Pradhan Mantri Awas Yojana, or PMAY, is one of the promising housing schemes in India that was announced in 2015. Under this initiative, the Government of India intends to provide pucca housing for all by 2022 under various components. Under the Credit Linked Subsidy Scheme (CLSS) of the PM Awas Yojana, beneficiaries can avail of a home loan subsidy of interest up to 6.50%, which is up to Rs.2.67 lakh. The Pradhan Mantri Awas Yojana eligibility criteria for CLSS specifically apply to beneficiaries from the economically weaker sections, lower-income groups as well as India’s middle-income groups.
To secure homeownership under the PMAY scheme, you need to meet the Pradhan Mantri Awas Yojana eligibility criteria. Continue reading to know how to qualify and apply for the Pradhan Mantri Awas Yojana scheme.
Pradhan Mantri Awas Yojana eligibility criteria
You can qualify for CLSS under the PM Awas Yojana if you fall into one of the following groups categorised as per annual income.
- Economically Weaker Section (EWS): Beneficiaries have an annual income of less than Rs.3 lakh.
- Lower Income Group (LIG): People with an annual income between Rs.3 lakh and Rs.6 lakh
- Middle Income Group I (MIG-I): Beneficiaries with annual income between Rs.6 lakh and Rs.12 lakh
- Middle Income Group-II (MIG-II): Beneficiaries with annual income between Rs.6 lakh to Rs.18 lakh
Apart from this, you need to meet the following Pradhan Mantri Awas Yojana eligibility terms.
- The beneficiary or any of their family members should not own a pucca house
- The beneficiary and their family members should not have availed of other government housing schemes
- Beneficiaries and their spouses are only eligible for one subsidy
Application process for Pradhan Mantri Awas Yojana scheme
You can easily apply for PM Awas Yojana online by following the steps given below.
- Log in to the official PMAY website and select the category under which you qualify for the scheme from the ‘Citizen Assessment’ dropdown list.
- Enter your Aadhaar details. This is mandatory to qualify for this housing scheme.
- Next, fill out the required information regarding your age, employment, and income details in the online application form.
- Enter the captcha and click on submit.
Do note that the above application process needn’t be carried out for availing the CLSS subsidy. In this case, you can simply ensure you meet the Pradhan Mantri Awas Yojana eligibility and apply for a home loan with lenders authorised to offer the home loan subsidy relating to interest. Once the loan is sanctioned, you can submit the CLSS subsidy application to the lender. The lender will contact the Central Nodal Agency and will credit your loan account on receipt of the subsidy amount.
Documents required for Pradhan Mantri Awas Yojana application
You need to submit the following documents while applying for PMAY CLSS.
- Identity proofs including PAN card, Aadhaar card, passport, voter’s ID or driver’s license
- Address proofs such as utility bills or ration card
- SC/ST/OBC certificates, if applicable
- Income proofs including salary slips, Form 16, ITR, last six month’s bank account statements
- A self-affidavit income certificate if your income is below the taxable limit
- EWS or the LIG category beneficiaries need to submit a self-declaration form
- Self-employed applicants need to attach a self-attested statement of finances and a declaration outlining their business
Furthermore, you need to submit the following property documents.
- Certified valuation certificate
- Approved construction plan
- A certificate from an engineer or architect stating the construction and repair costs and the expected life of the house
- A construction agreement with your builder, if required
- Document to prove that the location of the construction is as per the law
- No objection certificate from housing society or any necessary authorities
- A letter of allotment of property or an agreement of sale
- An affidavit stating that neither you nor your family owns a house in India
On qualifying for PM Awas Yojana, search for housing finance facilities that allow you to avail PMAY benefits, such as the Bajaj Finance Housing Limited Home Loan. With this loan, you can not only avail of the interest subsidy of 6.5%, but also access a high loan amount, which you can easily repay over a flexible tenor of up to 30 years. Moreover, there are zero charges on part-prepayment or early foreclosure of the loan. You can also access multiple features such as a hassle-free top-up loan for additional funds and a property search service when you opt for this loan. Apply now to avail of these benefits and become a proud homeowner today!
