The high cost of land and steep property prices combined with the economic inequality makes it difficult for everyone to buy a home of their own in India. Realizing the problem, the current government came up with the Pradhan Mantri Awas Yojana with an aim to promote affordable housing under the ‘housing for all’ campaign. The scheme is available for all eligible candidates falling under the EWS, LIG, and MIG category. However, the subsidized housing finance scheme is available only for people buying the house for the first time. Therefore, check the below mentioned factors in order to ensure higher chances of loan approval.
- Eligibility: Check the eligibility criterions and make sure you are eligible as per them. The important conditions to check are (1) the women ownership condition – As per PMAY guidelines, EWS and LIG category applicants must ensure the property is co-owned by the lead women of the family. (2) the family clause – an earning individual in the family irrespective of their marital status would be considered as a separate household and would be eligible for PMAY subsidy.
- PMAY CLSS: In case you have recently bought your first home and you believe you are eligible for the benefits under PMAY, you can apply for the PMAY CLSS. However, there are a few things you should keep in mind. (1) Your home loan lender must have signed a Memorandum of Understanding (MoU) with PMAY. (2) Your loan must have been approved post 1st January 2017.