Pradhan Mantri Home Loan Scheme: Features, Eligibility Criteria, Documentation

Pradhan Matri Awas yojana or PM Awas Yojana housing scheme is an initiative by the Indian Government that aims to provide housing facilities to lower-income groups and marginalized sections of the society. The PMAY scheme provides home loans that are subsidized interest rates based on the income group of the applicant.

Features of PMAY:

• The scheme provides subsidized interest rates home loans based on the income of the applicant. For EWS and LIG, who earn up to Rs 6 lakh, the subsidy on interest is 6.5%. For the MIG-1 and MIG-2 category, a subsidy of 4% and 3% respectively is provided under the scheme.
• The scheme emphasizes fulfilling the housing needs of underprivileged people like STs, SCs, physically disabled, or senior citizens.
• As per the scheme, loans can be taken for a long tenure of 20 years.

PMAY eligibility:

• No prior government housing scheme is availed by the applicant or any of his family members. 
• The members of the applicant's family or the applicant should not own a pucca house registered under their name.
• The carpet area for MIG category applicants should not exceed 160 square meters.
• Similarly, for MIG 2 applicants, the carpet area should not exceed 200 square meters.

Also Read:- PMAY Eligibility Criteria

PMAY documents required:

• Address and Identity proofs: Aadhar card, PAN card, Driving license or voter id card or passport, Utility bills such as water, electricity or gas bills
• sale and purchase agreements of the property
• Municipality certificates
• Income proofs such as ITR forms and salary slips
• Banking statements such as passbook photocopies