Pradhan Mantri Awas Yojana: Houses for poor under PMAY get 52% price hike in Vasai-Virar

In a shocking revelation last year, 44,276 houses which were a part of the affordable housing project in Mumbai’s Vasai-Virar under the Pradhan Mantri Awas Yojana, saw their price shoot up from Rs 14 lakhs to Rs 22 lakhs- a rise of 52%. It is to be noted that these were meant or those from the economically weaker sections of the society.

The central government has set a target of building 19 lakh dwellings in the state of Maharashtra by 2022 under PMAY. The scheme which is currently in its third phase was launched in 2015 with the objective to ensure that financial assistance is provided to those who do not have a house of their own and residing in urban or rural areas along with interest subsidy and tax benefits.

Who is eligible?

Your annual income is the primary criterion for PMAY eligibility and determines the subsidy on interest rates as well as the maximum amount that you can avail. The different categories are as follows:

1) Economically weaker section: Earning less than Rs 3 lakhs per annum

2) Low income group: Earning Rs 3lakhs to Rs 6 lakhs per annum

3) Middle income group 1 or MIG1: Earning Rs 6 lakhs to Rs 12 lakhs per annum

4) Middle income group 2 or MIG 2: Earning Rs 12 lakhs to Rs 18 lakhs per annum

Apart from the above, there should be no house registered under your name or that of your family at the time of submitting the PMAY application. It is mandatory that a woman family member is either the only or joint owner of the property.

Source: https://www.bajajfinservmarkets.in/discover/journals/infographics/loans/pradhan-mantri-awas-yojana/

Applying for Pradhan Mantri Awas Yojana

Once you have confirmed your PMAY eligibility, you can submit your completed PMAY application form at any of the Common Service Centre (CSC) near you along with a fee of Rs 25 including GST. Alternatively, you can go through the steps mentioned below to apply online from the comfort of your home.

– Open www.pmaymis.gov.in and click on the ‘Citizen Assessment’ link

– This will show you 2 options- ‘benefits under other 3 components” and ‘for slum dwellers’

– Select the one that is applicable to you and enter your Aadhar card details

– After this, you will be redirected to the PMAY application form

– Enter your name, income, bank account and other personal details as required correctly

– Remember to save the form once you have filled it and enter the captcha

Documentation required

In order to verify the details entered by you in the Pradhan Mantri Awas Yojana application form, you need to submit certain documents such as:

– Aadhaar Card

– Identity proof and residential proof such as Voter ID or PAN Card or Driving License

– Caste certificates if you belong to a minority group such as SC, ST, OBC

– If you fall in the low Income Group or Economically Weaker Sections, a proof of the same should be furnished

– Salary slips, income tax return statements and recent bank statements as income proof

– The value of the property bought through the scheme or under construction should be confirmed with a certificate alongwith proof that there is no ‘pucca house’ in the applicant’s name

Checking Pradhan Mantri Awas Yojana application status

Once you have completed the submission of your application form after knowing your PMAY eligibility, you can track the status of your application online by visiting the PMAY website.

– Go to the tab marked as ‘Citizen Assessment’ and press ‘Track Your Assessment Status’

– Now, you will be presented with two options

– You can enter the assessment ID received after form submission

– Or simply enter the personal details as filled by you during PMAY application procedure such as your name, father’s name and others along with the district, city or state of your residence

– Press ‘submit’ to reveal your application status

Alongwith applying for the Pradhan Mantri Awas Yojana, you can also look at home loans available on Finserv MARKETS to avail the subsidy benefits that come with the scheme. Bajaj Finserv home loans come with attractive interest rates and a loan amount as high as Rs 3.5 crores as well as the choice to opt for up to 360 months of repayment as per your convenience.

Choose from insurance, loan top-up and other value-added services to get the most out of your home loan and get the home of dreams in your budget. So what are you waiting for? Apply for a home loan and get assured fast approval and swift processing to tick off your life goal of owning a home today!