One of the first social security schemes envisioned by the Indian Prime Minister, Narendra Modi, was the Pradhan Mantri Awas Yojana. However, there are many questions and objectives surrounding the programme. For making things easier, here are some FAQs concerning the scheme and everything you need to know about it –
- What is the project all about?
It focuses on making housing for all, especially those belonging to the economically weaker section of the society, a reality. Individuals, irrespective of their economic background, can fulfil their wish to own a house under PMAY.
- What are the programs under PMAY?
The scheme aims to enable housing for all by 2022 using the following initiatives –
- Slum rehabilitation
- Joining hands with private and public sectors for making affordable housing for all a dream come true
- Conditions for credit-linked subsidy scheme, especially for the weaker section
- Boosting and constructing beneficiary-led houses
- Who is eligible for PMAY scheme?
The PM Awas Yojana has certain eligibility conditions which you need to fulfil. Remember, you or your family member should not own a brick or mortar house in the city. If anyone possesses a solid house (pucca) cannot avail this benefit. If you fall under the EWS and lower-income group category, the annual household income should be INR 6 lakh. If you come under the MIG 1 category, the annual salary must be between INR 6 lakh to INR 12 lakh and INR 12 lakh to INR 18 lakh for MIG 2 category.
- What are some of the common jargons used in the scheme?
If you find jargons such as CLSS, MIG, LIG, and EWS on the document, you should not get confused. The definition of these acronyms is – CLSS stands for Credit-Linked Subsidy Scheme. This is where the Government lends a helping hand for additional funds. It makes sure your housing loan burden decreases. MIG refers to the middle-income group, EWS is economically weaker section, and LIG stands for lower-income group.
- Is there a processing fee for PMAY?
No. There are no processing fees associated with Pradhan Mantri Yojana.
- What are the loans under PMAY?
If you want to acquire a new house or construct one, you can avail of the benefits through the CLSS scheme. Getting home from the secondary market is possible through thorough research. You can fill the PMAY form online, and the proceedings get easier.
- What are the documents required for PMAY scheme?
Submit the following documents for acquiring the scheme –
- A notarized affidavit and an undertaking prerequisite
- You must also submit your Aadhaar card
- If you want the hassle-free process, apply and upload documents online
- How are balance transfer and PMAY scheme connected?
PMAY allows the transfer of home loans, but they cannot claim the subsidy again. Moreover, you cannot claim the benefits of CLSS by transferring the existing loan after the specified date. This is because the subsidy applies only to the borrowers who want to construct or acquire a new home, irrespective of it being a second home.