Pradhan Mantri Awas Yojana Mumbai

The Pradhan Mantri Awas Yojana (PMAY) is a government scheme in India that provides subsidised interest rates for home loans to individuals and families looking to purchase or construct a new house. The scheme, which is implemented by the Ministry of Housing and Urban Affairs (MOHUA), aims to make housing more affordable for people living in both urban and rural areas. This article provides information about the PMAY-Urban aspect of the scheme, which applies specifically to Mumbai, including details on eligibility criteria, documentation requirements, and potential beneficiaries.

Pradhan Mantri Awas Yojana Mumbai Overview

The Pradhan Mantri Awas Yojana (PMAY) in Mumbai is administered by the Maharashtra Housing and Area Development Authority (MHADA) since 2015. The scheme primarily targets lower and middle-income groups, and aims to make housing more affordable for them. Affordable housing units are available in various areas of Mumbai, such as Navi Mumbai, Thane, Kalyan, Karjat, Badlapur, and Dombivali. Under this scheme, it is important to understand the following features:

• You can avail of a maximum home loan amount of INR 6-12 lakhs.
• The interest subsidy you can get is 6.5% such that the maximum amount of INR 2.67 lakhs is lowered.
• The home carpet area must be restricted to 200 sq.m.
• The maximum annual income of the applicant must be INR 18 lakhs.
• Home loan tenures will be a maximum of 20 years.
• There is a 0 prepayment fee.

Eligibility Criteria For PMAY Mumbai

The PM Awas Yojana in Mumbai has a very specific eligibility criteria. The foremost parameter of judgement is the income category that you fall into:

• Economically Weaker Section (EWS), if your annual income is up to INR 3 lakhs.
• Lower Income Group (LIG), if your annual income is INR 3-6 lakhs.
• Middle Income Group I (MIG-I), if your annual income is INR 6-12 lakhs.
• Middle Income Group II (MIG-II), if your annual income is INR 12-18 lakhs.

Apart from this, to qualify for the affordable housing scheme in Mumbai, you must abide by the following:

• You cannot apply under Pradhan Mantri Awas Yojana Mumbai if you already are taking housing benefits under any other Government scheme.
• Your family must consist of a husband and wife with unmarried children.
• You will not be entitled to PMAY if you already have the possession of a pucca house anywhere else in the country.

Must Read: Union Cabinet Approves Extension of (PMAY-U) till Dec 2024

Documents Required For PMAY Mumbai

The documents falling under the Pradhan Mantri Awas Yojana in Mumbai list are:

• Recent passport-size photographs
• Proof of cast through official certification
• AADHAR card of individual family members
• Account number with IFSC
• Proof of income
• Voter ID card

List Of Beneficiaries For PMAY Mumbai

To determine if you are eligible to apply for the PM Awas Yojana in Mumbai, you can visit the official website of the scheme at https://pmaymis.gov.in/. On the website, you can navigate to the "Search Beneficiary" option and enter your AADHAR card number. By clicking on the "Show" button, you will be able to view your name and check if you are a beneficiary of the scheme. Additionally, you can also check your eligibility by visiting the Maharashtra Housing and Area Development Authority (MHADA) website, as they are responsible for administering the PMAY scheme in Mumbai.

Last Date For PMAY

The last date for PMAY (Pradhan Mantri Awas Yojana) in Mumbai is not fixed as it is an ongoing scheme and the implementing agencies like Maharashtra Housing and Area Development Authority (MHADA) may have different deadlines for different sub schemes. The Government of India has set a target to provide affordable housing to all by the year 2022, and the scheme will continue to run until this target is achieved. It is recommended to check the official website of MHADA and the PMAY scheme for the most up-to-date information about the last date for application.

Conclusion

The government's efforts to provide affordable housing for the economically weaker sections of society through schemes like the Pradhan Mantri Awas Yojana are commendable. These initiatives empower low-income families to become homeowners, which can have a profound impact on their lives.

If you want to take up a home loan, you can come to SMFG Grihashakti, which gives out affordable housing loans starting at 9.50%*  interest rate for salaried individuals. Tenures range up to 30 years* and processing takes less than a week* after your loan is approved*. You can also check your eligibility online and understand your monthly EMI obligations through our self-help calculators.