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A social welfare scheme by the Indian government, the Pradhan Mantri Awas Yojana provides interest subsidies to support low to mid-income house owners.
How to apply for the Pradhan Mantri Awas Yojana online. (Photo Credit: X)
Introduced in 2015, the Pradhan Mantri Awas Yojana scheme is a government initiative aimed at providing affordable housing for first-time homeowners. A social welfare scheme, the PMAY provides economically weaker, low-income and mid-income groups in rural and urban areas with interest subsidies to ease their housing loan process. Apart from an upfront interest subsidy of up to 6.5 per cent on house loans for 20 years, the Pradhan Mantri Awas Yojana offers multiple other benefits to individuals.
Applying for the Pradhan Mantri Awas Yojana has been made easier for Indian citizens through an accessible online process. Individuals who fit the government’s eligibility criteria for the PMAY scheme can avail of home loan subsidies with a few clicks.
Here is a step-by-step guide on how to proceed –
1. Identify which category you fit into as per the PMAY scheme. The government has divided the PMAY-eligible citizens into four different income groups:
– Economically Weaker Section (EWS): You belong to this income group if your family income is less than or equal to Rs 3 lakhs per annum.
– Low Income Group (LIG): Your annual household income falls under the Rs 3-6 lakhs range.
– Middle Income Group I (MIG I): Your household income ranges from Rs 6 lakhs to 12 lakhs per year.
– Middle Income Group II (MIG II): You are part of this group when your family’s income is over Rs 12 lakhs and below Rs 18 lakhs per annum.
2. Once you have identified which income group you are part of under the PMAY scheme, click on the government’s website: PMAY-HFA(Urban).
3. Then click on the ‘Citizen Assessment’ under the main menu and select the applicant category.
4. Once redirected to the next page, fill in your Aadhaar details.
5. Fill out the PMAY online application with your personal details, income and bank account information as well as your current residential address.
6. Enter the captcha code, verify the details for accuracy and submit the application.
The status of this application can be tracked later on by clicking on the ‘Track Your Assessment Status’ under ‘Citizen Assessment.’
To apply for the online PMAY scheme application, individuals require identity, address and income proofs apart from bank account details and property documents.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
- Location :
Delhi, India, India
- First Published: