What Are The Eligibility Criteria To Get Subsidized Loan With PMAY?
The Pradhan Mantri Awas Yojana is an initiative by the Government of India that aims to provide affordable housing to everyone in India. It allows first-time homeowners in India to get subsidies on their first property purchase.
What is Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana is a government scheme that plans to make housing affordable for everybody in India. It offers subsidy on home loans taken for the following:
- Purchase of a property and construction of a home
- Purchase of a property
- Construction of a home
- Extension of existing house (adding a room, kitchen or bathroom)
Only first-time homeowners who don’t have a ‘pucca’ house named after them or their family member are eligible for this subsidy scheme under the Pradhan Mantri Awas Yojana.
If you are eligible for Pradhan Mantri Awas Yojana and have applied for a home loan at Piramal Finance, then you can get home loans with extremely low interest rates. Owing to the credit linked subsidy, the interest rates can be as low as 6.5%.
Eligibility criteria to get subsidized loan with the PMAY
Here are the eligibility criteria that make you eligible for a subsidized home loan with the Pradhan Mantri Awas Yojana.
- Here are the eligibility criteria that make you eligible for a subsidized home loan with the Pradhan Mantri Awas Yojana.
- You or your family should not own a ‘pucca’ house in any part of India.
- In case a married couple is concerned, any one of them or both of them in joint ownership will be eligible for the scheme a single time.
- You should not have availed any housing assistance from the Central Government or under the Pradhan Mantri Awas Yojana.
- Employment Type Both salaried and self-employed individuals can apply for a home loan at Piramal Finance, under the Pradhan Mantri Awas Yojana.
- Under salaried applicants: Any person working in a government institution or a PSU office is eligible under this category. People working at private limited companies, MNCs, NGOs and trusts are also considered salaried applicants.
- Under self-employed applicants: This category includes self-employed professionals who are doctors, lawyers and chartered accountants. Other than this, self-employed non-professionals and business owners can also apply under this category.
- Age
- For salaried individuals – Any salaried individual over the age of 21 can apply for a home loan at Piramal Finance. The maximum age to apply for a home loan is 70, in case of ex-government employees receiving pension. In all other cases, you’re only eligible till your age of retirement.
- For self-employed individuals – Any self-employed individual between the age of 23 and 70 can also apply for a home loan at Piramal Finance.
- Documents Required
- Proof of identity (Aadhar card, voter ID Card, passport, driving license)
- Proof of residence (Aadhar card, voter ID Card, passport, driving license, utility bills)
- Proof of income (ITR of the last 2 financial years, financials audited by a chartered accountant, banks statements with salary slips)
- Documents of the property
- Co-applicant: A co-applicant is mandatory in certain cases. A co-applicant can be your spouse or a first-blood relative like your parents, siblings or children. They have to be over the age of 18 and a woman, in many cases.
Key features of PMAY subsidized home loans
- Credit linked subsidies: With PMAY, you can get subsidies up to Rs. 2.67 lakhs on loans of Rs. 6 lakh or less. This can help you build a home and not spend a fortune.
- Low interest rates: If your household income is less than Rs. 6 lakhs per annum, then the interest subsidy could be as much as 6.5%. If it is between Rs. 6 lakh and 12 lakh per annum, then the interest subsidy can be 4%. If it is between Rs. 12 lakh and 18 lakh per annum, then the interest subsidy is 3%.
- Easy application process: Piramal Finance has an extremely simple application process. A dedicated relationship manager will guide you through the entire process.