In a location such as Delhi, owning a home can be an uphill task. This is because in recent times, properties in areas like Greater Kailash II and Dwarka have undergone a price hike of 53% and 46% respectively. In light of such appreciation, government initiatives help you make buying a home more affordable. As a first-time home in a location such as Delhi, owning a home can be a daunting task. In recent times, properties in areas like Greater Kailash II and Dwarka have undergone a price hike of 53% and 46%, respectively. In light of such appreciation, government initiatives help you buying a home more affordable. As a first-time homebuyer in the capital, you stand a chance to enjoy the benefits of Pradhan Mantri Awas Yojana in Delhi. The Government of India launched this initiative to provide affordable housing for all by 2022.
Thanks to PMAY in Delhi, over 15 housing projects were initiated comprising units that feature necessary amenities such as water supply, power, recreation grounds, and security. The flats here cost onwards of Rs. 12.80 lakh, and with the help of a financial solution like the home loan, you can become a homeowner even with ease.
Now that you know the purpose PMAY aims to achieve, understand how to qualify for Pradhan Mantri Yojana, Delhi, and take a look at the Pradhan Mantri Awas Yojana benefits that you can claim.
An Introduction of Pradhan Mantri Awas Yojana, Delhi
PMAY, Delhi Eligibility Criteria
To qualify for PM Awas Yojana Delhi, you must meet the following PMAY eligibility criteria.
1. Your household income must fall under one of the following brackets
- Economically Weaker Section: Yearly household income of less than Rs. 3 lakh
- Lower Income Group: Yearly household income between Rs. 3 lakh and Rs. 6 lakh
- Middle Income Group I: Yearly household income above Rs. 6 lakh and under Rs. 12 lakh
- Middle Income Group II: Yearly household above Rs. 12 lakh and under Rs. 18 lakh
2. You or your family must not own a pucca house in any part of India
3. You or your family must not have availed financial assistance from any other government housing scheme
4. Property must be co-owned by a female member of the family, barring cases in which the beneficiary household has no female member
Additionally, remember that PMAY benefits can only be claimed when constructing or purchasing a new home or upgrading an existing home with basic facilities.
After meeting the eligibility criteria, you can apply for PM Awas Yojana to benefit from a subsidised home loan. Here’s how you can find out if your name is on Delhi’s PMAY list.
List of Beneficiaries for Pradhan Mantri Awas Yojana, Delhi
To check if you feature on the Pradhan Mantri Awas Yojana’s list of beneficiaries, here are the steps to follow.
- Visit the official PMAY website.
- Go to the ‘Search Beneficiary’ option and click on it.
- Enter your Aadhaar number and click on ‘Show.’
- A list of details will be generated on the next page. If your application details are present, you will be able to view the same at this stage.
Key Features of PMAY in Delhi
The key features of the Pradhan Mantri Awas Yojana 2019 in Delhi are as follows.
- You can avail a maximum interest subsidy of Rs. 2.67 lakh
- The interest subsidy is only available to first-time homebuyers
- The carpet area for Economically Weaker Section beneficiaries cannot exceed 30 sq. mt.
- The carpet area for Low Income Group beneficiaries cannot exceed 60 sq. mt.
- The carpet area for Middle Income Group I and II beneficiaries cannot exceed 160 sq. mt and 200 sq. mt. respectively
Benefits of Applying for PM Awas Yojana in Delhi
Besides the interest subsidy, you enjoy a few other benefits when you apply for PMAY in Delhi. They are as follows.
- Access to affordable housing in developed parts of Delhi
- Access to ground floor units if you are a senior citizen or specially-abled beneficiary
- Access to housing units built with eco-friendly amenities and sustainable technology
Upon qualifying for PMAY, avail of a loan that allows you to claim CLSS benefits like the Bajaj Finserv Home Loan. This way, you can avail of an interest subsidy of up to Rs. 2.67 lakh and enjoy a far more affordable experience thanks to the competitive interest rate that it carries. This loan also offers an ample sanction of Rs. 5 crore for a convenient tenor of up to 40 years. These features allow you to buy property without any financial strain comfortably. In addition, you can also part-prepay or foreclose your loan at no extra cost to further reduce the interest outgo.
Apply online right away to take advantage of all these benefits and become a homeowner at the earliest.
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