The Pradhan Mantri Awas Yojana (PMAY) was introduced by Prime Minister, Narendra Modi on 1st June 2015. The main objective of PMAY Scheme is to provide cheap houses at low prices to the poor and low income people in cities and rural areas. The mission is to provide housing for all by 31 March 2022 and targeted to construct 2 crore houses.
Under this scheme, if someone buys a house for the first time, then they will be given a credit linked subsidy. Which will be the interest subsidy on home loan to buy a house. This subsidy will be up to Rs 2.67 lakh. This scheme is sponsored by the Central Government.
Different categories under the scheme
First and second categories :-
-
It will consist of Economically Weaker Section (EWS) and Lower Income Group (LIG) with 3 to 6 lakh annual income.
-
Interest rate Subsidy in this category will be 6.50% p.a.
-
Home Loan Tenure (Max) will be 20 years.
-
Maximum Eligible Home Loan Amount to Qualify for Subsidy under this category is 6 lakh rupees.
-
Maximum Interest Subsidy Amount under this category is 2.67 lakh rupees.
-
Discount Rate for NPV Calculation of Interest Subsidy is 9.00%
Third category :-
-
There will be middle income group-1 (MIG-1) with 6 to 12 lakh annual income.
-
Interest rate Subsidy in this category will be 4.0% p.a.
-
Home Loan Tenure (Max) will be 20 years.
-
Maximum Eligible Home Loan Amount to Qualify for Subsidy under this category is 9 lakh rupees.
-
Maximum Interest Subsidy Amount under this category is 2.35 lakh rupees.
-
Discount Rate for NPV Calculation of Interest Subsidy is 9.00%
Fourth category :-
-
There will be middle income group 2 (MIG-2) with an annual income of 12 to 18 lakhs.
-
Interest rate Subsidy in this category will be 3.0% p.a.
-
Home Loan Tenure (Max) will be 20 years.
-
Maximum Eligible Home Loan Amount to Qualify for Subsidy under this category is 12 lakh rupees.
-
Maximum Interest Subsidy Amount under this category is 2.30 lakh rupees.
-
Discount Rate for NPV Calculation of Interest Subsidy is 9.00%
Till when these categories will get the benefit of subsidy
-
EWS and LIG will continue to receive the benefit of Credit Linked Subsidy till 31 March 2022.
-
MIG- 1 and MIG-2 will get benefit till 31 March 2020. However the time period of these two categories may extend till March 31, 2022.
What documents are required ?
For Salaried Class
-
Identity Proof :- PAN card, Voter ID, Aadhaar card, passport, driving license, Any government issued photo ID Card and A letter with a photograph obtained from the Recognized Authority or Public Servant is required.
-
Address proof : - Voter card, Aadhar Card, Passport, Life Insurance Policy (LIC), Residence Address Certificate, Rent agreement on stamp paper, Address written on Bank Passbook.
-
Income Proof :- Last 6 months bank statement, ITR Receipt, Last 2 months salary sleep
-
Property Proof :- Sales deed, Sale or purchase agreement, Property Registration Certificate if available, Payment receipt
For Non- salaried class
-
Identity Proof :- PAN card, Voter ID, Aadhaar card, passport, driving license, Any government issued photo ID Card and A letter with a photograph obtained from the Recognized Authority or Public Servant is required.
-
Address proof :- Voter card, Aadhar Card, Passport, Copy of Utility Bill, which may contain telephone bill, gas bill, electricity bill, Last 3 months bank statement from Commercial Nationalized Bank, Address on Saving Account in Post Office, Life Insurance Policy (LIC), Residence Address Certificate, Rent agreement on stamp paper, Address written on bank passbook.
-
His shop , the firm or the company 's owner is the case for address proof :- Shop and Establishment Certificate, Trend license certificate, SSI Registration Certificate, Sales Tax / VAT Certificate, Partnership deeds in the event of being a firm, Factor Registration Certificate, Export Import Code Certificate
-
Income Proof :- ITR (Income Tax Return) of last 2 financial years, Balance sheet, profit and loss account, Last 6-month savings account statement and 6-month current account statement for business entity.
-
Property Proof :- Property documents, Agreement copy, Payment receipt.
How to Apply for the PM Awas Yojana Online
-
Visit the official website that is http://pmaymis.gov.in/
-
Find the “Citizen Assessment” option under the “Menu” section.
-
Then enter your Aadhaar card number.
-
Once you have entered your Aadhaar card number then the application page will get open.
-
Then You have to enter your personal details, income details, current residential address, and your bank account details.
-
After entering all information in the application click on “I am aware of” option at the end of the page and then click on the “Save” button.
-
After this you will see a system generated application number which you can save for future reference.
-
Download the duly-filed application and then print it.
-
At last Submit the hardcopy or print form at your nearest CSC office centres and financial institution/banks along with the required documents.
-
If you have mentioned any details wrong you can still edit it , you have to visit the official website of Pradhan Mantri Awas Yojana and then you have to enter your application reference number and your Aadhaar details.
-
Click on the “Edit” option and you will now be allowed to edit your application details.
