What are the documents required for PMAY for a self-employed person?

Pradhan Mantri Awas Yojana

Hi everyone, and welcome to my blog. Today, we’re talking about Pradhan Mantri Awas Yojana (PMAY), a government scheme in India that helps eligible individuals purchase a home.

We’ll specifically focus on the documents required for self-employed applicants like myself (if you’re a salaried individual, you can mention that the document requirements might differ slightly).

Documents Required for PMAY (Self-Employed)

Here’s a list of documents generally required for self-employed individuals applying for PMAY:

  • Identity Proof: Aadhar card, PAN card, Voter ID card, etc.
  • Address Proof: Aadhar card, Electricity bill, Ration card, etc.
  • Income Proof: Income Tax Returns (ITR) for the past 3 years, bank statements, etc. (Since income proof for self-employed individuals can vary, consult with your bank or financial advisor for the most up-to-date requirements)
  • Property Papers: Agreement to Sale, allotment letter, etc.
  • Bank Account Statements: For the past 6 months

In the recent Interim Budget of 2024, the Finance Minister unveiled plans to construct an additional 20 million houses within the following 5 years, edging closer to the target of providing 30 million houses under this initiative.

Significantly, the budget for the Pradhan Mantri Awas Yojana experienced a 66% surge to over Rs.79,000 crore in the 2023 Budget.

The Pradhan Mantri Awas Yojana, initiated by Prime Minister Shri Narendra Modi in 2015, stands as a crucial social welfare flagship program of the Indian Government.

ComponentDescription
Name of the schemePradhan Mantri Awas Yojana (PMAY)
Launched on25 June 2015
Nodal MinistryMinistry of Housing and Urban Affairs (MoHUA)
TargetTo build 1.12 crore houses for the urban poor.
ComponentsPMAY(U) – Housing for All in Urban Areas
BeneficiariesEconomically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group (MIG)
Eligibility criteriaAnnual income of up to Rs. 3 lakh for EWS, Rs. 3-6 lakh for LIG, and Rs. 6-12 lakh for MIG
BenefitsCentral assistance of up to Rs. 1.5 lakh for EWS, Rs. 2.5 lakh for LIG, and Rs. 3 lakh for MIG
ImplementationThrough State/UT Governments and Central Nodal Agencies (CNAs)
ProgressAs on 25 February 2024, 118.63 lakh houses have been sanctioned, 114.09 lakh houses have been grounded, and 80.35 lakh houses have been completed
For more information, please visit the PMAY website: pmaymis.gov.in

Understanding Pradhan Mantri Awas Yojana

The primary aim of the Pradhan Mantri Awas Yojana (PMAY) is to furnish affordable housing to economically weaker sections, lower income groups, urban poor, and rural poor. The scheme endeavors to construct around 20 million houses at affordable rates. In the Budget of 2023, the allocation for the Pradhan Mantri Awas Yojana experienced a substantial increase, exceeding Rs.79,000 crore. PMAY comprises two primary components:

Pradhan Mantri Awas Yojana Urban (PMAY-U)

  • To provide houses to all eligible urban poor families/beneficiaries against the validated demand for houses for about 1.12 crore.
  • Eligibility Criteria: The applicant must be an Indian citizen. The applicant must not own a pucca house in any part of India. The applicant’s annual income should not exceed Rs. 6 lakhs.
  • The beneficiaries will be provided with a subsidy on the interest rate of home loans. The subsidy amount will vary depending on the income category of the beneficiary. The beneficiaries will also be provided with a central assistance of Rs. 1.5 lakh.

Pradhan Mantri Awas Yojana Gramin (PMAY-G)

  • To provide houses to all eligible rural poor families/beneficiaries against the validated demand for houses for about 2.95 crore.
  • Eligibility Criteria: The applicant must be an Indian citizen. The applicant must not own a pucca house in any part of India. The applicant’s annual income should not exceed Rs. 3 lakhs.
  • The beneficiaries will be provided with a subsidy on the interest rate of home loans. The subsidy amount will vary depending on the income category of the beneficiary. The beneficiaries will also be provided with a central assistance of Rs. 75,000.

Here is an overview of the Pradhan Mantri Awas Yojana (PMAY) scheme:

ComponentDescription
ObjectiveTo provide affordable housing to all eligible urban poor in India by 2024.
TargetTo build 1.12 crore houses for the urban poor.
BeneficiariesEconomically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group (MIG) I and MIG II.
Income criteriaEWS: Up to Rs. 3 lakh per annum LIG: Rs. 3 lakh to Rs. 6 lakh per annum MIG I: Rs. 6 lakh to Rs. 12 lakh per annum MIG II: Rs. 12 lakh to Rs. 18 lakh per annum
Type of housesEWS: Up to 30 sq. m. LIG: Up to 60 sq. m. MIG I: Up to 90 sq. m. MIG II: Up to 120 sq. m.
Central assistanceEWS: Rs. 1.5 lakh LIG: Rs. 2.25 lakh MIG I: Rs. 2.75 lakh MIG II: Rs. 3 lakh
Interest subsidyUp to 6.5% per annum for a tenure of up to 20 years.
ImplementationThe scheme is being implemented by the Ministry of Housing and Urban Affairs (MoHUA) through the States/Union Territories (UTs).
ProgressAs on 25th February 2024, 118.63 lakh houses have been sanctioned, 114.09 lakh houses have been grounded, and 80.35 lakh houses have been completed.

Pradhan Mantri Awas Yojana scheme is interlinked with various other initiatives, including:

  • Swachh Bharat Abhiyan: Focused on minimizing open defecation by constructing in-house and community-owned toilets, and emphasizing cleanliness in public areas.
  • Saubhagya Yojana: Aims to provide electricity connections.
  • Ujjwala Yojana: Aims to provide LPG gas connections.
  • Ensuring access to clean drinking water.
  • Pradhan Mantri Jan Dhan Yojana: Aims to promote financial inclusion by facilitating zero balance accounts and extending banking facilities to all sections of society.

Key Components of PM Awas Yojana

In-Situ Redevelopment involves utilizing land as a resource and engaging the private sector to transform slums into formal urban areas, seeking to provide improved living conditions for slum dwellers.

Credit Linked Subsidy: The government will offer a 6.5% interest subsidy on housing loans for 15 years. This will render housing more affordable. The interest subsidy will be calculated at a discount rate of 9%. The subsidy is applicable for a loan amount of Rs 6 lakhs. Lending institutions will directly credit the subsidy to the beneficiaries’ accounts, resulting in reduced monthly installments and a lower loan amount.

Affordable Housing in Partnership (AHP): In collaboration with the government and private enterprises, affordable housing will be accessible for individuals with a low income. States or Union Territories can collaborate with various organizations or industries to develop affordable housing projects.

Improving Homes for Those in Need: This project extends support to people who are unable to benefit from other assistance programs. It provides aid to low-income families to construct or enhance their homes. Families can receive up to Rs 1.50 lakh to improve or construct their homes under this initiative. The homes built will utilize eco-friendly technology, with priority given to the elderly and disabled individuals for ground floor homes under the Pradhan Mantri Awas Yojana.

What are the documents required for PMAY for a salaried person?

For a salaried person, the required Awas Yojana documents include:

  • ID Proof: Aadhaar card, PAN card, passport, DL or driving licence, etc.
  • Address proof: Aadhaar card, voter card, credit card statement of the last 3 months, receipt of property tax payment, LIC or Life Insurance Policy, etc.
  • Income proof: Last 6 months’ bank statement, ITR receipts, and salary slips for the last 2 months

Additional documents such as the sale agreement and deed, Certificate of Property Registration, Builder Payment Receipt, etc. may also be needed.

What are the documents required for PMAY for a self-employed person?

The required documents for a self-employed person include:

  • ID Proof: Aadhaar card, PAN card, passport, DL or driving licence, etc.
  • Address proof: Aadhaar card, voter card, bank statements with your address, voter card, LIC or Life Insurance Policy, or passport
  • Income Proof: Firm or factory establishment certificate, trade licence, SEBI certificate, SSI registration, PAN card, VAT registration, sales tax and deed receipt, factory registration certificate, ROC-issued registration number, partnership deed, etc.

Remember, both salaried and self-employed applicants need to submit property-related documents when applying for the PMAY scheme. The list of documents includes copies of the allotment letter, complete chain of property, payment receipt, and sale agreement.

How to Apply for Pradhan Mantri Awas Yojana?

PMAY can be applied for in two categories:

  • Categories: The economically weaker sections, which encompass Low-Income Groups (LIG), Middle-Income Groups (MIG), and EWS, are considered as beneficiaries for the ‘Housing for All Scheme’. EWS have an annual income cap of Rs 3 lakh, LIGs have a cap of Rs 3 to 6 lakh, and MIGs have a cap of Rs 6 to 18 lakh.
  • Slum Dwellers: These include individuals residing in inadequately constructed residences with unclean drinking water and substandard sanitation facilities.

To apply for Pradhan Mantri Awas Yojana (PMAY):

  1. Visit the official PMAY website at https://pmaymis.gov.in/
  2. Choose the benefits for which you are eligible
  3. Enter your Aadhaar details (mandatory for enrollment)
  4. Accurately complete the application form
  5. Click on ‘Save’ and input the Captcha code
  6. Click on ‘Save’ again to finalize the application and obtain a printout.

Any Indian citizen belonging to the EWS, LIG, or MIG category can avail the benefits of this scheme. The e-way bill is generated based on information provided by the suppliers/consignors concerning the invoice or challan.

There is no fee for online applications. If applying offline, a registration fee of Rs. 25 plus GST is applicable.

Conclusion

Owning a home is a dream for many people. If you’re self-employed and considering applying for PMAY, I hope this video has been helpful. Remember, to get the most accurate information, consult with your bank or a financial advisor specializing in PMAY.

Thanks for reading! Don’t forget to like Facebook page and share for more informative post.

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