Important Points You Need to Know About PMAY
PMAY is a government scheme known as Pradhan Mantri Awas Yojna. This scheme was launched on 1st June 2015 by the prime minister. The main motive of this housing scheme was to encourage affordable housing for the poor and urban people of the country who cannot buy houses. This scheme is CLSS that is a credit-linked subsidy scheme. PMAY scheme is beneficial for those who wanted to take a loan for construction or purchasing their home. Continue reading to know some vital points that you should know about PMAY.
Purposes of PMAY housing scheme
The price range of property is touching the sky in India. In this situation, the PMAY housing scheme provides affordable and sustainable houses for financially weaker people. With the help of this scheme, the Government is also planning to provide housing for all by 2022, and CLSS intends to construct more than two crores of houses for minority groups. This housing scheme also offers lower interest rates for loans, but only the Economically Weaker Section, commonly known as EWS, is eligible for this loan.
Income ranges for various Economic groups
- EWS: up to Rs.3 lakh
- LIG: From Rs.3 lakh to Rs.6 lakh
- MIG 1: From Rs.6 lakh to Rs.12 lakh
- MIG 2: From Rs.12 lakh to Rs.18 lakh
Distinctive features of the PMAY scheme
The housing scheme is to provide houses to every person till 2022. Below are some other essential features of PMAY:
- PMAY scheme is willing to provide affordable houses to the community that is facing a financial crisis. They mainly focus on women, minorities, and the scheduled castes and tribes of the country.
- Under this scheme, the Government is aiming to provide ground floor houses for senior citizens.
- To take the benefits of the PMAY scheme, interested people need to register for their house. It is compulsory to follow the registration process on the name of women, mothers, or wives.
- Other minorities like transgender, widows, or the community of lowest-income source can also register for their house through this housing scheme.
Pradhan Mantri Awas Yojana Eligibility criteria
An individual should evaluate the eligibility criteria for the subsidies before they apply for the PMAY scheme. Consider the following eligibility criteria for Pradhan Mantri Awas Yojana:
- The most important factor is their source of income. The buyer should come under the categories of EWS, LIG, or MIG 1 or 2.
- If the family’s total income has passed more than Rs.18 lakh, they will not be eligible to avail of the subsidy of the PMAY scheme.
- It is mandatory to prepare the property in the name of women of the family. One can own their house by joint property papers. One owner should be a female. To buy a place on the name is only possible when they do not have any family members.
- PMAY scheme is only available for those who have never owned any property in their life. If they already have a pucca property in their name at credit linked scheme, they would be non-eligible for PM AwasYojana.
- The applicant should not avail of any other housing scheme or any state or central government scheme in the past.
- According to the census 2011, the property owner should belong to the village, town, or city from where the property is situated.
- The applicants should not be availing Pradhan Mantri Awas Yojana or a credit-linked subsidy scheme from any other financial institution.
- The purpose of buying a house with a PMAY scheme is to extend their existing property, then the property should have completed 36 months for the first instalment of the loan.
Documents required for PMAY housing scheme
The documents required for the PMAY housing scheme vary depending on the owner’s salary or business employment.
Applicants who have secured a source of income
- Application form
- Identity proof – Aadhar card, Pan card, Voter ID card, Driving license, or any other photo ID proof.
- Address proof – Aadhar card, voter ID card, or any other ID proof where address is mentioned.
- Income proof – Statement of the bank of last six months
- Documents of property
Self-employed applicants
They need the same documents as salaried employees. They only need two additional documents that are:
- Address proof of businesses
- Proof of Income
An individual should evaluate all the aspects of eligibility criteria before owning the property or loan and check their name on the PMAY list to get the subsidy benefits.
Pradhan MantriAwasYojana scheme is established to give a home to homeless minorities of India. PMAY has successfully provided houses to many people, and if you know someone who can benefit from this scheme, pass on this information to them.
