In 2018, The Times of India reported that the rental rates in Navi Mumbai witnessed 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. It will allow you to add to your asset pool over time and secure your financial future. So, the Indian Government has launched the Pradhan Mantri Awas Yojana to assist you with your home purchase, which 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 of 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) ensures that PMAY is brought to completion throughout the state. Mumbai is one of the most prominent locations Mumbai is one of the most prominent locations where economic houses under PMAY are being built. Over 850 housing projects comprising 9,85,591 units were sanctioned across the state as of July 2019, the cost of which estimates to be Rs. 87,265 crore.
Further, according to 2019 reports, CIDCO plans to build a staggering 2.2 lakh PMAY homes in Navi Mumbai, 1.1 lakh of which has 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 Mumbai scheme, you can avail a subsidy of up to 6.5%, amounting to Rs. 2.67 lakh on your home loan. Additionally, Pradhan Mantri Awas Yojana prioritizes women, senior citizens, SC/ ST, backward classes, and minority applicants to advocate equal opportunities. Also, it makes women ownership mandatory for lower-income groups 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 given ground floor accommodation mandatorily.
What are the eligibility criteria and the documents required for PMAY Mumbai?
PMAY was launched on 25 June 2015, and as its 2022 deadline approaches, the authorities in Mumbai are eagerly pushing for the completion of 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 10 am. 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
- 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
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. It means that you or any family members must not own a pucca house in any part of India
- You or any 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 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 for your name on the Pradhan Mantri Awas Yojana in Mumbai list online through the official PMAY website. Here are the steps you need to follow to check the PMAY list.
- Visit the official PMAY website by clicking here
- 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 Finserv Home Loan, you get access to PMAY benefits of up to Rs. 2.67 lakh, a sanction of Rs. 5 Crore, a repayment tenor spanning up to 30 years, and perks such as zero charges on prepayments. So to get started, all you need to do is check your pre-approved offer for a customised housing finance deal.
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