How To Buy a Home Under PMAY
How to Buy a Home under PMAY
The dream of owning a home is not a dream anymore as PMAY (Pradhan Mantri Awas Yojana) is making everything possible. Indeed, the purpose of initiating this scheme by our Honorable Prime Minister Narendra Modi is to provide affordable housing to everyone in India. As a part of the scheme, people from middle and poor class will surely going to have benefit. In order to get a house under the scheme, it is important for the people to take care of eligibility and get to have thorough knowledge before proceeding.
Eligibility under PMAY:
- One should not own any pucca house in his or own home. Along with this, any of the member from the family should, also, not have a pucca house in their name.
- The Family applying for a house under PMAY should have members as husband, wife and unmarried children.
- It is important to show income proof by the economically weaker section and low income group. The weaker section comprises of people having an annual income of Rs. 3 Lakh, while the low income group should have annual earning between Rs. 3 Lakh and Rs. 6 Lakh. If people belonging to such section does not have income proof; they are required to make an affidavit.
- Being a Pro-woman scheme, the government will give preference to females applying for a house under PMAY.
- Certainly, old aged or disabled citizens applying for a house under PMAY would be given preference as compared to physically fit applicants.
Process of Buying Home under PMAY:
- When it comes to the matter of buying a house under Pradhan Mantri Awas Yojana, the government will keep around 30 percent of houses for economically weaker section. Under this scheme, the authorities plan to build more than 2 crore houses. If a person, already, has a house under PMAY; then, he or she cannot buy another house at all. Though, it is possible for a person to take loan under the Pradhan Mantri Awas Yojana for repairing or renovating their home. It should be noted that the loan taken for house repair or building own home should take place in an eco-friendly environment for sure.
Applying for a House under PMAY:
- On meeting the eligibility criteria under the Pradhan Mantri Awas Yojana, one can apply for the house. Also, an applicant belonging to slum area can apply for a house under the scheme.
- To start the process, one should click on Citizen Application.
- Further to this, one should click on ‘benefit under 3 components’ on belonging to either low income group or economically weaker sections
- Fill the Format-B application and submit it.
- One can also track the status of their application by clicking over ‘track your application status’ tab.
Getting Interest Subsidy under PMAY:
- For people who do not have money to buy a home, the government allows a home loan as per the scheme from Scheduled Commercial Banks, Housing Finance Companies or even Urban Cooperative banks.On availing a home loan of Rs. 9 Lakh, the applicant gets an interest rate of 4 percent. This means that banks providing loan to the applicants with 10 percent interest will charge only 6 percent. On the other hand, getting a home loan of Rs. 12 Lakh will get you a subsidy of 3 percent, which means that the interest to be paid would be 7 percent out of 10. This makes it quite clear that buying a home under Pradhan Mantri Awas Yojana is highly beneficial for poor and low income group sections.