Things You Should Know About PMAY

Things You Should Know About PMAY

Finance

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Pradhan Mantri Awas Yojana (PMAY) is a housing scheme launched by the government of India to provide financial assistance to home buyers. Under this scheme, the government will offer interest subsidy benefit to people who want to purchase a house.

If you are planning to buy a house, then read this article to know how PMAY can reduce the financial burden of purchasing a home.

In order to provide financial assistance to home buyers, the government introduced Pradhan Mantri Awas Yojana in 2015. This scheme allows people to receive interest subsidy benefit on their home loan amount. This way, home buyers can lower the financial burden of purchasing a house. However, to avail the subsidy benefit, an applicant must meet a few eligibility requirements.

PMAY Eligibility Requirements

Applicants are divided into 4 main categories under PMAY-

Category Annual Household Income Interest Subsidy Maximum Loan Tenure Maximum Carpet Area
Economically Weaker Section (EWS) Up to Rs. 3 Lakhs 6.5% 20 Years 60 Sq. Mt.
Low Income Group (LIG) Up to Rs. 6 Lakhs 6.5% 20 Years 60 Sq. Mt.
Middle Income Group I (MIG I) Up to Rs. 12 Lakhs 4% 20 Years 160 Sq. Mt.
Middle Income Group II (MIG II) Up to Rs. 18 Lakhs 3% 20 Years 200 Sq. Mt.

Apart from this, an applicant must meet a few other eligibility requirements-

  • An applicant or any of his/her members of the family shouldn’t own a house in the country.
  • An applicant or any of his/her members of the family shouldn’t have received financial assistance from any of the government’s housing schemes.
  • A married couple can apply for joint ownership. However, the couple will receive a single subsidy.

How to Apply for PMAY Subsidy Benefit

  • Go to the website of PMAY. (http://pmaymis.gov.in/)
  • Click on the ‘Citizen Assessment’ Option.
  • After clicking it, you need to select which group you belong to- ‘Benefit Under Other 3 Components’ or ‘For Slum Dwellers’.
  • You need to enter your Aadhaar card number. Then, you will be redirected to the application page.
  • On the application page, fill your personal details, residential address, income details, and bank account details.
  • Once you fill the application form, click the ‘I am aware’ option. After that, click the ‘Save’ button.
  • After that, you will receive a system-generated number. You must save this number.
  • Print the application form.
  • Submit the application form, along with the necessary documents, at the CSC office.

Documents Required for PMAY

  • Application Form
  • Identity Proof
  • Address Proof
  • Income Proof
  • Other Documents (Documents about other existing loans and 6 months repayment bank statements)
  • Property Documents

Purchase a Home with the Help of PMAY

Buying a house can be extremely difficult. However, Pradhan Mantri Awas Yojana can be beneficial for people who want to buy a home. Furthermore, PMAY provides interest subsidy benefit to first-time home buyers. Therefore, the scheme makes it easier for them to finance their home purchase. If a first-time home buyer meets the requirements, then he/she should apply for the subsidy

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