim subsidy benefit for eligible borrowers from National Housing Bank (NHB). The NHB will conduct a due diligence to exclude claims where customer has submitted multiple request. For all eligible borrowers, the subsidy amount would be paid to us. Once we receives the interest subsidy, it will be credited upfront to the loan account. The subsidy will be calculated on Net Present Value (NPV) at 9% discount rate.
For example, the borrower avails a loan for Rs. 8 lakh and the subsidy works out to Rs. 2, 20,000. The amount (Rs. 2, 20,000) would be reduced upfront from the loan (i.e., the loan would reduce to Rs. 5, 80,000) and the borrower would pay EMIs on the reduced amount of Rs. 5, 80,000.
*The above example is for illustration purpose only and the subsidy amount will depend on the actual amount received or any changes done by NHB on the same.
The Pradhan Mantri Awas Yojana is applicable for a maximum considered tenure of 20 years.
No, there is no loan amount limit for loan accounts which are booked under PMAY CLSS scheme.
Pradhan Mantri Awas Yojana is available for Salaried as well as Self Employed
No, there are no additional documents except a declaration of not owning a pucca house and annual household income.
The income norms for various Household categories are defined as under:
The property on which the subsidy is to be availed has to have basic amenities such as water, sanitation, sewerage, road, electricity etc.
|Scheme Type||EWS/LIG||MIG – I||MIG – II|
|Eligibility Family Income (Rs.)||EWS – Rs. 0 to Rs. 3, 00,000
LIG – Rs. 3,00,001 to Rs. 6,00,000
|Rs.12,00,001 to Rs.18,00,000||Rs. 6,00,001 to Rs.12,00,000|
|Carpet Area-Max (sq. m.)||30 / 60||160||200|
|Subsidy calculated on a max loan of||Rs. 6,00,000||Rs. 9,00,000||Rs. 12,00,000|
|Interest Subsidy (%)||6.50||4.00||3.00|
|Max Subsidy (Rs.)||2.67 Lakh||2.35 Lakh||2.30 Lakh|
|Validity of scheme||31 March 2022||31 March 2019||31 March 2019|
Yes, you can avail this facility, subject to meeting the income and other criteria defined under this scheme.
The Prestigious DAY can fulfil dream of long-term sustainability, stable & high return on investment as, investing in so called REAL ESTATE has many advantages. Some of them are listed below:
1. You Can Build Equity for the Future and it will leverage you to acquire additional rental properties and increase your cash flow.
2. You can generate passive Income. If the house is rented it can work for you to generate money even when you are sleeping. By buying several rental properties that generate enough income to cover your expenses, you have the freedom to do what you enjoy, instead of spending all of your time at work.
3. It Can Provide Cash Flow for Retirement. Real estate investing, when done right, is a stable way to increase wealth over a period of time. Among the many benefits of real estate investing is that it can provide cash flow for retirement. This means it can help supplement your retirement years with income from your rental properties.
4. Owning a physical asset helps in diversification benefits. Investing in real estate offers inflation protection as well as the portfolio diversification benefits of owning a physical asset. Real estate is a tangible asset that can always be monetized through renting or residing in the property, regardless of financial market conditions. This makes it far more resilient against asset market swings compared to traditional stocks or bonds. Real estate is part of the broader category of alternative investments, which include everything from art to collectibles and physical gold. The tangibility of real estate also affords property owners with a sense of stability during bear markets or short-term stock sell-offs.
5. Tax benefits. You can avail tax benefits under income tax rules even in interest part.
6. It is an alternative means of saving for children’s education. It is recommended by the financial experts that young families invest in the purchase of one property for each child they believe will attend college. The property can be financed with a 15-year mortgage, thus being paid off prior the child’s 18th birthday. It allows families to actively save through the renters’ payments. When the property is paid off, they can either sell or continue to use it as a source of cash flow. It can act as alternative way for funding higher studies education fee for children.
7. Owning property creates wealth. One of the many benefits of investing in real estate is being able to generate wealth through appreciation, building equity, and hedging against inflation.
8. Real Estate investment is a stable investment with ongoing income. Real estate investment does not wildly fluctuate on a daily basis as stock market fluctuates. It is a stable investment that provides you with an income. You simply collect your ongoing income on a periodic basis and hope to sell when the price appreciates substantially and the market is high. Of course, the market isn’t the same in every city, so opportunities to buy and sell can vary substantially across the country. Many people compare real estate investing to bond investing, because real estate provides stable cash flow for the owner. However, bonds are more sensitive to market fluctuations. Real estate properties won’t immediately change in price based on capital contributions or because of political volatility. This makes real estate a safe and stable investment. In many cases, real estate investments offer attractive tax benefits to the owners too.
9. Financing of Real Estate is easy. You can borrow 50 percent to 90 percent of the acquisition cost at attractive rates, often rates below the anticipated annual investment return. Stocks, bonds, commodities, and art do not offer the same ease when being used as collateral for financing.
10. The value of Real Estate Appreciates Well Over Time. The value of residential property in Dwarka Sector – 11 has given CAGR (Combined Annual Growth Rate) of more than 13 % during period from 1998 to 2018.
11. Other return of investing can be outpaced. Even partial investment of total value can make you to reap 100% of the profit being owner of the real estate asset.
12. It gives a sense of pride to all.
13. You will option change the primary residence as when needed and can be provided to the siblings / legal heirs.
14. As the term itself depicts ‘Real Estate’, its value will never go down to zero. But one cannot guarantee the same for the stock.
15. It has potential for high rate of return. Depending on the location and quality of property, its value can go higher. By maintaining the asset in good condition its value can be further appreciated.
16. Longer lease can multiply the benefits. i.e when company leases the same for Guest House etc., now a days many private players are also willing to get it leased for accommodation purpose.
17. Banks can lend you greater % of the value of asset as a loan on a real estate as compared to other instruments.
18. It benefits the community.
For other benefits, you may please contact our project expert over 8130214214.
The compound annual growth rate (CAGR) is the rate of return that would be required for an investment to grow from its beginning balance to its ending balance assuming the profits were reinvested at the end of each year of the investment’s lifespan.
As per NHB data (available in public domain), CAGR of real estate in Delhi is 10.1%. However, it may be noted that residential properties of Dwarka region of Delhi is having CAGR of 13.46 %.
As ‘New Dwarka’ development is on Green and smart city norms, hence its CAGR will be higher than the existing one.
Yes. Land parcels are acquired / procured as per guidelines / rules & regulations. State Govts / Local agencies are approached for allotment of Govt. land. Allotment of Govt. land is given first preference. Also, based on demand survey scheme feedback / response, land parcels are procured from private agencies.
As a general rules, CSOB permits only one participation/membership to interested personnel/applicant as they can apply for only one initiative. However, additional participation/membership can be given based on vacancy (if any).
Yes, interest @ saving bank rate (as per RBI Guidelines) is payable to those members whose installment is received on old date and where the installments are deferred from its earlier planned date to a later date and the same shall be credited at the time of final call up letter. However, no interest is payable when the member remits the installment in advance on his own.
Governing body meet once in Six Months for reviewing the progress of the project and activities. Members are requested to take 15 days prior appointment for the same. However, members can meet Chief-Coordinator and Director (Housing) for any query / feedback during office hours.
No, as CSOB is a welfare Institution which works on No Profit & No Loss basis for conservation of natural habitat and welfare of members. It is necessary to become a participant/member of CSOB to avail its facilities and make a difference in the world.