Under the Indian Government, a new initiative has been taken up to provide Housing for All under the PMAY or the Pradhan Mantri Awas Yojana. This scheme aims to provide housing to the economically weaker sections of the society and to the LIG group. The scheme was later expanded to include the people of MIG as well so that now it is possible for everyone to realize their dream of owning a house. The scheme has made it possible for more than 20,000 rural and urban poor to have a pucca house of their own.
However, to be able to successfully apply for the scheme, one has to meet certain Pradhan Mantri Awas Yoajana eligibility criteria. There have been very strict guidelines set by the government as to who can and cannot get approved for the loan. The eligibility for PMAY is:
First and foremost, to be eligible for the PMAY scheme, one has to fall in the certain income bracket. It is not just enough to like a house or a location where it is situated in- one also has to meet the criteria for the said income group.
Hence the EWS consists of people who have income of Rs 3 lakhs per year or less. The LIG consists of the income group of Rs 3 lakhs to Rs 6 lakhs. The MIG consists of the group earning between Rs 6 lakhs and Rs 12 lakhs and the MIG II consists of the group earning between Rs 12 lakhs and Rs 18 lakhs. The income value has to be the total earning of the entire family. For example, in the case of the LIG, the joint income of both the husband and the wife has to be between Rs 3 lakhs and Rs 6 lakhs.
For those who are applying for the PMAY subsidy, it is important that they not have any pucca house anywhere in the country, in the name of the husband, wife or the children. However, an adult, earning individual who does has not married yet can apply for the loan.
The house should be bought under the name of the female head of the family. She in turn could buy the house in joint ownership with another male member of the family. A male head of the family can only buy the house in his name in the absence of a female head of the family.
To be eligible for the home loan under this scheme, one also has to provide certain documents just like applying for any other loan. The documents would include Photo ID and Age Proof, Address Proof and the IT returns for the last three consecutive years, which is the same for all. For salaried people, one would have to provide the salary slip of the last six months and the bank statement of the last three months.
Those who are self employed or have their business will have to provide the TAN as a business proof, along with sales tax documents. Apart from these, the creditors could ask for any other documents as per their requirements. The income proof is the most important aspect to be eligible for the loan subsidy so one should start compiling them at the earliest if one is thinking of applying for the loan.
Hence, if one successfully meets the Pradhan Mantri Awas Yojana eligibility and has a good income repayment plan by which he or she would be able successfully pay off the EMIs, then one is good to own a house of their own.
