Things to Know About Eligibility Criteria for PMAY

In a recent announcement, the Government of India has further approved the construction of additional 1.68 lakh houses under PMAY in the urban areas. The introduction of affordable housing in 2015 has played a significant role in increasing the demands in the real estate sector, as well as the home loan segment.

However, to qualify for this scheme, borrowers need to meet the eligibility criteria set by the government.

Pradhan Mantri Awas Yojana eligibility criteria

The applicant and his/her family should not have a pucca house anywhere in India.

The beneficiary must not have availed government housing previously.

PMAY is only restricted to first-time homebuyers.

This scheme is only applicable to statutory towns, which were named so during the 2011 Census.

The construction or renovation of a concerned property must be finished within 36 months since the first housing loan installment disbursement.

Female ownership is mandatory for EWS and LIG, and it is desirable for MIG. It can be joint or sole ownership.

Along with this, the upper limit on the annual income of every group include the following –

EWS: Less than Rs.3 lakh

LIG: Up to Rs.6 lakhs

MIG-I: Up to Rs.12 lakh

MIG-II: Up to Rs.18 lakh

Meeting these eligibility norms is essential to avail of a home loan under this government scheme. Individuals who meet these eligibility norms can apply for this scheme both online and offline.

Offline application process
To apply offline for Pradhan Mantri Awas Yojana, individuals can visit the nearest common services center and pay a nominal fee to complete this procedure.

Online application process
Here are the steps for PMAY online application –

Go to the official website

Click on the ‘Citizen Assessment Tab’ and choose the category under which one wishes to apply

Following this process, applicants need to submit their Aadhar card details

They will be then redirected to the application form, where individuals need to provide their personal details, income details, details of co-applicant, bank account information, contact information, etc.

After that, they need to enter the captcha and save their application.

To complete this process and avail the benefits of the Pradhan Mantri Awas Yojana, individuals need to keep the required documents handy. Here is the list –

Aadhar card

Address proof

Caste certificate, if required

Income proof

Proof of non-ownership of another house

Proof of construction of the property

After completing this process, borrowers can also check their application status online via the official website. The PMAY list of beneficiaries will be available on this site.

Following a successful application and registration, individuals can then approach a financial institution registered to provide a home loan under PMAY for funds. Even though one cannot skip the PMAY application process, individuals can bypass the application process with a lender via pre-approved offers.

Financial institutions extend this offer to streamline the loan application process and save time. It applies to financial products like home loans, loans against property, etc. Borrowers can check their pre-approved offer within seconds by submitting their essential contact details.

PMAY has made home loans affordable and ‘housing for all’ a reality. Nevertheless, one should know how PMAY eases its way to become a homeowner before opting for benefits under this scheme.

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