A.What is the procedure to buy a home under PM Awaas Yojana?
PMAY is a program to help the under privliged to own their first home, it is the credit linked subsidy scheme of housing for all by 2022. It is same as buying any home in India with a few entry or eligibility criteria to be met.
Based on the household income (all earning members) the applicant would fall under
1.Economically weaker Section(EWS) - Annual household income upto 3 lakhs/annum
2.Low Income group (LIG) - 3.01-6 lakhs/annum
3.Middle income group (MIG)-1 6.01-12 lakhs/annum
4.MIG 2 12.01-18 lakhs/annum.
Over a loan period of 20 yrs, the maximum subsidy that one can get ranges from 2.3 lakhs (MIG-1),2.35 (MIG-2), to 2.67 lakhs (EWS,LIG).
5.The applicant should not own any permanent structure or Pucca house in their name.
6.For the EWS and LIG eligibity, the owner should be a female member of the household.
7.Applicants should be potentialy first time home owners.
8.Age less than 70 years
9.If constructing a house, it should be completed by 36 months.
B.What is the basic eligibility to get the house under this scheme?
2.Aadhaar card is mandatory
3.Proof of income- slaray silp,bank statements or an affidavit for self employed.
4.IT returns for last two years.
6.Customer declaration and KYC form.
C.Where to contact and how to proceed?
Any major nationalized bank, private bank, Housing finance firms. The PMAY is available via the Prime Lending institutions. Please ensure that all the documents are valid and the facts are correct. If you have an adult earning member in the house and not declared the income or hiding income for the sake of eligibility attracts legal action. No agents are needed for the PMAY.
This is the Government website for the details