PMAY is an affordable housing scheme by the central government of India to provide a pucca house for the underprivileged citizens of India. Anyone who does not own a home can apply for PMAY. Read on to know the steps to apply for the PMAY benefits.
The PMAY or the Pradhan Mantri Awas Yojana scheme is an affordable housing scheme that was launched in 2015. Under the scheme, the government aims to provide an affordable housing unit for all by building two crores new housing units and providing subsidy on home loan interest.
As per the PMAY mandate, anyone who does not own a pucca house in any part of India and meet the income criteria can apply for the scheme and enjoy its benefits. Before you apply for the PAMY benefits, you must know the eligibility, which is listed below:
- You must be unmarried or a representative of a family that includes parents, spouse and unmarried children.
- To be eligible for the PMAY, you must hold a valid Aadhaar card.
- If you belong to the middle-income group, your annual household income should not be more than 12 lakhs. If you are applying for the subsidy under Low Income Group or Economically Weaker Section category, your total income should not be more than three lakhs and six lakhs respectively.
- You or any of your family members should not have availed financial benefit through any other government housing scheme.
Applying for the PMAY Benefits
There are two ways to apply for PMAY benefits – offline and online. Below listed the processes involved for online and offline application.
Offline Application
If you wish to apply for the PMAY subsidy offline, you must buy the subsidy form from any of the CSC or the Common Service Centre operated by the state government. The cost of the form is 25 INR plus the GST.
Online Application
You can avoid the hassles of multiple visits to the CSC and apply for the subsidy online. The online process is easy and quick. Follow the steps listed below:
- Click on the citizen assessment menu on the top and choose the appropriate tab from the drop-down menu based on your income. If your annual income is more than three lakhs, choose the ‘benefit under other 3 components’ option and if your income is less than three lakhs, choose ‘for slum dwellers’ option.
- When you select the applicable option, a new page will open, which would ask you to enter your Aadhaar card number. After the Aadhaar is verified, you will be re-directed to the application form page.
- Fill the form with necessary details including name, contact number and address, details of the family members, religion, cast, and marital status.
- After you fill the form, cross-check the details, and if everything is correct, click on the submit button. When you finish submitting the form, you will get an assessment ID, which must save for tracking your application status.
How much subsidy can you claim?
As per the Pradhan Mantri Awas Yojana mandate, there is no limit on the loan amount you can avail, but the subsidy is limited based on the income category you belong.
If you apply for the subsidy under the EWS or LIG category, the maximum subsidy you can get is 6.5% on a home loan up to 6 lakhs.
If you apply for the subsidy under the MIG (I) category or the MIG (II) category, the maximum subsidy you can get is 4% on loan up to 9 lakhs and 3% on a home loan up to 12 lakhs.
So, if you are a first-time home buyer, make sure that you take benefit of the PMAY. It would significantly help you reduce the total loan cost and make the repayment more affordable.
