All you Need to Know before Going to Take Benefits under PMAY
The Indian government kickstarted the ambitious “Housing for All” mission in 2015 with the goal of helping millions of Indians buy their own homes. Under this mission, a programme called Pradhan Mantri Awas Yojana (PMAY) was started. Under this programme, borrowers can get a discount on their home loan interest based on their household income and other rules. In this article, you’ll find out How to Apply for Pradhan Mantri Awas Yojana and all the other information you need about the scheme and the requirements users must meet to be eligible for it.
What is it?
The Pradhan Mantri Awas Yojana is a housing programme that is backed by both the central and state governments and is based on subsidies. By 2022, all eligible people should be able to get a home through PMAY. It makes buying a house affordable for people who are buying their first home. Launched in 2015, it has simple PMAY Eligibility requirements that users must meet to get the benefits of the scheme and make sure they are on the PMAY List of Beneficiaries.
Who is Able to Get it?
On the list of people who will get money and can benefit from knowing how to Apply for Pradhan Mantri Awas Yojana are husbands, wives, and children who are not married. For the purpose of choosing a beneficiary, every adult member of a family who works will be counted as a separate household, no matter if they are married or not.
In India, no one in your family, including you, should own a pucca house.
The property should be in the name of an adult woman in the family for PMAY eligibility. It can be owned by just the woman in the family or by both the woman and her husband or wife. If the PMAY benefit is used to build a house on an already-owned plot, the same condition is not required.
In a family where there are no women, the property can be in the name of the man who is the head of the family. Such a person can go ahead to learn how to Apply for Pradhan Mantri Awas Yojana.
The location you chose for the property should be in all statutory towns, according to the 2011 census, and in the planning area next to them.
For PMAY Scheme under the EWS category, the total family income cannot be more than Rs. 3 lakh.
The person who wants to use the programme must do so between June 17, 2015, and March 31, 2022.
For EWS beneficiaries to be eligible for PMAY, the carpeted area of their home should be up to 30 square metres.
Beneficiary families can only apply for this programme if they have taken out a housing loan to buy or build a house or to fix or add on to a Kucha or semi-pucca house.
Who will Get what Out of this Plan?
For subsidy distribution, people fall into one of the following four groups. These people should know how to Apply for Pradhan Mantri Awas Yojana:
Economically weaker section, or EWS: Families who make up to Rs. 3 lakh per year
(LIG) Lower Income Group: Families who make between Rs. 3 lakh and Rs. 6 lakh a year
Families in Middle Income Group I, or MIG-I, make between Rs. 6 lakh and Rs. 12 lakh a year. Beneficiaries in this group can get an interest subsidy of up to Rs. 9 lakh (or up to 4% of the interest rate) if they take out a home loan for no more than 20 years.
Middle Income Group-II (MIG-II): Families with an annual income between Rs. 12 lakh and Rs. 18 lakh and a home loan term of no more than 20 years. In this category, the interest rate on the advance can’t be subsidised by more than 3%, and the maximum amount that can be subsidised is Rs. 12 lakh.
Under this scheme for subsidiary distribution, other minority groups like SC, ST, Other Backward Castes, and Women are also named based on their economic strata.
How can I Find out if I Qualify for the PMAY Scheme?
You can tell if you meet the requirements by taking the following steps:
Step 1: Ask around your family to see if anyone owns a pucca house. Or has ever gotten a housing benefit from the government?
Step 2: You need to figure out how much your family makes each year to see if it is less than Rs. 18 lakh. To figure out if you are eligible for PMAY, add up the income of your spouse while you are doing this.
Step 3: To get benefits from this scheme, the user must buy a new house or put money into building a new one.
Step 4: You might want to check to see if the building on the property you bought with a home loan was finished within 3 years of the loan being paid out. If it was, you might be eligible for a subsidy.
Step 5: Check once to see if the property is in the area you chose. Once that is done, you can decide if you are eligible for PMAY and then apply.
Once you’ve filled out the application, you can look up your name on the PMAY list to see if you meet the requirements for the urban or rural scheme and your category.
How do I sign up for the PMAY programme? How to Apply for Pradhan Mantri Awas Yojana
How to apply for PMAY is pretty easy. You can apply for this programme by going to its website and filling out the form with the right answers. When you do that, make sure you have your Aadhaar card with you.
How can you make sure your name is on the list?
Users can look around the site and click on the “Search Beneficiary” button to move forward. Also, type in your Aadhaar number or any other personal or regional information that may be asked for. Next, click the “Show” button to bring up the PMAY list on your screen.
But PMAY subsidy benefits are only given to people who fit into the first four categories. At most, a home loan would last for 20 years. But lenders can only give loans to beneficiaries for up to 30 years, and the loan has to be paid back before the borrower turns 70.