With the rise in property rates in India, buying a house is still a distant dream for many!
However, in the past few years, India’s central and state governments have introduced multiple housing schemes to help the economically weaker sections get affordable housing. If you are an aspiring homeowner looking for a house at a reasonable rate, you can find one through a government housing scheme!
For instance, the Pradhan Mantri Awas Yojana (PMAY) scheme by the Indian government provides affordable housing to people living in urban and rural areas. Eligible beneficiaries can avail of this government home loan scheme and many other schemes from any NBFCs.
Read further to know more about the application process, eligibility and documents required to apply for it.
Different loan schemes follow distinct eligibility conditions. To become a beneficiary under the Pradhan Mantri Awas Yojana housing for all scheme, you must fulfil the following eligibility criteria:
- The applicant’s family income must be within Rs. 6 lakhs.
- The applicant should not be the owner of a pucca house in any part of the country.
- The applicant’s family should not have any central assistance under a different housing scheme by the central or state government.
- The applicant must be a part of any of these groups- Economically Weaker Section (EWS), Scheduled Tribe (ST), or Scheduled Caste (CS).
- A woman applicant living on the periphery of metro cities that come under Tier I, Tier II and Tier III can also apply.
Here is a list of forms you are required to submit when applying for a govt housing scheme:
- Application form
- Authority Letter
- Customer Request Form
- Disbursement Request Form
- Cheque Submission Form
- Terms and Conditions Form
You will also be asked to furnish certain official documents like the Aadhaar card along with the forms for identification purposes.
Additional Read: Affordable Housing in India: Know about the Measures Taken By RBI
Ways to apply for government housing schemes
There are different ways to apply for affordable housing schemes with NBFCs. You can apply for the loan through these methods:
The most hassle-free way to apply for a government loan scheme is through online services. You can visit the website of a trusted lender and fill the application. If you have queries, you can contact the lender for assistance.
Another way to apply for a housing scheme is through phone services. You can call the customer care number of a lender and ask the steps to apply.
• Visiting the branch:
If you wish for a face-to-face consultation , you can visit the financial institution’s branch and talk to lending experts. You can locate a branch near you by calling customer care or searching online.
When applying for the loan, be prepared to answer any question by the lender and even a one-on-one conversation. Lenders typically approve the home loanafter careful assessment and consideration of your financial profile.
Turn to Tata Capital!
Looking for a trusted source to obtain housing finance? Check out Tata Capital’s home loan interest rates and other attractive features for borrowers. We are a one-stop destination for all your housing finance needs! Borrow a loan under various housing schemes hassle-free. Get in touch with us for further assistance.