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Buy affordable homes with PMAY Maharashtra
Check PMAY eligibility criteria and enjoy CLSS benefit
Qualify under Pradhan Mantri Awas Yojana Maharashtra list
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According to The Times of India, rental rates in Thane and Navi Mumbai experienced an inflation of 18% in 2018, as compared to Pune, where it increased by 7% during the same year. Faced with high rental costs, you may prefer to construct or buy a home of your own, as it can help you save finances in the long run. To aid you in achieving this economically, the government has launched Pradhan Mantri Awas Yojana (PMAY), an initiative that seeks to provide ‘affordable housing for all by 2022’.
PMAY targets the following income categories: The Economically Weaker Sections (EWS), Lower Income Groups (LIG), and Middle Income Groups (MIG I and II). Additionally, under the Credit Linked Subsidy Scheme (CLSS), PMAY offers eligible beneficiaries home loans at subsidised interest rates. To assist the centre in meeting PMAY’s objectives across Maharashtra, the state has launched PMAY Maharashtra.
The Maharashtra Housing and Area Development Authority (MHADA) is in charge of bringing the PMAY initiative to fruition in the state. It has identified locations across the state where affordable houses are being built under the scheme. Some of the important locations set to benefit from Pradhan Mantri Awas Yojana Maharashtra include Mumbai, Thane, Navi Mumbai, Panvel, Ambarnath, Ulhasnagar, Badlapur, Dombivali, Mira Bhayandar, Kalyan and Karjat.
PMAY Maharashtra aims to develop 19.2 lakh affordable houses in 382 cities across the state by 2022. To hasten the development, MHADA has now tied up with private landowners to build projects in urban areas of the state. As of July 2019, around 850 housing projects consisting of 9,85,591 units were sanctioned across Maharashtra, the cost of which is estimated to be Rs.87,265 crore. Out of these, 3,69,525 units are under construction and 2,21,687 houses already have occupants.
The PMAY scheme divides beneficiaries into four broader economic categories based on their annual household income. To be eligible for the scheme, you need to qualify under the economic groups listed below.
To qualify as a beneficiary of the Economically Weaker Section (EWS) and Low Income Group (LIG), your annual household income should not exceed Rs.6 lakh.
To qualify as a beneficiary of the Middle Income Group I (MIG I), your yearly household income should be above Rs.6 lakh but not more than Rs.12 lakh.
To qualify as a beneficiary of the Middle Income Group II (MIG II), your yearly household income should be above Rs.12 lakh but not more than Rs.18 lakh.
Besides the income-based PMAY eligibility criteria, here is the other terms basis which you can easily qualify as a beneficiary for the scheme.
You should not own a pucca house in any part of the country
You or your family should not be a beneficiary of another housing scheme initiated by the Government of India
Note that for PMAY, a household is made up of a husband, wife, and unmarried children. This means if your parents own a house of their own, then you can still qualify under PMAY as a first-time homeowner with your own family unit. In case you have dependent parents and they are part of your family unit, then such claims cannot be made.
PMAY offers interest subsidy of up to Rs.2.67 lakh on home loans taken to purchase properties registered under the scheme. You can also use the loan to fund construction of houses and claim the same subsidy. You are allowed to claim it for up to 20 years. In case your home loan tenor extends beyond this time frame, then you cannot claim subsidy on the remaining tenor exceeding beyond 20 years.
The subsidy on interest rate differs based on income slabs and economic standing, which is as follows:
6.5% interest subsidy on a home loan of up to Rs.6 lakh for beneficiary households earning an annual income of up to Rs.6 lakh as part of the EWS or LIG category.
4% interest subsidy on a home loan of up to Rs.9 lakh for beneficiary households earning an annual income of up to Rs.12 lakh as part of the MIG I category.
3% interest subsidy on a home loan of up to Rs.12 lakh for beneficiary households earning an annual income of up to Rs.18 lakh as part of the MIG II category.
PMAY gives preference to women applicants and those belonging to SC/ST, OBC and other minority communities. The scheme makes women ownership mandatory for certain sections of the society, promoting equal rights.
Under this scheme, preference is also given to senior citizens and differently-abled applicants, who are also given mandatory ground floor accommodation.
All houses under PMAY are constructed using eco-friendly and sustainable methods. Builders and developers have to abide by this rule as a stakeholder of the scheme.
Once you meet the eligibility criteria, you can apply for PMAY by following the procedure given below.
Identify the category under which you qualify for PMAY, choosing from citizens living in slums, citizens who don’t own land or have no financial means to get a home loan, citizens not who don’t own land or a house and are looking to either construct or enhance a property and citizens capable of purchasing, constructing or enhancing a house with a home loan.
Then visit http://pmaymis.gov.in
Click on ‘Citizen Assessment’ under the main menu and select the category of applicant.
You will be redirected to a different page where you must enter your Aadhaar details.
Fill out the online PMAY application with your personal, income, and bank account details, and current residential address.
Enter the captcha code, verify the details for accuracy and submit it. You can track the application status later on by clicking on ‘Track your Assessment Status’ under ‘Citizen Assessment’.
The list of beneficiaries under Pradhan Mantri Awas Yojana list Maharashtra is published on the official PMAY website from time to time. To check if your name features on the beneficiary list, follow the steps listed below.
Visit Pradhan Mantri Awas Yojana’s official website
Under ‘Search Beneficiary’ select ‘Search by Name’
Next, key in your Aadhaar number and click ‘Show’
Now, the Pradhan Mantri Awas Yojana Maharashtra list will be displayed
To see if you are a qualified beneficiary, search for your name and other details
Once you qualify for PMAY, look for loans that allow you to profit from subsidies and other PMAY benefits coupled with a hefty sanction on competitive terms. To get up to Rs.2.67 lakh subsidy on your sanction and other benefits, choose the Bajaj Finance Housing Limited Home Loan. Here, you can secure a high-value sanction of up to Rs.3.5 crore on competitive terms and repay it over a flexible tenor of up to 20 years as per your convenience. What’s more, you just have to meet simple eligibility terms and submit minimal documentation to qualify for the loan, after which you can expect funds within 24 hours. So, avail funding here and become a proud homeowner in Maharashtra quickly!
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