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A Guide about Pradhan Mantri Awas Yojana Surat

  • 3 min read

  • Highlights

  • Under PMAY 13,000 homes have been constructed in Surat

  • Avail PMAY in Surat as a first time homeowner

  • Get interest subsidy on home loan with PMAY

  • Apply for Home Loan from Bajaj Housing Finance Limited

In an attempt to tackle the growing need for affordable housing and improve the real estate sector in Surat, the state government has undertaken measures under the Pradhan Mantri Awas Yojana, Surat scheme. This falls under the Govt. housing schemes offered to general public to help alleviate the financial pressure that most people feel when they try to purchase a house or apartment. Via Pradhan Mantri Awas Yojana, the Central Government in liaison with the Surat state government, constructs and allots housing units to citizens who qualify as per the income categorisation.
As per recent reports, there are around 45 localities in Surat that are exhibiting an upward real estate price trend, indicating that it is getting costlier to live in this evolving city. With the price of property running into crores, it can be difficult for you to buy an apartment with your savings, and this is where PMAY comes into play. To better understand the role of Pradhan Mantri Awas Yojana in Surat and learn all about its nuances, read on.

Pradhan Mantri Awas Yojana in Surat

The PMAY U initiative in Surat has received an overwhelming response as per the reports over the years. The Government of Gujarat, with assistance from other bodies has already constructed 8,000 housing units and is now working towards building an additional 5,000. This aggressive approach towards housing reform is in response to the 55,000+ applications the state government has received. With time, the allotment of the newer units will also be completed.

Objective of PMAY in Surat

As per the above statistics, it is clear that the objective of PMAY Surat is to meet the need for affordable housing. The completion of construction for the Phase 1 units and the scheme’s advancement towards the construction of another set of units is a clear indication that the state government is adamant on achieving the objectives set by PMAY quickly and diligently. Courtesy of the Credit-Linked Subsidy Scheme (CLSS) under PMAY, the state government is working towards easing the burden of home ownership that most people feel.

Important Dates to Keep in Mind

As per official reports, the Central Government has extended the last date for CLSS under PMAY up to 31 March 2020. This extension is the second amendment made in this regard. However, do note that the deadline only applies to home loans for those who fall under the MIG category. This means that if your household annual income is above Rs.6 lakh but under Rs.12 lakh, you need to abide by this deadline to claim your CLSS benefits. On the other hand, for EWS and LIG groups, the last date is March 2022.

PMAY Eligibility Criteria in Surat

In order to benefit from this initiative in Surat, you must qualify for it. Here are the PMAY eligibility criteria you should take note of.

  • In order to qualify for PMAY, you will have to find out your household annual income and then apply depending on the income group you fall under. The 4 categorisations are as follows.

    • Economically Weaker Section (EWS): Yearly household income of less than Rs.3 lakh

    • Lower Income Group (LIG): Yearly household income between Rs.3 lakh and Rs.6 lakh

    • Middle Income Group I (MIG I): Yearly household income above Rs.6 lakh, but under Rs.12 lakh

    • Middle Income Group II (MIG II): Yearly household income above Rs.12 lakh, but under Rs.18 lakh

  • You or your family should not have availed financial assistance from any other govt. housing schemes in the past

  • You or your family must not own a pucca house anywhere in India

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List of Beneficiaries for PMAY Surat

In order to check if you feature in the PMAY list, here are the steps you need to follow.

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

  • Click on the ‘Search Beneficiary’ link

  • Enter your Aadhaar number and click on ‘Show’

  • A list of names with corresponding details will be generated. If your details are present, you can fill out the Pradhan Mantri Awas Yojana Surat online form.

Now that you know about PMAY benefits and how they help you own a home in Surat, the next step is to scout for a viable lender. This is important because you should make the most of the interest subsidy you are eligible for and reduce the total cost of your loan as much as possible. You can achieve this by borrowing the Bajaj Housing Finance Limited Home Loan and enjoy additional features alongside the competitive interest rate and large sanction. You can get up to Rs.3.5 crore and take advantage of the expert council offered to help prospective homeowners. Further, you can repay this loan over a flexible tenor of up to 20 years to keep it easy on your pocket. So, get started today and check your pre-approved offer online for tailored home loan offering that will help you unlock PMAY benefits in no time at all.

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