The PMAY benefit can be availed if one wishes to buy a house from the developer or for purchasing a house from the re-sale market.
You may request for an extension of moratorium. Once your son gets a job, he then has to pay back the principal amount.
The last date for homebuyers of MIG-I and MIG-II categories, wishing to avail of the subsidy under the PMAY CLSS, is March 31, 2021. This is unless the government extends it further for the benefit of home buyers. The other category of LIG/EWS, however, has its last date of March 31, 2022. Credit Linked Subsidy Scheme (CLSS) for Middle Income Group (MIG), to be called CLSS for MIG, was introduced on 1.01.2017.
Finance Minister Nirmala Sitharaman in her press conference in May 2020 had announced the extension of the last date of the Pradhan Mantri Awas Yojana (PMAY) Credit-Linked Subsidy Scheme (CLSS) both for the MIG-I and MIG-II categories till March 31, 2021.
The PMAY benefit can be availed if one wishes to buy a house from the developer or for purchasing a house from the re-sale market through secondary buying. One may likewise take a loan for the construction of the house.
Those with income between Rs 6 lakh and Rs 12 lakh fall under MIG-I and get an interest subsidy of 4 per cent on a loan amount up to Rs.9 lakh. Similarly, those with income between Rs 12 lakh and Rs 18 lakh fall under MIG-II and get an interest subsidy of 3 per cent on a loan amount up to Rs.9 lakh.
Effectively, the PMAY CLSS subsidy amount comes to Rs 2,35,068 and Rs 2,30,156 for the MIG-I and MIG-II scheme respectively.
The CLSS benefit can be availed by the beneficiary family comprising of husband, wife and unmarried children. The beneficiary of the family should not own a pucca house either in his or her name or in the name of any member of his or her family in any part of India. Also, as per the PMAY guidelines, the house constructed by availing loan under this scheme should be in the name of the female head of the household or in the joint name of the male head of the household.
As per the PMAY guidelines, “An adult earning member (irrespective of marital status) can be treated as a separate household, provided that he/she does not own a pucca (an all-weather dwelling unit) house in his / her name in any part of India.”
Thus, regardless of whether children (wedded or unmarried) are living with their parents in a house owned by the parents, they can opt for PMAY if they are earning and don’t have their own house.