Affordable Housing Scheme, Eligibility And Apply Process

Affordable housing refers to affordable housing units/flats offer to those with income below the average household income. It is the key issue in developing countries like India where the majority of the population isn’t able to buy houses because of its high market price.

The scheme provides the best option to choose between simple EMIs or structured repayments with attractive interest rates with a repayment period of up to 30 years. Govt. offers loans with Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (PMAY) to eligible customers.

Eligibility for Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana is an activity by the Government of India wherein affordable housing will be provided to the urban poor with the objective of building 20 million affordable houses by 31 March 2022.

To get one of the pradhan Mantri Awas yojana flats, you have to meet criteria like –

• The purchaser and their family should not have another house under their name.
• Annual household income must not exceed INR 18 lacs. A Household is defined as a husband, a wife, and any unmarried sons and/or unmarried daughters.
• The house should be purchased in a joint registration of the husband and wife or just the name of the wife.
• The carpet area of the house purchased should be less than 60 sq. mtrs for income not exceeding Rs 6 lacs p.a, 90 sq. mtrs. for income not exceeding 9 lakhs per annum (per year) and 110 sq. mtrs for income not exceeding 18 lakhs p.a.
• The scheme can be used to purchase only one unit per family.
• The subsidy will always be paid via the provider of the housing loan. i.e from banks/HFCs
• Home loans should be availed for a period of 20 years in order to avail of a subsidy up to 2.67 lakhs. If a loan is availed for a lesser period then the subsidy amount will be proportionately reduced.
• Flats under affordable housing scheme in Ghaziabad are mostly allotted to women, manual workers, and persons with disabilities on priority.

Apply for the housing loan

If you fulfill the entire criterion then apply for a flat in Raj Nagar Extension, Ghaziabad under Pradhan Mantri Awas Yojana. One of the cheap and best affordable housing project, Mehak Jeevan offers 1 BHK, 2 BHK, 3bhk flats, which are being constructed to cater primarily to the needs of low and middle-income groups.

After the selection of flat which is covered in PMAY Scheme, you will have to follow the below steps:

1. First, you book a flat and apply for a housing loan
2. Bank sanctions your loan
3. Registration of the agreement
4. Your housing finance company/bank submits the claim of the subsidy to National Housing Bank/HUDCO
5. National Housing Bank transfers the amount to your bank
6. Bank deposits the subsidy to your loan account
7. Loan reduces to the extent of the subsidy received and the reduced EMI is set.