Thursday, December 6, 2018

Things to Remember When Applying for PMAY - Housing for All

PMAY or Pradhan Mantri Awas Yojana is a scheme that has been launched by the Government to provide housing to those families which belong to LIG (Low Income Group) and the economically weaker sections in rural areas. This has, however, been modified to include families which belong to MIG (Middle Income Group) too to include every possible section of the society and provide housing for all by 2022.

There are some eligibility criteria which needs to be met in order to avail the benefits of PMAY. Some of these guidelines are as follows -

Firstly, only those individuals who belong to a certain income groups are eligible to apply. These are -

EWS - those families which earn Rs. 3 lakhs or lesser per annum
LIG - those families which earn between Rs. 3 lakhs and Rs. 6 lakhs per annum
MIG - consists of two groups which are -
MIG - those families which earn between Rs 6 lakhs and Rs 12 lakhs and,
MIG II - those families which earn between Rs 12 lakhs and Rs 18 lakhs

Here, family refers to the joint income of a husband and wife.

The next condition is with regard to assets. Those who want to avail PMAY subsidy cannot have a pucca house anywhere in the country, in the name of the husband, wife, or children. However, any adult who is earning but not married can apply for the loan.

The house has to bought in the name of a female member of the family. She can in turn buy the house in a joint ownership with a male member of the family. A male member can only buy the house in the absence of a female member.

Lastly, some basic documents need to be furnished which include proof of identity and recent photographs.

In case you are not eligible for the PMAY scheme, then there are other options too such as home loans which are provided by many lenders these days. You can look forward to loan amounts of up to Rs. 3.5 crores which can be paid back in up to 20 years.

Reference Read: Points to Check about Pradhan Mantri Awas Yojana Eligibility