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  • Category: Central Government

    What is the procedure to buy a home under PM Awas Yojana (PMAY)?

    Planning to buy a home? Wondering how to take benefit of the PM Awas yojana? On this page you can go through the advice provided by experts and decide how to use this yojana.

    Today many of us do not have their own house and they are residing in the rented house. Everyone is aiming to have their own house. For this purpose, people can use scheme of owning a house by PM of India under PM Awas Yojana (PMAY).

    What is the procedure to buy a home under PM Awaas Yojana? What is the basic eligibility to get the house under this scheme? Where to contact and how to proceed?
  • Answers

    3 Answers found.
  • Pradhan Mantri Awas Yojana is a programme by Government of India to provide "Housing for all by 2022''. In this, scheme there is a Subsidy Scheme on home loans for properties in urban market belonging to Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG). It can be availed for new or resale purchase of a home, construction, or for extension or improvement of House.
    The documents required for availing this benefit are
    KYC Documents & Photograph
    Aadhar Card is mandatory
    Salary slip or Certificate & updated bank statement for salaried applicants
    Income Tax Returns of last two years and bank statement for self-employed applicants
    Customer declaration undertaking
    Application form
    The subsidy offered is dependent on the loan amount and the income group of the individual. Applicants with income up to ` 6 Lacs, can avail a maximum subsidy of `2.67 Lacs.
    Applicants with income up to `12 Lacs can avail a maximum subsidy of `2.35 Lacs.
    Applicants with income up to `18 Lacs can avail a maximum subsidy of 2.30 Lacs.
    You can visit any bank or housing finance company like DHFL and enquire about the Pradhan Mantri Awas Yojana scheme.

    always confident

  • Pradhan Mantri Awas Youjna is the best Yojna which have provided house s to many citizens of India. I am providing step by step procedure to get benefits of this Yojna.
    1. You must have the citizen of that village/town where you want to get your house.
    2. You must have a piece of land in your own name. It is mandatory.
    3. Must have a bank account which should be linked to your adhaar card.
    How to apply?
    To apply for the house in Pradhan Mantri Awas Yojna, you have to contact your local Nagar panchayat or Nagar Parishad. They will provide you a form. Fill the form carefully and attached the mentioned document. After this submit your form to Nagar Panchayat. They will follow up your application and visit to survey your land. After that, they will pass your application. You will be notified that your application has sanctioned.

    How will you get paid?
    After sanctioning of your application, you have to start the construction. For the payment, you have to submit the images of house and work progress. As work progress, local panchayat releases the payment. You will be paid in three instalments. The total amount varies from 2 lacs to 3 lacs according to your financial condition.

    Honesty is the best policy.

  • 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?

    1.Indian citizen
    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.
    5.Application form
    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

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