As per reports, property prices in Indore have been stable in the past with around 75 localities witnessing appreciation and 57 areas experiencing a downward trend. Nevertheless, the average price of properties here is about Rs. 62 lakh, and this can be attributed to factors such as Indore being an education hub and the largest city of Madhya Pradesh.
To counteract high property rates within this densely-populated state, you as a resident can avail of Govt. housing schemes such as Pradhan Mantri Awas Yojana, Madhya Pradesh, and get access to affordable homes. PMAY benefits include home loan interest subsidies of up to Rs. 2.67 lakh, and this benefit, amongst others, can greatly aid your efforts in securing a flat or an apartment.
Know more about Pradhan Mantri Awas Yojana, Indore
Overview of PMAY, Indore
Pradhan Mantri Awas Yojana, Indore is spearheaded by the Indore Municipal Corporation that aims to develop 20,588 flats under the scheme. These include 12,200 1BHKs, 7,576 2BHKs and 792 3BHKs. The corporation has taken upon itself the task of distributing these across prominent locations in the city. Further, the flats cater to all budgets and income categories. For instance, the property Aravali Parisar, which is situated near Mayank Water Park, has on offer 3BHKs at a starting price of about Rs. 20.95 lakh. Similarly, Kaveri Parisar, which is situated near the new RTO office, has on offer 2BHKs starting at Rs. 17 lakh, while Narmada Parisar has 1BHKs on offer, starting at Rs. 7 lakh.
With Pradhan Mantri Awas Yojana Indore, location is something you do not have to worry about as the scheme takes into consideration several prominent locales and is building affordable homes in these significant neighbourhoods. Once you identify a suitable project, the corporation invites you to seek finance from a lender.
Components of Pradhan Mantri Awas Yojana, Indore
PMAY Urban or PMAY U functions through 4 main verticals to provide housing for all by 2022. These are:
- 'In situ' slum redevelopment, which rehabilitates slum dwellers with the participation of private developers using land as a resource
- Affordable housing through the Credit Linked Subsidy Scheme (CLSS), which helps beneficiaries secure affordable home loans courtesy of interest subsidies
- Affordable Housing in Partnership (AHP), which provides affordable houses to those belonging to the Economically Weaker Section
- Subsidies for beneficiary-led individual house construction or enhancement, which aids EWS families in constructing or enhancing a dwelling
Required documents and eligibility criteria for PMAY, Indore
PMAY eligibility criteria centre around annual household incomes. To qualify for PMAY you must belong to one of the following 4 categories.
- Annual household income of up to Rs. 3,00,000: Economically Weaker Sections or EWS
- Annual household income not exceeding Rs. 6,00,000: Lower Income Group or LIG
- Annual household income not exceeding Rs. 12,00,000: Middle Income Group 1 or MIG 1
- Annual household income not exceeding Rs. 18,00,000: Middle Income Group 2 or MIG 2
Additionally, to obtain PMAY benefits such as CLSS subsidies, you need to meet a couple of important criteria. These are as follows:
- The beneficiary family, i.e., your spouse and unmarried children, mustn’t own a pucca house in India
- The beneficiary family should not have availed Central assistance through government housing schemes
- To prove your eligibility, you must produce key documents such as:
- 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 individuals
- Property documents such as valuation certificates, construction plans, and agreement with builders
PM Awas Yojana beneficiary list, Indore
To know if you are a beneficiary and have made it to the PMAY Indore list, visit the official PMAY website and conduct a search using your Aadhaar number.
All you need to do is:
- Log on to the official PMAY website
- Click on ‘Search Beneficiary’
- Enter your Aadhaar number in the appropriate field and click on ‘Show’
- You will now obtain the results and details pertaining to your application
If your name features on the PMAY list and you are eligible for CLSS benefits, the next step is to approach a lender for affordable financing. For instance, when you opt for the Bajaj Housing Finance Limited Home Loan, you not only get access to interest subsidies of up to Rs. 2.67 lakh, but you also benefit from a hefty sanction, up to Rs. 5 Crore*, and more, a flexible tenor spanning up to 30 years, and easy repayment options like nil charges on part-prepayment and foreclosure.
To enjoy Pradhan Mantri Awas Yojana, Indore benefits quickly and expedite the loan disbursal process, all you need to do is check your pre-approved offer. This affords you instant approval through a customised housing finance deal.
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