Things You Should Know About Delhi Awas Yojana

Given the soaring residential property prices in the capital, buying a home in Delhi is still a far-off dream for many. But luckily, there’s an excellent solution to tackle this problem and purchase the house you want: Delhi Awas Yojana Scheme. 

All about the Awas Yojana

The Pradhan Mantri Awas Yojana Scheme is the central government’s affordable housing initiative. This home loan facility is available for Middle-income groups (MIG) 1 and 2, Economically-weaker sections (EWS), and Low-income groups (LIG). Scheduled Tribe/Caste (SC/ST), Other Backward Class (OBC), and women under the LIG/EWS groups can also opt for this scheme.

Most lenders provide loans through CLSS (credit-linked subsidy scheme) to help buyers purchase a house. You can easily get a loan at competitive home loan rates under the PMAY scheme. 

Eligibility criteria for PMAY Delhi

You must first fulfil the PMAY home loan eligibility criteria to get a loan. These include:

• Your annual household income must be within the following brackets:

• For EWS category buyers, the maximum household income should be Rs. 3 lakh per annum.
• For MIG-1 category buyers, the household income should be between Rs. 6-12 lakh per annum. 
• For MIG-2 category buyers, the household income should be between Rs. 12-18 lakh per annum.
• For LIG category buyers, the household income should be between Rs. 3-6 lakh per annum. 

• If you have already opted for this scheme in Delhi, you cannot apply again. 

• If you are a homeowner with a pucca house anywhere in the country, you cannot avail of the PMAY Delhi scheme. 

Additionally, you can’t use this scheme if you’ve already availed of a housing scheme from the State Government or the Government of India. 

Necessary documents

Upon meeting the eligibility criteria, you’ll need to provide these documents to avail of the PMAY Delhi scheme:  

• Date of birth proof - PAN/birth certificate/passport/driving licence
• Income proof - PAN/passport/Aadhaar/voter ID
• ID proof - PAN/Aadhaar/voter ID/passport
• Address proof - property registration documents/property tax receipts 
• Current loan details (if any)
• Affidavit and declaration informing that your family/you don’t own a pucca house in India
• A housing society/competent authority’s NOC (No-Objection Certificate)

How can you avail of the PMAY Delhi scheme?

There are two ways you can apply for the PMAY Delhi: 

• You can apply online through the official PMAY website: https://pmaymis.gov.in/. 

• Alternatively, you can compare lenders, their home loan interest rates, eligibility terms, tenures, etc. Once you select an ideal one, you can check if they’re offering a loan under the PMAY scheme. 

Benefits of the PMAY Delhi scheme

Here's why you should opt for the PMAY Delhi scheme:

• You can get an interest subsidy of up to Rs. 2.67 lakh.
• This interest subsidy is available to eligible first-time homebuyers.
• The PMAY Delhi scheme enables you to get affordable housing in Delhi’s developed areas. 
• As a senior citizen or specially-abled beneficiary, you can access ground floor units.

Parting thoughts

If you’re eligible and want to purchase a residential property in Delhi, waste no time. Search the market, use a home loan EMI calculator to estimate your monthly instalments, and apply for a loan!