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Pradhan Mantri Awas Yojana Mumbai - A Detailed Guide

  • 3 min read

  • Highlights

  • Purchase a home affordably with PMAY Mumbai

  • Enjoy a subsidy of up to Rs.2.67 lakh through PMAY CLSS

  • Apply for CIDCO's lottery by 5 November 2019

  • Approach Bajaj Housing Finance Limited for PMAY benefits

According to a report by The Times of India, in 2018, the rental rates in Navi Mumbai witnessed an inflation of 10% when compared to Pune. With renting a home becoming prohibitively expensive, you may consider constructing or buying your own home instead of paying rent. This will allow you to add to your asset pool over time and secure your financial future. To assist you with your home purchase, the Indian Government has launched the Pradhan Mantri Awas Yojana.

The scheme targets economically weaker sections, lower-income groups, and middle-income-group individuals. Furthermore, through CLSS (Credit-Linked Subsidy Scheme), if you are eligible for PMAY, you can avail a credit subsidy on your home loan interest rate. Pradhan Mantri Awas Yojana Maharashtra assists in meeting the objects of PMAY across the state, including Mumbai.

To understand developments more locally, here is everything you need to know about Pradhan Mantri Awas Yojana in Mumbai.

Overview of Pradhan Mantri Awas Yojana Mumbai

MHADA (Maharashtra Housing and Area Development Authority) is in charge of ensuring that PMAY is brought to completion throughout the state. Mumbai is one of the most prominent locations across Maharashtra where economical houses are being built under PMAY. Over 850 housing projects comprising 9,85,591 units were sanctioned across the state as of July 2019, the cost of which is estimated to be Rs.87,265 crore.

Further, according to 2019 reports, CIDCO has plans for building a staggering 2.2 lakh PMAY homes in Navi Mumbai, 1.1 lakh of which have already been completed. CIDCO also intends to sell 90,000 units in FY 19–20 and is building residential units with the help of Larsen & Toubro.

Important dates of PMAY, Mumbai

Under the PMAY Vadodara scheme, you can avail a subsidy of up to 6.5% amounting to Rs.2.67 lakh on your home loan. Additionally, to advocate equal opportunities, Pradhan Mantri Awas Yojana gives priority to women, senior citizens, SC/ST, backward classes and minority applicants. Also, it makes women ownership mandatory for lower-income group and economically backward group beneficiaries, helping widows and women own a home. Furthermore, disabled and senior citizen applicants are given priority on the house allocation front and are mandatorily given ground floor accommodation.

What are the eligibility criteria and the documents required for PMAY Vadodara?

PMAY was launched on 25 June 2015 and as its 2022 deadline approaches, the authorities in Mumbai are eagerly pushing for completion housing projects. According to a recent update, the last date to register for CIDCO’s 2019 lottery has been extended to 5 November, and the draw will be conducted on 26 November 2019 at 10am. Applicants may seek assistance via a subsidy to finance these homes. However, it’s important to note that in terms of the CLSS initiative, the scheme is valid till 2020 for MIG applicants and 2022 for LIG and EWS applicants.

Documents and eligibility criteria for PMAY Mumbai

PMAY divides the beneficiaries into four categories based on income. You need to belong to one of these groups in order to qualify for PMAY U.

  • EWS (Economically Weaker Section): Your annual household income should be below Rs.3 lakh

  • LIG (Low Income Group): Your annual household income should be over Rs.3 lakh but not exceed Rs.6 lakh

  • MIG 1 (Medium Income Group 1): Your annual household income should be over Rs.6 lakh but not exceed Rs.12 lakh

  • MIG 2 (Medium Income Group 2): Your annual household income should be over Rs.12 lakh but not exceed Rs.18 lakh

Home Loan EMI calculator

In addition to the income-based PMAY eligibility criteria, you need to satisfy these terms to qualify as a beneficiary for PMAY.

 
  • You must be a first-time homeowner. This means that you or any of your family members must not own a pucca house in any part of India

  • You or any of your family members should not have availed Central assistance from other Govt. housing schemes

  • A household unit is considered to comprise husband, wife, and unmarried children

Here is a list of documents you need to furnish in order to avail PMAY benefits in Mumbai.

 
  • Aadhaar number (of all the members of your family)

  • Voter’s ID

  • Case certificate

  • Income certificate

  • Bank account details (like account number and IFSC code)

  • Passport size photograph

List of beneficiaries for PMAY Mumbai

You can check if your name features on the Pradhan Mantri Awas Yojana in Mumbai list online, through the official PMAY website. Here are the steps you need to follow in order to check the PMAY list.

  • Visit the official PMAY website at http://pmaymis.gov.in

  • Select ‘Search Beneficiary’, enter your Aadhaar number and click on ‘Show’

  • Search for your name and other details to check if you are a beneficiary

After checking your Pradhan Mantri Awas Yojana Mumbai status, proceed to search for the right financial solution. For instance, when you opt for the Bajaj Housing Finance Limited Home Loan you get access to PMAY benefits of up to Rs.2.67 lakh, a sanction of up to Rs.3.5 crore, a repayment tenor spanning up to 20 years and perks such as zero charges on prepayments. To get started all you need to do is check your pre-approved offer for a customised housing finance deal.

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