The Pradhan Mantri Awas Yojana is an effort on the part of the current government to boost the falling statistics of the real estate sector in India. PMAY is upheld by the Government of India with an aim to provide ‘housing for all’ by the year 2022. Under this housing scheme, there is a Credit-Linked Subsidy Scheme (CLSS) that is applicable on home loans for people belonging to the Economically Weaker Section, Lower Income Group and Middle Income Group. The PMAY can also be availed for purchasing a new home or reselling an old home. PMAY subsidy schemes are also provided for additional construction or requiring extension or improvement of the rooms, bathroom or kitchen in the house.
Pradhan Mantri Awas Yojana: All You Need To Know:
- Eligibility Criteria For The Yojana
- Subsidies Offered Under The Scheme
- Documents Required To Avail The Subsidy
Eligibility criterion for the PMAY Yojana
Apart from learning the basic PMAY definition, it is also necessary to know about the eligibility criterion that exists for availing the subsidies provided by this Yojana. It is of foremost importance to understand that your eligibility for subsidies from the Pradhan Mantri Awas Yojana is dependent on the income group under which you fall:
- In case of belonging to the Economically Weaker Section (EWS); you must have an annual income of Rs. three Lakh.
- In case of Lower Income Group (LIG), your annual income must be between Rs. 3 Lakh to Rs. 6 Lakh.
- In case of belonging to tier 1 of the Middle-Income Group, your annual income must be within Rs. 6 Lakh to Rs. 12 Lakh.
- In case of belonging to tier two of the Middle Income Group your annual income must remain within Rs. twelve Lakh to eighteen Lakh.
- Additionally, for parties availing the subsidy from EWS and LIG it is compulsory for the female to become the owner of the property. The applicant or any of his dependents must also not own a pucca house in any part of the country.
Subsidies offered under the scheme
In speaking of what PMAY actually is, it becomes necessary to speak of the subsidies that are offered under this Yojana. This is dependent on the amount of loan that you have applied for and the income group to which you belong. Applicant with an annual income of Rs. 6 Lakh can avail a maximum subsidy of Rs. 2.67 Lakh. Furthermore, applicant with an annual income of Rs. 12 Lakh can avail maximum subsidy range of Rs. 2.35 Lakh. Those having an annual income up to Rs. 18 Lakh can avail the maximum range of subsidy going up to Rs. 2.30 Lakh. It must be understood that up to an annual income ranging between Rs. 3 to 6 Lakh the interest subsidy remains fixed at 6.5%. Rs. 6 Lakh onwards till twelve Lakh it is 4% while Rs. 12 Lakh onwards up to 18 Lakh, it is 3%. It must also be known that the maximum subsidy tenure for all of these loan schemes is twenty years.
Documents required to avail the subsidy
In order to prove yourself eligible for the PMAY subsidy scheme, you will be expected to present certain documents which are the most basic ones owned by everyone in the country. Some of these documents are your photograph, KYC documents and Aadhar card. Additionally, salary slip or income certificate with an updated bank statement for all those who are salaried applicants is also necessary. You will also have to provide your income tax returns for the last two years. You will need to provide details of your business bank account in case you are a self-employed individual. For self-employed applicants – a self-certificate or an affidavit is required as proof of income. A customer declaration undertaking and additional application form will also be required at the time of application. You can avail this scheme by getting in touch with any commercial bank or a leading Non-Banking Financial Company like Finserv MARKETS.
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