If you are among aspiring homeowners who have questions regarding the Pradhan Mantri Awas Yojana, this is just the page for you. It is important that you have all your doubts cleared through asking questions about the mission to those that are most closely associated with it. Some question, however, are commonly asked by most aspiring homeowners and no Q&A session goes without these questions being asked and they are therefore the foremost PMAY frequently asked questions which needs addressing. Below discussed and answered for online readers, are some of the most pressing FAQs.
One adult female membership is now mandatory in property ownership. A property should be co-owned by a female member of the family. However, this condition will not be made mandatory in cases of construction of house on an existing plot or extension/renovation of existing Kuccha/Semi-pucca house.
The answer to this question can be divided into three parts and they are as follows:
In accordance with the IIHFL Credit policy, the following has to be submitted as documentation in case of applying for this yojana:
You are ineligible to apply for credit linked subsidy in case you own a pucca house anywhere in the country. However, this is not the only parameter to be applicable for the subsidy, other factors such as household annual income, property in urban localities, etc. are also taken into consideration before approval for subsidy is passed.
Subsidy amount is fixed on basis of PMAY categories.
Subsidy amount is never adjusted keeping in mind tenure. The impact made to subsidy amount can be adjusted keeping in mind the principal amount only. Such a thing further impacts the EMI amount that you are to pay every month.
Under such circumstances, not only will the wife not be able to qualify for the credit linked subsidy scheme, but the household will not be qualified for it because one of the members in the immediate beneficiary family already owns a pucca house in the country.
It has been mentioned earlier that no member of the beneficiary family should own a pucca house in the country if they wish to qualify for the Pradhan Mantri Awas Yojana subsidy scheme. However, owning land for shops, commercial establishments or even a factory will not affect or obstruct your status as a first house owner who can avail the subsidy scheme.
Your dream of owning a home need not wait!, Pradhan Mantri Awas Yojana (PMAY) along with Finserv MARKETS will make your dream come true And the best part! With PMAY scheme, you can get a significant subsidy on your Home Loan interest amount.
I always dreamt of owning a home with the help of PMAY scheme I was able to turn the dream into reality. The services provided by this policy has a lot to offer for people like me who are in need of financial assistance.
Posted on 28 Nov 18
I am a small scale farmer, I always wanted to own a home. The PMAY scheme has changed my life. Today, I am a proud owner of a house. This house has been really lucky for me.
Posted on 30 Dec 18
I am really happy with the service provided by Finserv MARKETS as my home loan made me realize my dream of owning my dream house.
Posted on 4 Jan 20