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Let Your Dream Home Come True – Know about PMAY (Pradhan Mantri Awas Yojana)


Let Your Dream Home Come True – Know about PMAY (Pradhan Mantri Awas Yojana)

Girish, a software engineer, wishes to establish a residential property in Chennai. He approaches online property portal to look for a 3BHK Flat in Kodambakkam and gets the best guidance from one of the customer executives at NorthFace Properties.

Easing your property buy!

Earlier, it was a complex process for people like Girish to buy a property in a desired locality. Today, technology has turned things upside down and has eased buying, selling, renting and leasing of residential and commercial properties through online property portals like  NorthFace Properties.

We, at  NorthFace Properties, have been helping several people like Girish to bring their dream homes to existence.

How did we help Girish?

As mentioned above, Girish got in touch with one of our customer executives as he was looking for a 3BHK Flat in Kodambakkam. With our help, he found one of his choice and wanted to take a step further in buying the property. Before getting into the loans, we wanted Girish to know about an important piece of information.

Guessing what?

The Prime Minister of India has introduced a prestigious scheme called Pradhan Mantri Awas Yojana or PMAY in 2015. Adding values to this scheme, the Union Budget 2018, tries to bring ‘Housing for All’ by 2022, to reality.

Girish wanted to know:

What is so cool about this scheme?

He gets to know the below information from our customer executive.

Pradhan Mantri Awas Yojana (PMAY)

It is a Central Government Scheme which aims to provide assistance to the Urban Local Bodies and other implementing agencies throughout the Indian geography in constructing affordable pucca houses with all basic facilities like water, sanitation and electricity supply round the clock.

How does this help Girish?

Credit Linked Subsidy Scheme (CLSS)

The ‘Credit Linked Subsidy Scheme’ (CLSS) is another beneficial scheme, launched by the government to provide subsidies for the targeted individuals like Girish in constructing houses. This scheme will concentrate on the demand aspects of affordable housing finance segment. Initially, this CLSS was made available to the people who fall under Economically Weaker Section (EWS) and Lower Income Group (LIG). However, the government has now extended it to the Mid-Income Group (MIG) people also.

Further, Girish gets curious about the eligibility criteria and conditions to check if he can get benefitted under the credit-linked subsidy scheme.

Deep-dive into the eligibility and conditions of this scheme

The eligibility of a person depends on his income as below:

Conditions:

Now, Girirsh knows that he is eligible for the scheme and wants to know the next set of steps before buying the 3BHK Flat in Kodambakkam

What next?

  • Contact the bank or financial institutions participating in this scheme
  • Carry the necessary documents like
  1. Aadhar Card
  2. Passport Size Photographs
  3. Salary Slip
  4. Bank Statements
  5. Self-certificate as a proof of income
  6. Customer Declaration

Thus, we helped Girish in establishing his dream residential property.

‘Property market is down now’, ‘The trend of real estate is losing its lull day-by-day’ are all some rumors in the air about the property and real estate sector. Many random advices from your cherished circle might have made you believe this. But, the government is actually helping out people like Girish through Pradhan Mantri Awas Yojana or PMAY scheme. The online property portals like NorthFace Properties are ready with the boarding passes to travel on the right road and land on your dream property destination wisely. Thus, achieving ‘Housing for All’ effectively.