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Buyers Guide

PMAY(Pradhan Mantri Awas Yojana)

What is the eligibility criteria for the PMAY subsidy?
Under the Pradhan Mantri Awas Yojana (PMAY), the central government has offered Indian citizens a subsidy of INR upto2.67 lacs to qualifying families. Here are a few questions and answers about the scheme.
  1. The purchaser and their family should not have another house under their name.
  2. Annual household income must not exceed INR 18 lacs. A “Household” is defined as husband, a wife and any unmarried sons and/or unmarried daughters.
  3. The house should be purchased in a joint registration of the husband and wife, or just the name of the wife. However, if there is no adult female in the household, the house may be registered in the name of a male member.
  4. 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 lacs p.a and 110 sq.mtrs. for income not exceeding 18 lacs p.a
  5. The scheme can be used to purchase only one unit per family.
  6. The subsidy will always be paid via the provider of the housing loan. i.e from banks/HFC’s
  7. Home loan should be availed for a period of 20 years in order to avail a subsidy up to 2.67 lacs. If a loan is availed for a lesser period then the subsidy amount will be proportionately reduced.
What is the list of documents required to avail the subsidy?
What is the list of documents required to avail a Home Loan?
I am Single, can I still benefit from PMAY?
Can I still get PMAY if I am not applying for a LOAN?
Will I get the subsidy directly from the government?
Am I eligible for PMAY if I have a house in my native place or village?
How can I apply for PMAY?
How long does it take to received subsidy from the government?
Is PMAY applicable to widows or divorcees?
What is the age limit to avail PMAY?
What happens if I do not qualify for the PMAY?

Loan FAQ’s

For self-employed applicants
  • A brief introduction of Business/Profession
  • Photo Identity Proof, Residence Address Proof, Signature Verification Statement for all the  main partners/directors
  • Repayment Track record of existing loans/Loan closure letter
  • Board Resolution in case of a company
  • Proof of existence of the company
  • Office Address Proof
  • Income Tax Return / Computation of Total Income / Auditors Report / Balance Sheet / Profit & Loss Account certified by Chartered Accountant for last 2 years (both for business and personal of partners/directors)
For salaried applicants
What are the documents required for availing a home loan?
What is the term of the loan that banks offer?
How much loan can I avail?
Can i get my house financed?

Have Any More Question..?

What is the procedure for execution of the agreement to sale?
The procedure involved is three-fold:
  • Firstly, the payment of adequate stamp duty on the Agreement to Sale
  • Secondly, Execution of the Agreement to Sale by the Developer/Promoter and the Purchaser
  • Thirdly, Registration of Agreement to Sale.
What are the documents that should be verified before buying a residential / commercial unit?
What documents are required if the intended purchaser wishes to proceed for purchase of premises?

About Tax Benefits

Income Tax Certificate
Every bank issues an income tax certificate that serves as requisite proof to let you avail of tax benefits that accrue on repayment of a home loan. This will typically contain the total amount of interest and capital repaid during the Year. This is mandatory to claim the tax benefit in respect of self-occupied property. You will have to file this with your tax returns and submit this to your employer or chartered accountant to calculate your tax liability.
That brings us to section 80C of the Income Tax Act
Let's start with section 24 of the Income Tax Act
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