Must know these Eligibility Criteria before Applying for PMAY
The introduction of the Pradhan Mantri Awas Yojana or PMAY in 2015 has provided Indians with a chance to purchase a house at a discounted rate on their home loans. Housing loan available under this scheme receives a subsidy, which further eases the repayment for borrowers.
Before one can plan home loans under this government-backed scheme, an individual needs to meet the specific eligibility requirements to apply and avail of the benefits.
PMAY Eligibility Criteria
Here are the notable eligibility norms that one must keep a note of –
- The benefits of PMAY is only restricted to first-time homebuyers.
2. Individuals or their immediate family members must not own a pucca house anywhere in India to be eligible for this scheme.
3. Applicants must not have availed of any other government-backed housing scheme, be it state or central government.
4. Female ownership of the property is mandatory for LIG and EWS, but it is desirable for MIG applicants. Individuals can own PMAY units solely or jointly.
5. This scheme is only applicable to such places, which are considered statutory towns as per the 2011 Census.
6. Following the disbursement of the 1st instalment, the construction of the property must be completed within 36 months.
7. Apart from this, every applicant is divided into specific groups as per their annual income –
- EWS: Up to Rs.3 lakh
- LIG: Up to Rs.6 lakhs
- MIG-I: Up to Rs.12 lakh
- MIG-II: Up to Rs.18 lakh
Fulfilling these eligibility norms is mandatory to qualify for the benefits of Pradhan Mantri Awas Yojana. Individuals who meet these criteria can apply for it both online and offline.
Online application process of PMAY
- Individuals need to visit the official website of PMAY
2. After that, they need to click on the ‘Citizen Assessment Tab’ and select the category which they qualify for and wish to apply.
3. Next, applicants need to submit their Aadhar card information
4. It will then redirect them to the application form, where they need to enter their personal details, details of the co-applicant, income details, contact information, bank account information, and other essential data.
5. Now, they can enter the captcha and save their application.
Offline PMAY Application Process
Eligible individuals can also apply for this scheme offline via their nearest ‘Common Services Centre’. A minimal processing fee is necessary to complete this process.
Following a successful application, individuals can check the status of their application online via the same website. There are two ways to completing this process — one is through personal information and contact number, while the other one involves using the assessment ID.
Providing the required information will enable individuals to access the PMAY list of beneficiaries, where they can check the status of their application.
Since home loan applicants need to mention the PMAY information in their application to avail of the subsidy, one needs to be aware of this status. After that, they can move ahead with the application process.
However, one can skip the hassle of home loan application with pre-approved offers. Such offers streamline the loan application process and save time. It is also available on other secured financial products like loan against property and more. Individuals can check their pre-approved offer by submitting their contact details.
Indians can ease their way of becoming a homeowner with the help of this government-backed housing scheme. Owing to its huge popularity, it seems PMAY’s motto of ‘housing for all’ is becoming a reality.