Complete List of Documents Required to Enrol in PMAY Scheme

The Indian government launched the Pradhan Mantri Awas Yojana (PMAY) in 2015. Under the Credit-Linked Subsidy Scheme (CLSS) of this initiative, eligible borrowers from Middle Income and Lower Income Group (MIG & LIG) and the Economically Weaker Section (EWS) can claim interest subsidy on home loans for purchasing or constructing a home.While the government has made the whole process of applying for PMAY subsidy as convenient as possible, eligible candidates are required to submit a few documents to avail of the subsidy successfully.

If you are eligible for PMAY subsidy, here are the documents you’ll need to submit along with your loan application-

• Identity Proof Voter ID, Aadhar card, passport, or other eligible photo identity document.
• Address Proof Latest utility bill, rent agreement, or relevant document issued by an authorized body.
• PAN PAN card is mandatory to apply for PMAY subsidy.
• Income Proof Salary slip of last 2 months, salary account bank statement of last 6 months, latest ITR/Form 16. Self-employed professionals and business owners are required to submit ITR with computation of last 2 financial years, current account bank statement of last 6 months, balance sheet with profit and loss account certified by a CA.
• Property Documents Purchase or sale agreement, sale deed, property registration certificate, or payment receipts.

Now that you know the PMAY subsidy documents , you should also check out the process to apply for the interest subsidy. To avail of CLSS benefits on a home loan, you should visit the nearest financial institution covered under the PMAY initiative.Fill the PMAY Home Loan CLSS application form along with the relevant documents to apply for interest subsidy. The documents will first be verified by the financial institution and then forwarded to the central nodal agencies for approval. If the loan is approved, the loan amount will be disbursed to your bank account.The nodal agency will then process your interest subsidy and disburse the same to your loan account, helping lower the monthly EMI and your total interest payment on the home loan.

Interest subsidy of 3% to 6.5% is available for various beneficiary categories under CLSS. If this is your first home purchase, the interest subsidy is an excellent way to reduce the total amount you repay to the lender on your home loan.If you are eligible for the interest subsidy, ensure that you have all the documents listed above to ensure that the application process is smooth and quick. You can also visit the nearest financial institution eligible under the PMAY scheme to know more about the documentation and application process.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.