PMAY or Pradhan Mantri Awas Yojana is “Housing for All” scheme started under the Narendra Modi Government in India. The aim of the project is to provide housing for all in both urban and rural sector for the economically weaker sections of the society. The scheme has undergone certain modification and changes since its implementation but by and large its objectives remain the same. Those who want to apply for a Home Loan under Pradhan Mantri Awas Yojana scheme should know about a few aspects of this scheme.
One who successfully applies for this scheme would be able to avail Home Loan interest rate subsidy up to Rs 2.67 lakhs under PMAY- CLASS for EWS and LIG income group. It was estimated that about 2 crore homes were needed in the range of Rs 5 and 15 lakhs and this project is being undertaken under the Ministry of Urban Housing and Urban Poverty Alleviation. Under the Credit Linked Subsidy Scheme or CLSS, there are two categories that is:
- The Credit Linked Subsidy Scheme for EWS/ LIG
- The Credit Linked Subsidy Scheme for LIG
PMAY Eligibility criteria involve being approved for one of the two above mentioned categories. To be eligible for the scheme:
- One must not own a pucca house anywhere in the country in his or her name or in the name of either parents or children.
- The combined family income should be less than Rs 3 lakhs for LIG and Rs 6 lakhs for MIG. An unmarried make or female should have a personal income of less than Rs 30,000 to apply.
- The house that one builds or buys with the loan subsidy must be in the name of the female head of the family, which she may jointly hold with the male head of the family.
- Preference would be given to women borrowers, widows and transgenders, along with people belonging to the SC/ ST and OBC group, minority group and differently- abled people.
One can check the PMAY eligibility through the official PMAY website.
How to apply for Pradhan Mantri Awas Yojana EWS/LIG/MIG
One can easily apply for PMAY both online or offline. To apply for the scheme offline, one must research lenders, which are banks- who have signed an MOU with the two nodal institutions like NHB and HUDCO. These bodies are the primary heads when it comes to land allocation in a city and its municipality. Once you have found such a lender, one can simply go on with the loan procedure as usual, by providing the bank with all the necessary details like income, whether there is any other existing property or not, KYC documents submission and so on. A letter of declaration would have to be submitted that there is no pucca house anywhere.
The interest Subsidy can be applied for in two ways:
- One can apply directly through the PMAY online form through the official website, which is free of cost. The website address is – http://pmaymis.gov.in
- One can apply through a bank or through a housing finance company.
- One can also apply through the officials at Common Service Center who would charge a nominal fee of Rs 25 for the services.
If all goes well, then it is easy to get approved for the interest subsidy and one can avail the scheme to buy a house of their choice within their income range. A number of families belonging two LIG have now been able to realize their dream of owning their own home through the PMAY scheme in different states of India.