To ease the financial burden of owning a home in Nagpur, the Nagpur Municipal Corporation offers provisions of the Pradhan Mantri Awas Yojana Maharashtra, Maharashtra. Via this initiative, Nagpur state authorities aim to keep pace with the Central Government’s mission to provide affordable housing for all by 2022. This is important as over 93 localities in Nagpur are experiencing an upswing in real estate prices, with the average cost of property sitting at around Rs.40 lakh. This means that it could be financially inconvenient for you to own a home here, even if you’ve saved substantially for the last few years.
However, with Govt. housing schemes such as Pradhan Mantri Awas Yojana Nagpur, city residents and those looking to migrate to Nagpur can now work towards owning a home in an affordable manner. To understand the particulars of the initiative and understand how you can benefit, read on.
PMAY Nagpur is an initiative put into action by MHADA, and as per reports, the Nagpur Municipal Corporation (NMC) has envisioned the completion of over 21,000 housing units in 2018–19.
Further, over 70,000 people have registered to claim PMAY benefits and own a home of their own in due course of time. The assistance the government extends helps them make the transition from kutcha to pucca houses.
Vision of PMAY Nagpur
Since its launch in 2015, the vision of PMAY Maharashtra is to provide affordable housing for both the urban and rural population of the state. The initiative now has a foothold in 16 cities of the state, including Nagpur, and aims to achieve its mission by March 2022.
Important Dates of PMAY Nagpur
Upon completion of the PMAY phase II in March 2019, phase III is now underway and will continue until March 2022. To make the most of PMAY, you can claim a subsidy on your home loan via the Credit-Linked Subsidy Scheme (CLSS). As an EWS or LIG applicant you can apply for this scheme until March 2022. However, the deadline for application is different for other beneficiary categories. As per recent revisions by the Central Government, the CLSS scheme is valid for MIG (I and II) applicants until 31 March 2020.
PMAY Eligibility Criteria in Nagpur
In order to claim CLSS benefits under PMAY U, here are the eligibility criteria you will have to meet.
You must fall under one of the following 4 income categorisations.
Economically Weaker Section (EWS): Annual household income of up to Rs.3,00,000
Lower Income Group (LIG): Annual household income above Rs.3,00,000 and not exceeding Rs.6,00,000
Middle Income Group (MIG) 1: Annual household income above Rs.6,00,000 and not exceeding Rs.12,00,000
Middle Income Group (MIG) 2: Annual household income above Rs.12,00,000 and not exceeding Rs.18,00,000
You or your family should not have availed financial assistance from other Govt. housing schemes
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You or your family must not own a pucca house anywhere in the country
Pradhan Mantri Awas Yojana Nagpur Beneficiary List
Similar to how you can carry out a Pradhan Mantri Awas Yojana Nagpur online application via the official website, you can also check if you are part of the PMAY list by:
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Visit the official PMAY website at http://pmaymis.gov.in
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Clicking on the ‘Search Beneficiary’ button
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Entering your Aadhaar number and clicking on ‘Show’
If you feature on Nagpur’s PMAY list, you will find your details on this page
Now that you know about PMAY benefits and how the CLSS initiative helps you own a home in Nagpur affordably, take the next step in your journey and scout for a viable lender. This is crucial because apart from the benefits offered by PMAY, you can get more benefits by choosing the right home loan.
Among the best is the Bajaj Housing Finance Limited Home Loan as it gives you access to financing of up to Rs.3.5 crore and an interest subsidy of up to Rs.2.67 lakh under Pradhan Mantri Awas Yojana. Further, you can repay the loan over a flexible tenor of up to 20 years and make part-prepayments at nil extra charges. So, get started today and check your pre-approved offer online for hassle-free loan application.
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