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.

Q.In case of economically weaker sections or low income groups what are the exceptions made for female ownership?

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.

 

Q. What is the definition of beneficiary family in case of EWS or LIG or MIGS?

The answer to this question can be divided into three parts and they are as follows:

  • In case of Economically Weaker Section(EWS) and Lower Income Groups(LIGs), the husband, wife and the unmarried children in considered as the household or beneficiary family.
  • In case of Middle Income Group(MIG), husband, wife and unmarried children are considered.
  • An earning adult member of the household will be regarded as a separate earning member and won’t be counted a beneficiary to the family.

 

Q. What is the required documentation?

In accordance with the IIHFL Credit policy, the following has to be submitted as documentation in case of applying for this yojana:

  • Aadhar card of all household members without which you are not applicable to apply for this PMAY home loan.
  • Notarized affidavit or the document for Undertaking is compulsory.

 

Q. May applicants having ownership of a land or pucca house apply for credit linked subsidy?

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.

 

Q. How is subsidy amount set and fixed? Is the loan amount to be reduced or the tenure?

Subsidy amount is fixed on basis of PMAY categories.

  • Economically Weaker Section(EWS) & Lower Income Group(LIG)
  • Middle Income Group – I
  • Middle Income Group - II

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.

 

Q. Is there any capping for property value area in case of EWS/LIG or MIG?

  • In case of EWS or LIGs, there is no additional capping on the minimum or the maximum property value or area as has been declared in the guidelines set for the scheme by the department of Ministry of Housing and Urban Poverty Alleviation.
  • In case of MIGs, 160 meters to 200 meters in case of MIG group 1 and 2 respectively.

 

Q. In case the applicant’s wife owns a pucca house on her name, and the applicant wishes to buy his first house under his wife’s name, can he be qualified for the Credit Linked Subsidy Scheme(CLSS)?

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.

 

Q. In case a household owner has a plot to his name but not a house, will he be approved for the subsidy scheme?

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.

 

Q. What is the eligibility for availing the Pradhan Mantri Awas Yojana?

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

     

Q. What are the income criteria to avail the PMAY facility?

A. The PMAY 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)

       

Q. What are the documents required to apply for the PMAY scheme?

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).

     

Q. How To Apply For The PMAY Scheme?

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 home loan subsidy under the PMAY scheme.

 

Q. What is the maximum tenure of availing the PMAY subsidy?

A. The PMAY subsidy can be availed for a maximum period of 20 years.

 

Q. Can an applicant avail the benefits of the PMAY scheme more than once?

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.

 

Q. Is it compulsory to have a co-owner of the house under the PMAY?

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!

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