Pradhan Mantri Awas Yojana (PMAY) - Insights.

Pradhan Mantri Awas Yojana (PMAY) - Housing for all mission for the urban area has been in effect from 17th May 2015 to facilitate central assistance to implementing authorities. Under this mission, the credit linked subsidy is being offered to the home buyers.

MIG (Middle Income Group)
The interest subsidy will be there on housing loans for acquisition/construction of houses where purchasing is also included under this.

LIG (Lower Income Group) / EWS (Economically Weaker Section)
The interest subsidy will be there on housing loans for construction and acquisition of the house. The Credit Linked subsidy would also be available for housing loans availed for the addition of rooms, toilets, kitchen and the new construction.

The interest subsidy benefit will be upfront on the outstanding principal. The amount and availability of interest subsidy are subject to fulfill income criteria as per different categories under the PMAY scheme.

An adult earning family member (irrespective of marital status) is subject to be treated as a separate household.
A beneficiary family will comprise of husband, wife, unmarried sons and unmarried daughters.

Eligibility for PMAY

To avail subsidies on loan under PMAY, there are some eligibility criteria being set by the government committee. Prospective applicants have been grouped into four different groups.

How to apply for PMAY Scheme.
An online application can be made to avail the PMAY scheme. You can also visit banks, housing finance companies for your queries regarding the scheme.

Please find below the documents required to apply for this scheme

Address proof documents & photograph
Aadhar Card
Identity proof documents with the photograph
Salary Slip or bank certified bank statements for salaried applicants
Income tax returns of the last two years and bank statement of 6 months for self-employed
Affidavit- Income proof
There may be a few other requirements also depending on the bank approached by you.

Narendar Singh


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