Steps and Guidelines on Pradhan Mantri Awas Yojana

Are you a prospective homebuyer entering the real estate market but worried about the high prices? Then, you’d be happy to know that the Indian government has launched some affordable housing schemes. One of them is the Pradhan Mantri Awaas Yojana (PMAY).

Under the scheme, you can avail of a subsidy on your home loan interest rates and repay your EMIs comfortably. Read further to know more about the scheme and how you can benefit from it.

Steps to Apply For the PMAY Housing Scheme

Step 1: Log on to the official website for Pradhan Mantri Awas Yojana and click the ‘citizen assessment’ option to choose your category.

Step 2: Enter your name along with the 12-digit Aadhaar number. Next, you will be redirected to the application page.

Step 3: Enter your personal, residential, bank account, and income details to complete the application. Also, check your PMAY eligibility based on your income as well as your home loan eligibility.

Step 4: Confirm that you have provided correct information by clicking on the ‘I am aware of’ option. Make sure to save your data on the website.

Step 5: Note the application number generated by the system as it will come in handy later. Download and print the complete application.

Step 6: Visit a suitable financial institution affiliated with the PMAY scheme and apply for a home loan. Submit all the necessary documents, including your PMAY application form, to get the loan authorized.

Guidelines to Follow Under PMAY Scheme

To enjoy reduced home loan EMI payments under the PMAY scheme, you must keep the following guidelines in mind.

• PMAY scheme offers an interest subsidy on loans borrowed by individuals belonging to the economically weaker sections (EWS), low-income groups (LIG), and middle-income groups 1 and 2 (MIG 1 and 2).
• Only first-time homebuyers can apply for the PMAY scheme. Also, the beneficiary family should not have availed of any other housing scheme provided by the Indian government.
• Ensure that your property builder is registered with the Real Estate Regulatory Authority Act (RERA). All residential and commercial real estate projects must be registered with the RERA.
• The chosen lending institution must be linked with Pradhan Mantri Awaas Yojana.
• Your net family income should not exceed the limit of Rs 18,00,000 to get a loan under the PMAY scheme.
• The maximum subsidy available on interest rates is 6.5%, and it is applicable for a tenure of 20 years.

In Summation

The Indian government introduced the PMAY scheme to help people afford their own homes. It is an essential step and a significant respite to homebuyers all over the country.

If you’re eligible for the scheme, make sure to go through the guidelines before applying for your subsidy.

Moreover, figure out your monthly EMIs using a home loan EMI calculator online and plan a budget accordingly. Learn more about Pradhan Mantri Awaas Yojana by logging on to the official website http://pmaymis.gov.in/.