If you are applying for a home loan under the PMAY scheme, one of the best ways to ensure quick approval is to comply with the documentation process correctly. Read on to know about the documents required for PMAY.
The Pradhan Mantri Awas Yojana, an affordable housing scheme, which was initiated by the central government of India in 2015, has benefited several applicants. The scheme, under its mission ‘Housing for All’, aims to provide a pucca housing unit to all residents by building two crore new homes across specific urban locations and by providing interest subsidy on home loans.
So, if you wish to apply for a home loan under the Pradhan Mantri Awas Yojana and avail the benefit of interest subsidy, you must meet the eligibility requirements of the scheme and comply with the documentation process. The document requirements vary for self-employed and salaried applicants.
Before delving into the documents required, you must understand the basic eligibility requirements, which are:
- You or any of your family members should not own a home anywhere in the country.
- If you married, you can either apply for a joint home loan with your spouse, or apply for a loan as an individual, but you will be eligible only for a single subsidy
- You or any of your family members should not have availed monetary assistance under any other state or central government housing scheme.
Documents required for salaried employees
If you are a salaried employee and wish to avail home loan benefits under Pradhan Mantri Awas Yojana, you must submit the following documents at the time of application:
Proof of Identify (you can submit any one of the following documents)
- Voter ID
- Aadhaar Card
- PAN Card
- Driving License
- Photo ID issued by any state or central government organisation
- A letter issued by a public servant or a public authority that verifies your status with a photograph
Proof of Residence (you can submit any one of the following documents)
- Rent agreement on a stamp paper
- Bank account statement reflecting the address
- Life insurance policy documents
- Voter ID card
- Aadhaar Card
- Copy of the latest utility bills – electricity bill, landline phone bill, gas bill
- ITR receipts
- Bank account statement (for six months) reflecting salary credit
- Salary slip issued by the employer
Property-related documents (as applicable)
- Copy of the agreement to sell
- Allotment letter or buyer agreement
- Payment receipt for the down payment made in favour of the developer/builder
Documents required for self-employed applicants
If you are a self-employed person, the documentation required for getting a housing loan under the PMAY would be different. You must provide the following documents at the time of application.
The document required for identity and residence proof is the same as for salaried employees. But, if you have a business establishment, you must provide following documents for business’ address proof (any one as applicable)
- Shop and Establishment certificate
- VAT certificate/Sales Tax receipt
- Trade license certificate
- Factory registration certificate
- ITR for the last two years
- Copy of the balanced and the profit and loss account duly audited by a qualified CA
- Copy of the current bank account statement of the business and copy of the savings account of the business owner for the last six months
Thus, as evident the documentation for a business owner and a salaried employee is different. Make sure that you keep the necessary documents ready well in advance before you start the home loan application process. It is good practice to know the lender-specific requirements and keep the documents handy to avoid delay in the loan approval process.