It is the dream of every citizen to live in his/her own home one fine day. Of course, upper and the richer class don’t have issues in realizing this dream as they have the money! But what about the dreams of poor and middle-class people? How can they fulfil their dream of having an own home?
The poor and the middle don’t need to sacrifice their needs as the Pradhan Mantri Awas Yojana is here to benefit them all by helping them live in a dream home.
The motto of the Pradhan Mantri Awas Yojana scheme is to offer inexpensive housing solutions to all the residents of India. This scheme was earlier known as ‘Housing for All’ which has been given a new lease of life by the Central Government of India.
So, what are the eligibility criteria and other things that one needs to consider while booking a home under the Pradhan Mantri Awas Yojana? Let’s know more.
What is the Pradhan Mantri Awas Yojana Eligibility for Booking a Home?
If you come from the economically weaker section and lower income group of the society, you can apply for a home under the Pradhan Mantri Awas Yojana. Here are the Pradhan Mantri Awas Yojana eligibility terms that you need to meet:
- Pucca houses are made of high-quality materials and if you do not have a pucca home in your name or any other family member’s name, you can apply
- Your family should have you, your wife and unmarried children
- People earning up to Rs.3 lakh per year are considered as economically weaker section and people earning between Rs.3 lakh and Rs.6 lakh lower income
- People belonging to these income group would need to make an affidavit or submit the proof of income
- Females are given preferences in the scheme as it’s a scheme to empower women as well
- Senior citizens and disabled will also be given priority over normal individuals while applying for a home on the ground floor
How to Apply and Book a Home Under the Pradhan Mantri Awas Yojana?
- Once you fulfil the Pradhan Mantri Awas Yojana eligibility or even if you are a slum resident, you can apply for a home by visiting www.pmaymis.gov.in
- Once you land on the website, you will need to click on the ‘Citizen Application’
- Click next on the ‘benefit under 3 components’ if you come from the economically weaker section or low income group and submit the Format-B applications
- You can then track your status by clicking on the ‘track your application status’ button
Get the Interest Rate Subsidy on Home Loans
The Central Government provides you a chance to avail a Home Loan under the scheme.
You can apply for a Home Loan from listed commercial banks, urban cooperative banks, and non-banking finance companies (NBFCs) and even housing finance companies.
You can avail an interest rate discount of 4% if you avail a Home Loan of Rs.9 lakh. If you avail a Home Loan of Rs.12 lakh, a 3% discount is what you can enjoy on the interest rate.
For availing Home Loans under the Pradhan Mantri Awas Yojana more than Rs.12 lakh, there won’t be any interest subsidy and you will need to get it at the market rates.
The Bottom Line
If you want to book a house on a Home Loan and want to earn interest subsidy to realize your dreams at a lower rate, you can apply for the PMAY scheme.