Since its launch in the year 2015, the Pradhan Mantri Awas Yojana has garnered a lot of interest in the common population. This flagship program of the Indian government aims to provide affordable houses to people belonging to the economically weaker section of the country. However, that is not the only objective of the PMAY scheme. With its attractive home loan subsidy and excellent tax benefits, the PMAY aims to attract a large number of first-time homebuyers to avail the home loan facility. If you wish to know more about the PMAY program, below discussed are some of the common PMAY FAQs
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.
A. You need to fulfill the following Pradhan Mantri Awas Yojana eligibility in order to apply for the scheme:
The applicant must be a citizen of India
The applicant must not have a house in his/her name
The applicant must not have a house in the name of any family member
The applicant must belong to either EWS, LIG or MIG income group
A. The PM Awas Lists the following income criteria for availing the PMAY facility-
Economically Weaker Section (EWS)- Annual Income up to INR 3 lakhs
Lower Income Group (LIG) – Annual Income up to INR 6 lakhs
Mid-Income Group (MIG)
Annual Income up to INR 12 lakhs (MIG 1)
Annual Income up to INR 18 lakhs (MIG 2)
A. You need to submit the following documents in order to apply for the PMAY scheme-
Identity Proof- Aadhar Card, Passport, Voter ID Card, PAN Card, etc.
Address Proof- Passport, Driving License, Telephone bill, Electricity Bill, Ration Card
Income Proof- Latest salary slip, Bank Statements, Business Profit-Loss statements, etc.
Other documents – Relevant caste certificates (in case of SC/ST applicants), Age Proof (for senior citizens), death certificate of spouse (in case of widows).
A. You can apply for the PMAY online or offline. The online application can be done at https://pmaymis.gov.in/. To apply for PMAY offline, you can visit the nearest PMAY listed bank. Once the application is processed, the applicant can visit the nearest bank to apply for a PMAY subsidy under the PMAY scheme.
A. The PMAY subsidy can be availed for a maximum period of 20 years.
A. No. An applicant cannot avail the benefits of the PMAY scheme more than once. At the time of applying for a PMAY scheme, the applicant needs to submit his/her Aadhar Number. This Aadhar Number gets stored in the database and thus prevents any applicant for applying for the PMAY scheme more than once.
A. In case the applicant is female, she need not have a co-owner for the house constructed under PMAY. However, if the applicant is male, he needs to sign a female member of his family as a co-owner of the house constructed under PMAY. This female family member can either be his wife, mother or daughter.
In case you have any other queries regarding the scheme apart from the above mentioned common PMAY Faqs, you can get in touch with the financial experts at Finserv Markets. Under the Bajaj Finserv Home Loan available at Finserv Markets, first time home loan applicants can enjoy a PMAY subsidy on the EMI and interest rates up to 6.93 %. For more details, visit Finserv Markets today!