Since the PMAY initiative was launched in 2015 several thousands of home applicants have availed the subsidy benefits. If you are looking to apply for a loan soon, the following tips will guide you through the application process.
The PMAY or Pradhan Mantri Awas Yojana is an affordable housing scheme launched by the government of India in 2015. Under the scheme, the government aims to accomplish its ‘Housing for All’ mission and build more than two crore affordable housing units across several cities and rural locations in India. The primary objective of this mission is to eliminate the slums and provide every Indian citizen a permanent housing unit and improve their standard of living.
Another critical aspect of the Pradhan Mantri Awas Yojanascheme is the Credit-Linked Subsidy Scheme or CLSS. Under this scheme, the government aims to provide financial aid to the aspiring home buyers, in the form of a subsidy on home loan interest and encourage them to become homeowners. To ensure that all citizens get maximum benefit from the CLSS, the government has fixed the subsidy rate based on the income group they belong to.
If you are applying for a home loan, you must oblige with several procedures. Similarly, applying for PMAY benefits requires you to follow certain procedures. There are two ways to apply for PMAY benefits – online and offline. And, each method requires you to follow specific steps, which are discussed below:
1.If you are not comfortable applying for the PMAY benefits online, you can visit any of the authorised lender’s offices of your choice and fill the loan application form. You must submit the form along with the relevant KYC documents (as mentioned in the application form) and submit proof of your credit rating.
2.After you complete the initial formalities, the lender will verify the details of your application and sanction your loan.
3.Once your loan is approved, you must ask the lender to provide you the PMAY form and submit the same along with the loan details at any of the nodal offices or to the authorised bank for further process.
4.Choose the right property that you wish to buy and register for the scheme
5.Once your PMAY application is verified, the government will sanction the subsidy and forward the amount to the lender who will then credit the same to your loan account. After you receive the amount, the lender will adjust the EMI.
Applying for the PMAY benefits online is much easier than the offline process. Besides, the online process involves less paperwork and you can apply for the benefit from the comfort of your home. For online application, follow the below steps:
1.Visit the PMAY website –www.pmayis.gov.in
2.Select the ‘citizen assessment’ option from the menu and apply under the relevant category. There are two options – ‘slum dweller’ and ‘benefit under other 3 components.’
3.A new screen will appear that will prompt you to enter the 12-digit Aadhaar number and name. Enter the details exactly as mentioned on the card.
4.Next, you will be redirected to the PMAY scheme application page.
5.You must enter details like name, address, bank account, income, etc. The income you mention will determine your eligibility for the subsidy under the relevant income category.
6.After you fill in the details, review the same for any errors before submitting the application.
7.A new window will appear with information you provide. If all the details are correct, click on the ‘I am aware of’ button at the bottom of the page.
8.The system will not generate an application number. Keep this number handy for future reference and to check your application status.
9.Submit the form to any of the authorised lenders of your choice along with the necessary documents. Make sure to keep photocopies of the documents for future reference.
Whether you apply for the PMAY benefits online or offline, take advantage of the subsidy and reduce your financial burden on repayment of the home loan.