Documents Required for Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana, or PMAY, was released in the year 2015 with the motto of “Housing for All,” to provide housing to about 20 million people by the end of 2022. Users may be eligible for a CLSS (credit-linked subsidy scheme) of up to 6.5% on home loans under PMAY. The Pradhan Mantri Awas Yojana plan has both an online and offline method. Having all the vital papers is necessary to get the loan subsidy.
The PMAY plan provides a member with a cheap home loan. As the credit-based subsidy system, it has also proven to be quite effective for the state, having various uses. However, there are a few documents required while applying under the PMAY scheme (salaried people & self-employed people).
Features Or Perks Of PMAY
The Pradhan Mantri Awas Yojana scheme’s main features or perks are as follows:
- Subsidy Gain
The Pradhan Mantri Awas Yojana subsidy, which may be obtained up to Rs. 2.67 lakhs, is one of the major benefits of the PMAY plan. People who satisfy PMAY criteria may gain from partner-able cheap housing, funded individual home building or repair, and in-situ slum repair.
- Loan Term Extending
PMAY provides its recipients with loan terms of up to 20 years. As a result, users might enjoy cheap repayments.
- There are no loan limits.
The Pradhan Mantri Awas Yojana Gramin plan does not set the maximum loan amount that may be borrowed. As a result, users may get a home loan based on their needs as long as they can return it at the end of the period.
- Additional Loan Option
Users who want home loans over what is given under PMAY may apply for extra loans. The crucial point is that these loans will not be subsidized, and the lender will charge a normal fee.
- Women’s & Minority Perks
The PMAY plan makes female house prices or co-ownership a required need in the EWS and LIG categories and an optional need in the MIG I & MIG II categories. Also, special treatment is granted for paid women, widows, transgenders, the disabled, and older residents. For example, if a senior person applies under this system, they will be given ground-level housing.
- Eco-Friendly Building
The houses developed under the PMAY plan are built using sustainable technologies and materials. This will reduce pollutants & guarantee little harm in and around the building site.
Documents Needed for Pradhan Mantri Awas Yojana
- Identity Proof Papers
ID proof needed for the PMAY for Salaried employees:
- You must give a copy of your voter’s card.
- Also, you must always have a valid driving licence.
- Aadhaar Card is needed for the pradhan Mantri Awas yojana Gramin programme, just as it is for many other loans and property paperwork needs.
- A passport is also needed.
- Another crucial item on the list is a government-issued ID card with a picture.
- A confirmed letter from a government official supported by images may also work.
ID Proof needed for PMAY for self-employed People:
- You may provide your voter’s card.
- The applicant should maintain a current driving licence or DL handy.
- The PMAY plan also accepts Aadhaar Cards as evidence of identity.
- A passport is another acceptable form of ID card evidence.
- A picture ID card from the government is required.
- Verified letter with photos from a government employee.
- Address Proof Papers
Address proof papers for salaried persons:
- A copy of a DL
- Voter’s ID
- Aadhaar Card
- Ration Card
- Utility bills, such as gas, electricity, and phones
- Passport
- Rental Agreement Notarized
- Letter from the employer; it must be printed on business letterhead
- Postal Service or PO bank statement
- Bank records that include your address information
- Credit Card or CC Statements
- You have a receipt for paying property taxes
- Verified letters from a government employee, which include the applicant’s picture
- Certificate for a Life Insurance Policy, or LIC
- Pension payments for oneself or one’s family
- Copy of the real estate contract On buying a property, the same of which is made accessible
- Another option is a letter from a foreign embassy
Address proof papers needed for a self-employed
- Ration Card
- Passport
- Utility bills such as electricity, gas, phone, etc.
- Notarized Rent Agreement
- Municipal Tax receipt
- Aadhaar Card
- Voter ID card
- A copy of the Driving Licence
- Bank records carrying the address details
- Bank records from the post office
- Copy of the real estate contract On buying a property, the same is made accessible.
- A letter from a foreign embassy.
- Credit Card Records
- receipt for the real estate tax you paid.
- Certificate of Life Insurance Coverage (LIC)
- Income Proof Papers
PMAY income proof papers for a salaried employee:
- Salary slip for the previous two months
- Bank statements over the previous six months
- ITR or Form 16.
PMAY income proof papers for a self-employed employee:
- ITR for the last two years
- P&L sheet
- The balance sheet
- Report of Current Account over the previous six months
- Certificate of the factory setup
- A business licence
- SEBI approval
- Registration of SSI
- PAN number
- Filing for VAT
- Deed receipt plus sales tax
- Proof of Factory Registration
- The ROC assigned a registration number
- Property Papers
Property papers needed are:
- Payment receipt
- The document of a complete chain property
- Allotment Letter copy
- Agreement to Sell document
- Other Documents
- Marriage Certificates
- Death Certificate
- NOC from the Housing Society
- Birth certificates, school grad certificates, and other age-verifying papers
- A notice stating that you are not a pucca homeowner.
- Building Contract with the Builder, a valuation certificate for the potential property, a receipt for an advance payment, and a statement of a property still under construction.
- Processing Fee Cheques from the business account for a self-employed person and the payment account for those who are salaried.
Conclusion
Every single one of us has a goal of owning a lovely house. A home is one of the most major buys a person can make. It is still a huge investment whether the house is tiny or big, in a city or a distant suburb.
The Pradhan Mantri Awas Yojana (PMAY) is a state system to help people who cannot acquire a house on their own. It is a federal funding welfare plan that seeks to enhance the quality of life for urban and rural residents struggling financially. The PMAY plan aims to provide eco-friendly, sound housing that is fair to low-income urban and rural residents.
To learn more about the Pradhan Mantri Awas Yojana, visit Piramal Finance for related blogs and explore their products and services.