With the Pradhan Mantri Awas Yojana, the\nGovernment of India plans to build over 2 Crore homes throughout the country.\nThe aim is to provide affordable housing to all Indian citizens, especially\npeople belonging to low-income groups and economically weaker sections. <\/p>\n\n\n\n
As generous as it sounds, PMAY is governed by some strict rules and regulations. To avail the benefits of the scheme, applicants must meet the Pradhan Mantri Awas Yojana eligibility<\/a> criteria. Many a time, applicants who are unaware, apply for a home loan<\/a> under PMAY<\/a>, only to get their claim rejected by the lender.<\/p>\n\n\n\n Additional\nRead:<\/strong> <\/strong>Common\nMistakes you Make While Applying for a Home Loan Under PMAY<\/a><\/p>\n\n\n\n If you want to\navoid getting your PMAY claim\nrejected, make sure you follow the instructions given below.<\/p>\n\n\n\n You can claim\nthe benefits of PMAY only if you\nare a first-time home-buyer. If you or any other member of your family has property\nregistered under their name, in any part of India, your claim will be rejected.<\/p>\n\n\n\n Apart from PMAY, the central government offers many other housing schemes. If you or any member of your family has availed the benefit of any such scheme, you cannot claim additional benefits or subsidies under PMAY<\/a>.<\/p>\n\n\n\n Applying under\nthe wrong income group is a common mistake among uninformed applicants. To be eligible\nfor benefits under PMAY, you\nmust belong to one of the following income categories:<\/p>\n\n\n\n Annual income of the household is under Rs. 3 Lakhs<\/p>\n\n\n\n Annual income of the household is between Rs. 3 Lakhs and Rs. 6 Lakhs<\/p>\n\n\n\n Annual income of the household is between Rs. 6 Lakhs and Rs. 12 Lakhs<\/p>\n\n\n\n Annual income of the household is between Rs. 12 Lakhs and Rs. 18 Lakhs<\/p>\n\n\n\n Married couples\nare eligible only for a single subsidy. If one of you has already claimed the\nbenefits of PMAY, the partner\u2019s\napplication or even a joint application will be rejected by the lender.<\/p>\n\n\n\n The scope of Credit\nLinked Subsidy Scheme (CLSS) extends to cover the purchase or construction of a\nnew home or the expansion of an existing property. If you claim benefits for\nany other purpose, the lender will reject your application. <\/p>\n\n\n\n Additional\nRead:<\/strong> <\/strong>All\nyou Need to Know About Pradhan Mantri Awas Yojana for Existing Home Loan<\/a><\/p>\n\n\n\n The idea behind the inception of PMAY was to provide affordable housing for all Indians. Tata Capital shares in this vision. We provide home loans<\/a> at attractive interest rates and strong after-sales service. We keep the documentation to a minimum because we want the process to be hassle-free for the customer. You can even keep tabs on your PMAY claim status. With years of experience in the industry, Tata Capital<\/a> is the right lender for all your housing needs. Visit our website for more details.<\/p>\n\n\n\n1. You or any member of your family must not have any property registered in their name.<\/strong><\/h2>\n\n\n\n
2. You must not have availed central assistance under any other housing scheme<\/strong><\/h2>\n\n\n\n
3. Make sure you apply under the correct income group<\/strong><\/h2>\n\n\n\n
\u2022 Economically Weaker Sections (EWS) \u2013 <\/h3>\n\n\n\n
\u2022 Low-Income Groups (LIG) \u2013<\/h3>\n\n\n\n
\u2022 Middle Income Group – I (MIG-I) \u2013 <\/h3>\n\n\n\n
\u2022 Middle Income Group – II (MIG-II) \u2013<\/h3>\n\n\n\n
4. Make sure your spouse hasn\u2019t already claimed the benefits<\/strong><\/h2>\n\n\n\n
5. Do not apply for a property that is not covered under PMAY<\/strong><\/h2>\n\n\n\n