Pradhan Mantri Awas Yojana (PMAY) is a public scheme that extends affordable housing to eligible candidates. It was launched by the Government of India on 1st June 2015. Under this scheme, about 2 crore houses are slated to be constructed with central assistance by 31st March 2022.

PMAY is a subsidy-based housing scheme, allowing home loan borrowers to avail a rebate on their interest rates. PMAY eligibility is chiefly concerned with the annual income of an applicant and his/her family.

Documents required for proving PMAY Eligibility

The following documents are mandatory to register under the Pradhan Mantri Awas Yojana scheme-

  • Identity Proof (this could include an Aadhaar card, voter ID card, passport, driving license, PAN card, etc.)
  • Age proof
  • Affidavit cum declaration stating that the beneficiary family does not own a pucca house anywhere in India.
  • Address proof
  • Income proof (salary slips, account statements, etc.)
  • Existing loan documents
  • Form 16 of last 2 years for salaried applicants
  • Form 16 of last 3 years for self-employed applicants along with Profit and Loss Account and balance sheets
  • Processing fee cheque
  • Property documents and approved property plan

Eligibility criteria under Pradhan Mantri Awas Yojana scheme

The two crucial steps towards becoming a beneficiary under the PMAY scheme are eligibility and documentation. Only eligible applicants can qualify as beneficiaries. The eligibility and other aspects are then verified through the documents submitted. Documents and eligibility criteria under this housing scheme are set by the Central Government.

Now, have a look at PMAY eligibility –

  • Neither an applicant nor any of his/her family member must own a pucca house anywhere in India.
  • Any and every household with an annual income up to Rs.18 lakh can avail the benefits of this scheme. The annual income could include the income of an applicant’s spouse as well.
  • Benefits of PMAY Yojana cannot be availed on an already-built house.
  • The beneficiary family must not have availed central assistance under any housing initiative from the state or central governments.
  • Married applicants can either avail joint ownership loan subsidy, or any one of them can avail single subsidy.
  • The construction or extension purpose for which a home loan is availed must be finished within 36 months, starting from the disbursement date of that loan’s first instalment.
  • All statutory towns and other towns identified by the 2011 Census are eligible for PMAY Yojana coverage.
  • Senior citizens and specially-abled beneficiaries would be given preference for ground floor allocation.

All these individuals can claim subsidy on home loan interest payment, given they fulfil the documentation formalities properly.

Nonetheless, if they fail to comply with the above eligibility requirements, individuals can still apply for a home loan against low-interest rates.

There are several financial institutions that offer these advances against nominal rates, alongside benefits like flexible tenor, minimal eligibility and documentation requirements, etc.

HFCs also extend pre-approved offers on these loans that can expedite the application process. These offers are available on financial products like home loans, loans against property, etc. You can check your pre-approved offer by providing your name and contact number.

One can apply for this housing scheme in India online as well as offline. The documents will have to be submitted when the officials revert back to you.

Once your application and documentation formalities are fulfilled, you will be provided with an assessment ID. You can the PMAY status of your application using this ID. Applicants and beneficiaries can also use a PMAY eligibility calculator to determine the exact estimates of their loan subsidy.

Make sure to tally your home loan with PMAY eligibility so that you can make the most of this scheme. Keep the necessary documents organised as well to make the application hassle-free.

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By lily

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