Empowering people to own their dream houses, the Government of India launched a comprehensive mission – Pradhan Mantri Awas Yojana. The PMAY scheme aims to provide affordable housing for all by March 2022. Of all, the Credit Linked Subsidy Scheme (CLSS) is a major vertical under which beneficiaries receive financial assistance via lending organizations.
Eligible individuals enjoy huge interest subsidies on home loans, thereby making it more affordable. While the application process is easy, there are some vital documents that individuals need to submit. Below is the complete list for your convenience.
Documents for salaried applicants
As the PMAY housing scheme eases your way to becoming a homeowner, provide the necessary documents accurately for quick processing.
- Documents for address proof
You can provide any of these – a life insurance policy, rent agreement on stamp paper, Aadhaar card, voter ID, passport, residential address certificate or a letter issued by any public authority or servant verifying your address and identity.
- Papers for identity proof
As an eligible applicant, you can submit any of the following documents – Aadhaar card, voter ID card, government-issued photo identity card, passport, driving license or any letter from a public servant or recognized public authority. If you are providing the letter, make sure it has your photograph which is no older than a month.
However, PAN card is a compulsory requirement for Pradhan Mantri Awas Yojana.
- Documents as income proof
Submit any of the following documents as proof of your income – ITR receipts, bank statements of 6 months or salary slips of 2 months.
- Documents stating property purchase, if applicable
Additionally, you may need to provide a purchase/sale agreement, sales deed, receipt copy of the payments made, and property registration certificate (if available).
Ensure to submit updated documents to enjoy the key benefits of PMAY.
Documents for self-employed applicants
When applying for a Pradhan Mantri Awas Yojana loan, self-employed individuals need to submit the following.
- Documents for identity proof
While PAN card is mandatory, provide one of these identity proofs – driving license, Aadhaar card, passport, voter ID, photo credit card, any government-issued photo identity card or a letter from a public servant or recognized public authority verifying your identity.
- Documents for income proof
Submit any of these documents – balance sheet and Profit & Loss account, last 2 years’ ITR or current and savings account statements of the last 3 months each.
- Proof of property purchase
You can provide an agreement to sell document copy, property documents, buyer agreement/ allotment letter or payment receipt in the developer’s name. Note that these documents are vital for swift approval of your home loan application.
- Documents for address proof
Submit any one of these to enroll under the Pradhan Mantri Awas Yojana scheme.
- Voter ID card
- Aadhaar card
- The latest utility bill such as telephone bill, the electric bill, gas bill, etc.
- Rent agreement on a stamp paper
- A letter containing your photograph from a recognized official that verifies your residential address and identity both.
- Sale deed.
- Bank statements for the last 3 months.
- Receipt of municipal or property tax.
- Life insurance policy or any other investment.
- PPOs issued by public sector undertakings or government departments to retired employees. The document must contain your address.
- A letter from the Foreign Embassy or Mission in India.
- A letter from an employer regarding accommodation allotment
- Address proof for a business entity
A business entity needs to provide the following as address proof for the same.
- Sales Tax/ PAN card/ VAT certificate.
- Trade License certificate.
- SSI registration certificate.
- Shops & Establishment certificate.
- SEBI registration certificate.
- Degree or qualification certificate for professionals.
- ROC-issued registration number.
- Export-import code certificates / factory registration certificates.
Once you know the eligibility criteria for PMAY Home Loan have these documents ready, you can easily apply for the scheme.
Currently, almost 4,331 towns are covered under this ‘housing for all’ scheme. As per government statistics, around 1.53 crore houses have been constructed under PMAY already. So, fulfill your desire for homeownership effectively with this financial assistance from the best lending institution.