Pradhan Mantri Awas Yojana
Meaning of Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana, launched in July 2015, is housing-subsidy scheme that provides affordable housing to the economically disparaged communities in India – Lower-Income Groups, Economically-Weaker Sections, Middle-Income Groups and slum dwellers. The PMAY scheme offers a housing loan at an affordable interest rate of 6.50% p.a. to all eligible beneficiaries,
Pradhan Mantri Awas Yojana (PMAY) was launched with the aim to provide housing at an affordable price to the weaker sections of the society, lower income group people, urban poor, and rural poor. The Yojana involves a construction of around 20 million houses at an affordable price by March 31, 2022. The scheme is getting financial assistance of USD 31 billion from the Central Government.
Pradhan Mantri Awas Yojana has two components:
1.Pradhan Mantri Awas Yojana Urban (PMAY-U)
2.Pradhan Mantri Awas Yojana Gramin (PMAY-G)
The features of Pradhan Mantri Awas Yojana are that the government will provide an interest subsidy of 6.5% (for EWS and LIG), 4% for MIG-I and 3% for MIG-II on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme (CLSS) from the start of a loan. The houses under Pradhan Mantri Awas Yojana would be constructed through a technology that is eco-friendly, while allotting ground floors in any housing scheme under PMAY, preference will be given to differently abled and older persons.
Eligibility & Condition for PMAY Scheme:
(1) Beneficiary max age 70 years.
(b) EWS (Economic Weaker Section) family income limit is ₹3 lakhs per annum and for LIG (Lower Income Group) Family Income limit is ₹6 Lakhs per annum and Middle Income Group -(MIG-I) income between ₹6 lakhs to ₹12 lakhs per annum, (MIG-II) income between ₹12 lakhs to ₹18 lakhs per annum.
c) The beneficiary should not have an own dwelling unit on the name of any family member in any part of India.
d) The loan applicant should not have availed any central/state government subsidy or benefit for buying a home under the PMAY scheme.
e) Currently, the loan applicant should not own any property under their name and along with any of the family members (including the dependents).
f) The home renovation or improvement loans, self-construction loans will be allocated only for EWS and LIG categories.
The houses given under this scheme will be owned by females or jointly with males.
Salaried Employee Below is a list of documents required for applicants to purchase a home under PMAY:
✳ EWS/LIG Income certificate
✳ Income Certificate (only if the income is below the taxable limit)
✳ PAN Card
✳ Aadhaar Card
✳ Voter’s Card
✳ Driving License
✳ MNREGA Number
✳ Nationality Identification Proof
✳ Proof of category (belonging to SC/ST/OBC/Minority etc.)
✳ Copy of address proof, Income Proof - Original Salary slip/salary Certificate/other income.
✳ Latest Income Tax Return/ Income Tax Assessment Order/Form no 16, if applicable and Bank statement of last six months
✳ Valuation certificate from the approved valuer, if not valued earlier
✳ The approved plan of construction
✳ Architects/Engineers certificate confirming the cost of construction/cost of repairs/cost of improvements/cost of extension
✳ Architects certificate confirming expected life, fitness and future of flat/house in case of purchase
✳ Agreement for construction with builder/developer, NOC from housing society/competent authority
✳Affidavit-cum-Undertaking to the effect that the construction is in an authorised area, construction is strictly as per sanctioned plan/building bye-laws and the loan is availed for acquiring plot/house/flat for residential purpose only
✳ Affidavit from the beneficiary that either he/she or any of the family members do not own a pucca house (all weather dwelling unit) in any part of India
✳ Letter of Allotment of property (where the property is proposed to be purchased from builder/housing boards, etc)/or Agreement to Sale (where the resale property is proposed to be purchased), Title deed/lease deed/Mutation in respect of pre-owned property, which is to be extended
Self-Employed & Business Persons documents required:
✳EWS/LIG Income certificate
✳Income Certificate (only if the income is below taxable limit)
✳PAN Card
✳Aadhaar Card
✳Voter’s Card
✳Driving License
✳MNREGA Number
✳Nationality Identification Proof
✳Proof of category (belonging to SC/ST/OBC/Minority etc.)
✳Copy of address proof & Copy of Income Proof - Original salary slip/salary certificate/other income proof
✳Latest Income Tax Return/Income Tax Assessment Order/Form no 16, if applicable and Bank statement of last six months
✳A brief note on the nature of business/ activity / self-drawn attested financial statement/business license in case of self-employed.
✳Valuation certificate from the approved valuer, if not valued earlier and The approved plan of construction
✳Architects/Engineers certificate confirming cost of construction/cost of repairs/cost of improvements/cost of extension
✳Architects certificate confirming expected life, fitness and future of flat/house in case of purchase
✳Agreement for construction with builder/developer, NOC from housing society/competent authority
✳Affidavit-cum-Undertaking to the effect that the construction is in an authorised area, construction is strictly as per sanctioned plan/building bye-laws, loan is being availed for acquiring plot/house/flat for residential purpose only
✳Receipt of advance payment made to builder/seller, if any
✳Affidavit from the beneficiary that either he/she or any of the family members do not own a pucca house (all weather dwelling unit) in any part of India
✳Letter of Allotment of Property (where property is proposed to be purchased from builder/ housing boards, etc)/or Agreement to Sale (where resale property is proposed to be purchased), Title deed/lease deed/Mutation in respect of pre-owned property, which is to be extended.
PMAY scheme for offline application Process :
To apply for the PMAY scheme offline, you can visit any bank, non-banking finance company, or housing finance company and fill out the scheme application form. You must submit the documents cited in the form and check your eligibility before applying for this scheme. Here are the steps to follow for offline applications.
✴ Visit any bank; nationalised or private, or a housing finance company near you, which is classified by PMAY. Take your income proof documents and your credit scores along with you.
✴ Get your loan amount authorized from the lender chosen by you.
✴ Once the lender has authorized the loan amount, you can download the PMAY scheme form or have ask the authorized lender provide the form to you.
✴ After getting loan approval, you can select the property/flat and register for the scheme.
Application Process of PMAY scheme online
✴ Your online application begins with you visiting the Pradhan Mantri Awas Yojana official website http://pmaymis.gov.in/.
✴ Click on the citizen assessment option located on the menu bar and choose the category that suits your application type from Slum dwellers Benefit under other 3 components.
✴ Having chosen from the above mentioned 2 categories, you must input your 12 digit Aadhaar Number and your name as it is mentioned on the Card.Once you've entered your Aadhaar details, the PMAY website redirects you to the scheme application page.
✴ The website will then prompt you to input certain personal details such as your name, current address and your bank account details. You will also be prompted to enter your income details in the same section. Your income serves as a determinant factor to check if you are eligible for this scheme.
✴ Once you have provided all the information, you must review it before you click on enter and submit your application.
✴ You will be prompted to confirm the information you have provided by the website. Once you confirm, you are required to click on the I am aware of tab, located on the bottom of the page. You can then click on the “Save'' option and your details will be entered and saved into the system.
✴ Once the information is saved, the system auto-generates your application number. Ensure you save the application number as you will need it every time you wish to check your application status.
✴You can now download the filed application form and take a print out of the same.
✴The final step is to must submit your PMAY application form at a CSC (common service centre) office near you. Alternatively, the form can also be submitted at any private or nationalised bank or financial/housing institution offering this service. You must also submit the necessary documents listed in the form. It is a good practice to keep photo-copies of the application form and documents for future references.
