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How to complete your dream of owning a home using PMAY?

Whether a 1BHK living space or a bungalow, a home is the ultimate financial security an individual can ever possess. A house can provide its occupants with a haven, act as a security for their economic future. Additionally, during urgent monetary requirements, it can be utilize as collateral against various types of loans.

But due to the skyrocketing rates of the real estate market, acquiring affordable housing turns out to be the need of the hour. The Indian Government has act as a bridge for fulfilling this need by launching PMAY scheme.

Steps to apply for PMAY

Online route:

Applying for Pradhan Mantri Awas Yojana is a vital step towards fulfilling the dream of being a homeowner. Illustrated below are steps for applying for this scheme through an online route:

1: Visit the official website of PMAY 

2: Navigate to ‘citizen assessment’ and accordingly select the eligibility category.

3: After selecting this category, submit your Aadhaar number. You will be head towards to this scheme’s application page.

4: You will have to create a login ID and password for making an account for future communications.

5: After activation of the user account, you will have to input your personal details. This includes your name, annual income, current address, etc.

6: Once details are submit, click on ‘SAVE’ for saving application details in the system. A pop-up may arise stating all terms and conditions regarding PMAY and subsidy on home loan interest rates that you are eligible for based on your income.

7: Go through the scheme details, and after that, click on the ‘I am aware’ tab of the online application and submit the same.

8: Once this application is submitted successfully, an application number will be allotted to you through which you can check on the application status in future.

9: to check whether this application has been accepted or not, click on ‘Search Beneficiary’ on the website’s homepage. After this, input your Aadhaar Number and check for your name.

10: You will have to download or take a printout of the PMAY application and submit it to the nearest Common Service Centre (CSC) office. You can also opt to submit the same in any financial institution that extends the PMAY schemes under them.

Offline route:

Apart from the above mentioned online route, there is also an offline procedure for applying for this scheme. Listed below are the steps for that:

1: Visit the nearest financial institution or HFC that is recognize under PMAY.

2: Provide the required income details and enquire about your eligibility for a subsidy from the concerned financial institution on their housing loan interest rates.

3: After you are clear on the loan amount, you can physical fill-up the form and submit the same to the nearest Chas Municipal Corporation (CMC) or financial institutions.

4: After getting the loan approved, you can register for the eligible property/flat according to the scheme.

Individuals must note that they should ensure that their name is list in the scheme’s beneficiary list for enjoying the Pradhan Mantri Awas Yojana benefits.

The release of the PMAY list takes place every year. However, applicants of this scheme can check whether their application has been process beforehand. 

Applicants also have the option of tracking PMAY status through the official web portal. They can do so either by using their Assessment ID or without it.

Individuals, however, must ensure to be responsible towards their loan repayment irrespective of the subsidy they get on the interest rates. This will open gates for them to enjoy multiple benefits. 

These include enjoying pre-approved offers that help to make the lending process quick and hassle-free. These offers are extend on many financial products like a loan against property and more. Applicants can check their pre-approved offers by providing a few details, such as their name and contact number.

To sum it up, individuals with a dream to own a house must first check whether they fulfil the eligibility criteria of PMAY and then proceed with the application. The PMAY scheme is undergoing in full swing. According to official statistics, a total of 50.83 lakh houses have been completed, and 87.95 lakh houses have been grounded through the PMAY (Urban) scheme as of 8th October.

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