With rapid development in infrastructure and an increasing number of reputed companies operating out of Ahmedabad, more people are shifting base to the city for better careers and quality of life. Since the most important factor when shifting to another city is looking for accommodation, buying a house close to your workplace may be a priority. However, a home that’s in a good locality is sure to be expensive. Fortunately, you can consider opting for a home loan like the one offered by Bajaj Finance. With it you can get financing of up to Rs. 15 Crore* to invest in residential property in Ahmedabad.
To make buying a home even more affordable, club this loan with the Pradhan Mantri Awas Yojana in Ahmedabad. The Government of India introduced Pradhan Mantri Awas Yojana with an aim to provide housing for all. Read on to know more about PMAY Ahmedabad and how you can avail its benefits.
Overview of Pradhan Mantri Awas Yojana, Ahmedabad
Pradhan Mantri Awas Yojana was introduced to provide housing solutions to different sections of the society, with the primary eligibility criterion being income. Through this scheme PMAY aims to construct 20 million houses across the nation by 31 March 2022, which marks the 150th birth anniversary of Mahatma Gandhi.
Benefits of PMAY, Ahmedabad
As a beneficiary of PMAY you can enjoy an interest subsidy of up to Rs. 2.67 lakh on a home loan that you avail to purchase a new home or to fund the construction of your house. You can claim the subsidy for a maximum tenor of 20 years under PMAY’s CLSS or Credit Linked Subsidy Scheme. Note that the extent of the interest subsidy is based on your income, which also defines the beneficiary category you fall under.
PMAY Eligibility Criteria and Documents in Ahmedabad
PMAY eligibility revolves around your annual household income. This means that to qualify, you must belong to one of the 4 income categories.
- If annual household income is up to Rs. 3,00,000: Economically Weaker Section or EWS
- If annual household income is less than Rs. 6,00,000: Lower Income Group or LIG
- If annual household income is less than Rs. 12,00,000: Middle Income Group 1 or MIG 1
- If annual household income is less than Rs. 18,00,000: Middle Income Group 2 or MIG 2
Besides the income-based PMAY eligibility criteria, here are the other terms that you need to fulfil to be counted as a beneficiary.
- You or your family cannot own a pucca house in any part of the country
- You or your family must not have availed financial assistance from any other govt. housing schemes
Further, to prove your eligibility, you must produce a list of documents. These include,
- Identity and address proof such as PAN card or Aadhaar card
- Category proof such as SC or ST certificates
- Income proof such as salary slips, IT returns or self-declarations (for EWS and LIG applicants)
- Property documents such as valuation certificates, construction plans and agreements with builders
Components of PM Awas Yojana, Ahmedabad
PMAY aims to provide affordable housing to everyone through its 4 pillars. Read on to know more about these components.
- Credit Linked Subsidy Scheme (CLSS)
As per the Credit Linked Subsidy Scheme, you can secure an interest subsidy of up to Rs. 2.67 lakh on your home loan. This interest subsidy is determined based on the income group you fall under.
- “In-situ' slum redevelopment using land as a resource
This is designed for beneficiaries dwelling in slums. Here, the goal is to rehabilitate slum dwellers by using land as a resource. The Central Government decides the house price and the State Government decides on any contribution from the beneficiary.
- Affordable Housing in Partnership (AHP)
Affordable Housing in Partnership provides financial assistance of up to Rs. 1.5 lakh to beneficiaries. This financial aid is given to beneficiaries who are unable to purchase a house or avail a home loan to fund their housing requirements.
- Individual house construction or enhancement led by beneficiaries
This PMAY component is for those individuals who cannot avail benefits under the other 3 avenues of the scheme. The Central Government provides funding of up to Rs. 1.5 lakh to fund house construction or renovation of an existing home.
Pradhan Mantri Awas Yojana Beneficiary List, Ahmedabad
You can check the PMAY list for Ahmedabad to know if you qualify for PMAY benefits by visiting the official website. All you need to do is log on to the PMAY website, click on ‘Search Beneficiary’ tab and enter your Aadhaar number. Once done, click on ‘Show’ tab to view the list of beneficiaries.
Now that you know of PMAY in Ahmedabad and the benefits it offers, apply for a feature-packed home loan, such as the Bajaj Housing Finance Limited Home Loan, to avail the PMAY benefits. This loan offers a high sanction of up to Rs. 15 Crore* along with a top-up loan and easy balance transfer facility. Also, you can repay this loan conveniently by choosing a flexible tenor that ranges up to 40 years.
What’s more, simple eligibility criteria, minimal documentation requirements and online application form make availing the loan hassle-free. To become a proud homeowner in Ahmedabad in no time at all, check your pre-approved offer from Bajaj Housing Finance Limited right away.
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