Housing is a basic human right to which all citizens are entitled. While the wealthy and higher classes may easily afford to buy a home, the bulk of the lower middle class and destitute are still unable to do so. Hence, the special Pradhan Mantri Yojna named Pradhan Mantri Awas Yojna was formed to help everyone in India to have a house of their own.
What is the Pradhan Mantri Awas Yojana?
The Union government launched the ambitious Pradhan Mantri Yojana named Pradhan Mantri Awas Yojana (PMAY) to solve India’s acute housing crisis, under which nearly 20 million affordable houses would be created by 2022. The article reflects on the various process related details to apply for the PMAY program.
One major advantage of PMAY Awas Yojana is that it helps Indian women in becoming financially strong. Under the plan, if a married man applies for a loan, he must enroll his wife as a co-applicant for the loan, even if she is not involved in the financing of the purchase of the property. This will help women to have a financial support especially if they are old or widowed.
How to check if you can apply for the Pradhan Mantri Awas Yojana program?
The Pradhan Mantri Yojana for availing home loans was formed to help the underprivileged low-income sections of the society. Hence, those who want to apply for Pradhan Mantri Awas Yojana must belong to the below poverty line or low-income group. Other requirements include:
- You must not own a house of your own i.e., a pucca house. A pucca home is a structure constructed of high-quality materials.
- You, your spouse, and your unmarried children make up your family.
- You need to fall in one of the following categories: (1) Economically Weaker Section (EWS) which includes those with annual incomes of up to Rs 3 lakh (2) Low-Income Group i.e., those with annual incomes of between Rs 3 and Rs 6 lakh.
- Medium Income Group (MIG) 1 category: Those who have an income of approximately somewhere between Rs 6 and Rs 12 lakh. Such individuals can get an interest discount on home loans up to a maximum of Rs 9 lakh.
- Individuals with a family income of between Rs 12 and Rs 18 lakh per annum would fall under the scheme’s Medium Income Group (MIG) 2 and will be eligible for an interest discount on home loans up to Rs 12 lakh.
- People from minority groups, such as SC/ST/OBC, shall be considered minorities. To be considered for the PMAY eligibility, these individuals must produce the necessary caste and income certifications.
- This is a pro-woman plan in which female members of a family are given priority when it comes to owning a home.
- When applying for a ground-floor apartment, older and handicapped people will be given priority over others.
Guidelines for this unique Pradhan Mantri Yojana
What is the procedure for applying for a house under the PMAY?
- If you meet the PMAY’s qualifying requirements, you can apply using the Pradhan Mantri Awas Yojana online application form.
- Click on the Select Citizen Assessment tab.
- Choose ‘benefit under three components’ under citizen assessment based on your income type and submit the Format-B applications.
- After that, click on “monitor your assessment status” to keep track of your progress.
Documents for the Pradhan Mantri Awas Yojana
1. A properly completed application form
2. Income certificate/ PAN Card/Aadhar Card/Voter ID Card/Driving License/MNREGA No.
3. UID – PAN Card/Aadhar Card/Voter ID Card/Driving License/MNREGA No.
4. Identification Proof of Nationality
5. Caste certificate/demonstration of the category (whether SC/ST/OBC/Minority)
6. Address Proof Copy
7. Proof of Income – Original Salary Slip/Salary Certificate/Other Sources of Income
8. If appropriate, the most recent IT return/IT assessment order/Form No. 16
9. Bank Account Statements for the Previous 6 Months