Table of Contents
What is the procedure of PMAY?
The steps are as follows:
- Log on to the official Pradhan Mantri Awas Yojana at pmaymis.gov.in.
- Choose the ‘Benefits under other 3 components’ option by clicking the ‘Citizen Assessment’ dropdown.
- Enter your Aadhaar number and click submit.
How long does it take to get PMAY subsidy?
How much time it takes to get PMAY subsidy? It takes 2-6 months to get interest subsidy in your loan account.
How does PMAY amount get credited?
Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary Lending Institutions resulting in reduced effective housing loan and Equated Monthly Instalment (EMI). The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 \%.
What are the documents required for PMAY scheme?
List of documents required for PMAY (Pradhan Mantri Awas Yojana)
- EWS/LIG Income certificate.
- Income Certificate (only if the income is below the taxable limit)
- PAN Card.
- Aadhaar Card.
- Voter’s Card.
- Driving License.
- MNREGA Number.
- Nationality Identification Proof.
Can I apply for PMAY myself?
People who want to register themselves under the ambitious housing scheme launched by the Government can submit their application in either of the four components under PMAY.
Can I repay home loan early after PMAY subsidy?
Yes, you can pre-pay your housing loan after receiving PMAY subsidy based on the terms and conditions for pre-payment of your lending institution.
What is PMAY and how to apply for PMAY?
Pradhan Mantri Awas Yojana (PMAY) was launched by the government of India to provide affordable housing to lower economical class of our society. You can apply PMAY under 4 components where Credit Linked Subsidy is important. Here is a process you can follow to apply for PMAY:
How to know about the PMAY subsidy?
To know about the PMAY subsidy, you can refer to the link. For registration under PMAY (Urban), a free of cost demand survey is conducted both, online and offline, by the concerned Urban Local Bodies (ULBs). Eligible beneficiaries can also make online registration themselves through the Ministry’s website.
What is PMAY for first-time homebuyers?
The primary aim of PMAY is to encourage first-time homebuyers from Middle Income Group (MIG) to opt for Home Loans so that the dream of ‘Housing for All by 2022’ can be achieved. There are basically two-income slabs in MIG – MIG-1 (With Annual Income of INR 6 lakh to INR 12 lakh) and MIG-2 (With Annual Income of INR 12 lakh to INR 18 lakh).
What is Pradhan Mantri Awas Yojana (PMAY)?
Realizing the emotional and economic value, owning a house has in the lives of people, the government of India rolled out the ambitious, Pradhan Mantri Awas Yojana . In this article, we explained in detail how to apply for PMAY and reap the various benefits it offers. But before we begin, let us understand the scheme a little.