aid first-time homebuyers. It offers a series of benefits and one of the most important being the interest subsidy that you can benefit from on your home loan. The goal of the scheme is to provide affordable housing for all by 2022. Here is all you need to know to apply for this scheme.
General Eligibility Criteria:
To be eligible for this scheme, you or your family must not own any property in their name
in any part of India. You’re illegible if you or your family has already benefited from a
housing-related scheme launched by the Government of India sometime in the past. Finally, you must have an Aadhaar Card showcasing your latest information in order to apply for this scheme.
Income Based Eligibility Criteria:
The PMAY scheme is divided into 4 income categories. These are Economically Weak Section (EWS), Lower Income Group (LIG), Middle Income Group 1 (MIG 1) and Middle Income Group 2 (MIG 2). To qualify as an EWS applicant, your household’s annual income cannot exceed Rs.3 lakh. In the case of LIG, your household’s annual earnings must be between Rs.3 lakh and Rs.6 lakh. To qualify as a MIG 1 applicant, the household’s annual earnings cannot exceed Rs.12 lakh. As for the MIG 2 category, the annual earnings must be between Rs.12 lakh and Rs.18 lakh. Adhering to the Pradhan Mantri Awas Yojana eligibility criteria is vital to qualify for the scheme and to avail its benefits. The next step is to apply for the PM Awas Yojana scheme and here is a step-by-step guide for you to follow.
Online Application Process For PMAY:
- To apply for PMAY, follow these steps
- Log on to the official PMAY website.
- Navigate over to the Citizen Assessment.
- Select ‘Benefit under 3 components’.
- Enter your Aadhaar card Number and Submit.
- This page requires you to fill all your personal details. Fill in all information
accurately as this form will be considered as your final application based on the
terms of PMAY.
- At the end of the page, check the box stating you’re aware of the claims of this form.
Enter the captcha code and click on ‘Save’ to end the online application process.
Additionally, you can also apply for PMAY offline by visiting a Common Service Centre (CSC)and filling up the form.
Follow this simple guide and enjoy an interest subsidy of up to Rs.2.67 lakh on your home loan. To get the maximum benefit from this scheme, use the PMAY Eligibility calculator and opt for a lender that sanctions the loan on other cost-effective terms.
When you avail the loan, you enjoy the luxury of convenience as you can apply online and also benefit from doorstep service. As a part of this service, a representative will come to your current address and assist you with your loan processing procedures. As for the finances, you can get up Rs.5 crore as the loan amount at flexible tenure that can go up to 20 years.
The long tenure coupled with an attractive home loan interest rate amounts to huge
savings, adding to the affordability of this loan. Additionally, you can also get a top-up loan on your existing home loan, which lets you borrow an additional amount over your home loan at nominal interest rates. You can also check your name in PM awas yojana list if you have already applied.