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The Indian residential sector has recorded a significant growth of 51% in the last quarter of 2020, and 2021 promises to continue in a similar trajectory across the country. Along with that, the Indian Government’s continuous efforts have also made housing affordable for the economically challenged sections of the society.
In this regard, the recently concluded Union Budget has announced a benefit of additional interest deduction on housing loans for first-time house owners. Affordable housing has been a persistent issue in this country, especially with rapid urbanisation; it is difficult to find proper housing in such areas.
Hence, to meet this basic need and promote affordable housing, the Government of India has initiated the PMAY in 2015 to construct 30 million affordable houses by the end of 2022.
The Pradhan Mantri Awas Yojana comes with a host of features and benefits. One of the most significant benefits is extending subsidy on home loan interest payment, and to avail such facilities, applicants need to meet specific eligibility parameters.
Eligibility criteria of PMAY
Hence, eligibility parameters of this scheme are discussed below:
- Any household with an annual income of between 3lakh-18lakh can apply for this scheme.
- Individuals or their immediate family members must not have a pucca house anywhere in India.
- They have not availed the benefits of any government-backed housing scheme previously.
- Female ownership of property is mandatory for EWS and LIG groups, and it is advisable for MIG group.
- The property should be located in and around statutory town as per 2011 Census.
Moreover, if an applicant is married and applies for joint ownership, either of the partners can avail of a single subsidy. Hence, individuals should know everything about a joint loan to avail more benefits of this scheme.
The PMAY eligibility varies according to the category that an applicant falls into. The standards are primarily set based on an individual’s income, economic strata, and housing needs. Hence, applicants who are interested in applying for the scheme should know about the PMAY eligibility criteria in detail before applying.
How to apply?
If prospective applicants fulfil the eligibility criteria stated under PMAY list, they can avail of this scheme through an online application process. Here are the steps involved in Pradhan Mantri Awas Yojana apply:
- Visit the official website of PMAY
- Go to the ‘citizen assessment’ section and click on ‘benefits under other 3 components’ in case the applicant is not a slum dweller
- Fill-out the application form with relevant details and click on the disclaimer checkbox and save it with a captcha.
Afterwards, they can save this application for future reference. They can use this application detail to check its approval status and apply for a home loan accordingly.
However, individuals can bypass this hassle of meeting stringent eligibility terms by souring a housing loan from any leading NBFCs of India. Moreover, the availability of pre-approved offers streamlines the application process and saves time. Financial products like home loans, loan against property, etc., extend this offer. Applicants can check their pre-approved offers by providing their essential contact details.
Under the PMAY scheme, the Government of India has sanctioned around 1.8 crore houses to date. This figure is substantial, and the introduction of this scheme has played a massive role in the growth of this country’s affordable housing segment.