With rapid urbanization and skyrocketing property prices, ‘affordable housing’ slowly faded away like a distant dream for most homebuyers in India. That was until the Government of India introduced the Pradhan Mantri Awas Yojana (PMAY) scheme in 2015, which came as a ray of hope for homebuyers, thanks to a slew of subsidies on home loan interest rates.
If you’re a first-time homebuyer looking to tap into the PMAY home loan benefits, here’s how you can do it.
Here are the detailed eligibility criteria to know whether you can reap PMAY’s benefits.
Apart from the PMAY eligibility, you’ll also need to fulfill the home loan eligibility criteria set by your desired lender.
Step 1 – Log in to the official PMAY website: https://pmaymis.gov.in/
Step 2 – Click on the ‘Citizen Assessment’ drop-down menu and select the category you belong to.
Step 3 – Enter your Aadhaar number and click on ‘Submit.’
Step 4 – The website will verify your Aadhaar credentials through an OTP sent to your registered mobile number. Upon successful verification, you will be directed to the application form, where you will have to provide details such as your name, address, income, religion, caste, contact number, and the likes. Additionally, you will also have to submit the required documents.
Step 5 – After entering all the details and uploading all the documents, type in the Captcha and click ‘Submit.’
After your PMAY application is approved, you can visit a lender to apply for a loan. The lender will take care of the subsidy on your behalf. All you have to do is file a declaration that you meet the eligibility criteria. Once your loan application is approved, the lender will make the subsidy claim and complete all requisite formalities. After the nodal agency – National Housing Bank – approves the claim, the subsidy will be directly credited to your account.
While looking for a lender, it’s advisable to map out your repayment schedule in advance using a home loan EMI calculator. So, you can plan your EMIs better.
With its subsidized home loan rates and tax benefits, PMAY takes a massive chunk of the financial burden off the shoulders of first-time homebuyers. So, if you’re looking for housing finance under PMAY, following the steps mentioned above would get you a lot closer to your dream home.