No approval for PMAY benefits on a closed loan even if you were eligible

By Chaitali Dutta

l I had a home loan from Cent Bank Housing Finance. I cleared my home loan recently but due to misguidance on eligibility for the PMAY scheme from a bank executive, I could not apply in PMAY. Is there any option still open for me to avail this scheme? —Anubhav Jain

From the details you have shared, it will not be possible to get approval for PMAY benefits on a closed loan.You will not be eligible for PMAY again as you own a house now.

l I had taken a home loan of Rs 25.63 lakh in 2015 for 20 years. In 2016, I prepaid Rs 12 lakh to reduce EMI from Rs 29,000 to 15,000 and tenure from 2035 to 2027. I have opted for an EMI moratorium of five months in April, May, June, July and August 2020. What will be the effect on the overall loan? —Vivek Kumar Singh

I am assuming the outstanding loan in March 2020 was about Rs 9.5 lakh and your current interest rate is 8.25%. With these as background, in the five months of the moratorium, your interest accumulated is Rs 32,000. So in September 2020, your outstanding will be Rs 9.82 lakh which you may consider paying by increasing the EMI by Rs 1,000, and finish the loan in 2027 itself. Here you pay additional Rs 79,000 (Rs 1000×79 months) to compensate for Rs 75,000 moratorium (Rs 15,000×5). Alternatively, you may continue to pay Rs 15,000 as EMI, and your loan gets extended by eight months beyond 2027 original tenure. In this case, you pay Rs 1,20,000 (Rs 15,000×8) to compensate for the moratorium.

l I applied for a Rs 28 lakh home loan from LIC Housing Finance. I also applied for PMAY in July 2019. I have received Rs 1.21 lakh subsidy instead of Rs 2.35 lakh. My annual income is Rs 6 lakh. Will the rest of the subsidy amount be credited later? —Samrat Dutta

The PMAY subsidy credit depends on the loan disbursed. If your full loan of Rs 28 lakh is disbursed, then you should get the full benefit of Rs 2.35 lakh under PMAY MIG. There are not many documented cases of less PMAY subsidy receipts. Speak to LIC Housing Finance. You can also register your complaint on State Level Toll-Free Number – 18003456527 or Mobile Number or WhatsApp Number – 7004193202.

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