Fulfil Your Dream of Buying a House using PMAY

How to Complete your Dream of Owning a House Using PMAY

Know about key features of PMAY at Bajaj MARKETS

✓ Home Loan from ₹5 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

How to Fulfil Your Dream of Owning a House Using PMAY

India is a budding economy with an ever-growing population. Regardless, a large number of residents continue to reside in dismal conditions even as the cost of real estate skyrockets. As such, the government, on its path towards development, has recognised the demand for housing. To this effect, it initiated the Pradhan Mantri Awas Yojana (PMAY), a noble initiative aimed at creating affordable housing opportunities for Indian citizens.

Launched in 2015, PMAY aids people in rural and urban areas to own decent houses that have all the basic amenities. The mission was originally committed to providing housing for the Economically Weaker Section (EWS) and the Low-Income Group (LIG). However, the government further expanded the scheme on January 1, 2017, to include the Middle-Income Group (MIG) as well.

Key Features of the PMAY Yojana

The Pradhan Mantri Awas Yojana (PMAY) aims to provide about 20 million housing units by the year 2022. Some of the notable features of this ‘Housing for All’ scheme include:

  • It has two components, i.e PMAY-Urban and PMAY-Gramin, to effectively manage the needs on both fronts.

  • It offers a home subsidy of up to ₹2.67 Lakhs.

  • It does not restrict the home loan amount that can be availed.

  • Gives preference to minorities, such as people from Scheduled Class (SC) and Scheduled Tribes (ST).

  • Women are empowered through the mandatory clause of co-ownership.

  • PMAY employs eco-friendly construction in its housing units.

What is the Eligibility Criteria for PMAY?

To be eligible for the PMAY scheme, an individual must meet the following criteria:

1. Belonging to the Economically Weaker Section (EWS): The individual’s annual household income must be less than ₹3 Lakhs.

2. Belonging to the Low-Income Group (LIG):The individual’s annual household income should be between ₹3 Lakhs - ₹6 Lakhs.

3. Belonging to the Middle-Income Groups (MIG) (I) and (II):The individual’s annual household income should be between ₹6 Lakhs - ₹18 Lakhs.

The PMAY scheme can only be availed by those who do not own a pucca (brick) home in any part of the country. Additionally, the family should not have availed any other housing scheme offered by the government. Moreover, women have to be the primary applicants under the LIG and EWS categories.

Applying for the PMAY Scheme: What are the Essentials?

When applying for the PMAY scheme, you must follow the given steps:

1. Evaluate Your Eligibility:

The first thing to check before applying is to verify your PMAY eligibility. Once you understand the same, you will know the category you belong to and the permissible loan limit.

2. Apply for a Loan:

Pick your preferred home loan lender and apply for the loan. You will need to fill an application form and furnish all the necessary documents.

3. Apply for the PMAY Subsidy:

Apply for the PMAY scheme by filling the Pradhan Mantri Awas Yojana form online. All you have to do is visit www.pmaymis.gov.in. Download the form through the Citizen Assessment tab. Furnish all the Aadhaar card details and upload a copy of the card. You will be requested to include other relevant personal and family background data. It is important that you take enough time to fill in all requested details as errors in the form can lead to issues in the application, including rejection.

4. Submit Loan-Related Documents:

 The loan application process requires you to enclose the PMAY application form along with the requested loan application documents and submit it to the bank. The bank in question will carry out a verification process as is expected of them. If the process goes through, the bank official will take the application process further, which can culminate in the sanctioning of the PMAY loan.

5. Avail the Subsidy:

Once you complete the application, the lender will process your PMAY subsidy. As such, the subsidy can take anywhere between 4 to 5 months to get sanctioned. However, it will get credited into your registered bank account.

Documents Required to Apply for the PMAY Scheme

You must submit the following documents to avail the PMAY scheme:

  • Identity proof (Aadhaar card/PAN card/driving license/Voters’ ID)

  • Address Proof (Copy of Electricity/Landline/Voter Card/Passport)

  • Affidavit-cum-declaration to prove that the beneficiary family does not own any pucca house in any part of India

  • Proofs of annual household income, including self-attested income certificate or salary slips

  • Declaration for property under construction in case of construction, i.e. construction agreement with the developer or builder, valuation certificate for the property you intend to buy, receipt of advance payment for the property you intend to purchase

  • NOC form from competent authority, housing society, as requested

The PMAY scheme is a great initiative driven by the Central Government that brings you a step closer to accomplishing your dream of owning a home. At Finserv MARKETS, you can make the best of the PMAY deal through tailored home loan offers. As a user of Finserv MARKETS, you can avail a myriad of exciting benefits such as competitive interest rates, flexible repayment options, as well as the facility of being able to transfer your home loan balance to a lender that is providing a lower interest rate. Evaluate your home loan prospects and apply for a home loan on Finserv MARKETS, today!