Pradhan Mantri Awas Yojana: Eligibility and Documents

Pradhan Mantri Awas Yojana is a government-backed credit-linked subsidy scheme that aims to provide affordable housing to the EWS, LIG and MIG population of India. Under this pradhan mantri awas yojana scheme, applicants who meet the qualifying criteria and submit required documents receive a subsidy of up to 6% on their housing loan interest rate.

Note that this scheme is divided into two categories, wherein the PMAY urban caters to the cities and towns and PMAY Gramin is in charge of rural areas.

Eligibility criteria

Applicants who meet these following parameters qualify for PMAY –

• Applicants should not own any pucca house in India.
• They are not a beneficiary of any other home loan related scheme extended by the State or Central Government.
• At least one female member should co-own the property in question. In case there is no adult female family member, the property can be made out in the name of a male family member.
• The property's location in question comes under the list of statutory towns as per 2011 census and adjustment area.

Note that the property construction or extension must be completed within 3 years from the day of the first loan instalment disbursal.

Documents required

Pradhan Mantri Awas Yojana applicants need to submit these documents –

• Proof of identity
• Income proof like salary slips, ITR, account statements, etc.
• Proof of address like utility bills, ration card, etc.
• Property-related documents, sales deed, property registration certificate, sales deed, etc.
• Proof of business (in case of self-employed applicants)

Once applicants belonging to the EWS, MIG and LIG category meet these requirements, they can make it to the PMAY list. This also makes it essential for applicants to become familiar with the steps to check this said list, enhancing the process significantly.