Pradhan Mantri Awas Yojana (PMAY)

KYC Documents

Proof of Identity & Address

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Income Documents

Proof of Income

• For Salaried

  • Last 3 months salary slips
  • Form 16
  • Bank statements from the previous six months and pay stubs
  • Documentation of the collateralized property

• For Self Employed

  • ITR for the previous two years, with computation
  • CA audited financials wherever applicable
  • 6 months primary bank statement

Property Documents

Land & property related documents

• Property-Related Documents

  • Stamped agreement of the sale / Sales Deed or the letter of Allotment
  • NOC from the builder / housing society
  • Possession Certificate
  • Detailed Construction cost estimation
  • Bank Account Statement
  • In case of Constructed Apartment - Occupancy Certificate

Co-applicants

• Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
• Co-applicant can be spouse or any first blood relative like parents, siblings, children who hav attained age of maturity (s.t income-ownership grid)
• All co-owners of property should be on loan structure
• Friends cannot be co-applicants (allowed only if they are coming in the capacity of Partners / Directors / Shareholder)

Passport Size photographs

What is PMAY & Does Piramal Finance Offer Loans under the PMAY scheme?

PMAY stands for Pradhan Mantri Awas Yojana which is a Credit Linked Subsidy Scheme (CLSS) introduced by the Central Government of India with the aim of making affordable housing available to various sections of society.

Does Piramal Finance offer Home Loans under the PMAY scheme?

Yes, Piramal Finance offers Home Loans under the PMAY scheme. A beneficiary family not owning a Pucca house (an all-weather dwelling unit) in any part of Bharat is eligible for this subsidy subject to various criteria as defined for the family under various schemes for EWS/LIG/MIG-1 and MIG-2. Through this scheme, the beneficiary is eligible to avail of an interest subsidy on the purchase/construction of a house.

What is the maximum tenure for which the PMAY subsidy is applicable?

The Pradhan Mantri Awas Yojana subsidy scheme is applicable for a maximum tenure of 20 years.

How long does it take to get the PMAY subsidy?

Considering the numerous applicants for the Pradhan Mantri Awas Yojana, the subsidy will be received within 3-4 months. The government performs thorough verification before approving the subsidies.

How does the Pradhan Mantri Awas Yojana subsidy work?

Under the PMAY scheme to provide affordable homes, the government will provide an interest subsidy of 6.5% on housing loans for a 20-year tenure.

Is it possible to avail of PMAY subsidies after a balance transfer?

A borrower can avail of subsidies under the Pradhan Mantri Awas Yojana (PMAY) when they first acquire or construct the house. While the borrower can transfer the home loan balance, they will not be eligible to avail of the subsidy upon the balance transfer.

How can I check my PMAY application status?

You can track your PMAY application status on the NHB website www.pmayuclap.gov.in using the application ID provided by Piramal Finance.

How to Apply for PMAY Home Loan Scheme

The Pradhan Mantri Awas Yojana (PMAY) allows eligible first-time homeowners to claim subsidies against the purchase of their first property, subject to its norms.The PMAY scheme is open to just about any family with an annual income of not more than INR 18 lakh. If you'd like to apply for PMAY subsidy financial advantage, you can do so at either of our divisions. Do you dream of owning your home via the Pradhan Mantri Awas Yojana (PMAY)? Our team of experts will help you at every stage of the application process. Our nearest branch professionals will evaluate your application and process it as soon as possible. Our intention is to streamline the process and make it as quick and easy for you as possible.

Apply for our home loan using the following steps to become eligible for the Pradhan Mantri Awas Yojana:

• Go to our application form and fill out the details.
• Submit all your Income and KYC documents.
• Wait till the application gets processed for verification.
• Download the self-declaration form and fill it out.
• Carry the Aadhaar card of every family member along with your original ID proof.
• If everything meets the eligibility criteria, your loan will be approved within a few minutes.
• Subsequently, the loan amount is disbursed and credited to your bank account.

Once your subsidy is approved, it is adjusted against your home loan automatically. As a result, purchasing your dream home will become more affordable. Our dedicated relationship managers are also available when you need them to answer any questions that you may have about the home loan application process or the PMAY and its status. At Piramal Finance, you will enjoy various benefits when you take a home loan, including flexible tenure and installments to make purchasing a home hassle-free.

Note: The evaluation of your entitlement to receive CLSS economic advantages is solely at the good judgment of the Indian government. The guidelines highlighted in the Centrally sponsored scheme for determining eligibility are illustrated in this content.