Step-by-Step Guide to Avail a Home Loan Under PMAY Yojana
A ‘home’, no matter how small or big in size it is, is one of the basic requisites apart from food, air, and water. Taking cognizance of the necessity, the current Indian government came up with ‘PMAY (Pradhan Mantri Awas Yojana) scheme’ under the ‘Housing for all’ campaign. This scheme focuses on providing housing finance at subsidized rates to first-time home buyers from the economically weaker section. For now, the scheme is available for the EWS, LIG, MIG 1 and the MIG 2 category (These are the income-based classification in India).
Taking a cue from the same, if you are planning to avail the benefits of PMAY scheme, you have to meet the following conditions.
- You are the first time home buyer i.e. you or your family member don’t own a house in any other part of India. (Family, as per the definition of PMAY, a family includes the applicant, the spouse, and unemployed children).
- The gross annual income of the family shouldn’t exceed the maximum income limit specified for each eligible category.
- Also, the lead female member of the family should be the co-applicant of the home loan, and the co-owner of the property.
Additional Read: Home Loan Process
If the following conditions are met, you can follow the below mentioned steps to avail the home loan.
- Arrange all the documents.
- Find out the nearest PMAY partner to approach for the loan.
- Get the PMAY home loan application form and fill it.
- Attach all the documents with the application form and submit it.
Once approved, the requested amount will be disbursed into your bank account. If your income is up to Rs 50, 000 per month; you can apply for the loan using the online application feature.
November 28th, 2018