logo
ENQUIRE NOW
Enquire Now

Pradhan Mantri Awas Yojana (PMAY)

Housing is one of the basic social conditions that determine the quality of life and welfare of people and places. Rapid urbanization has placed remarkable strain on housing and services land in the urban areas. The Pradhan Mantri Awas Yojana was launched on 25 June 2015 by the Hon’ble Prime Minister Sri Narendra Modi to address this strategic need. It aims to construct about 2 crore houses in the country from 2015 to 2022. People who will be benefited through this scheme include: homeless citizens, poor urban people and citizens belonging to EWS and LIG categories.

Pradhan Mantri Awas Yojana (Urban) has implemented Credit Linked Subsidy Scheme for EWS/LIG (CLSS for EWS/LIG) in order to expand institutional credit flow to the housing needs of the urban poor.

It aims to construct about 2 crore houses in the country from 2015 to 2022.
  • Beneficiaries of Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy.
  • Interest subsidy will be credited upfront to the loan account of beneficiaries through Primary Lending Institutions (PLI), resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
  • The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9 %.
  • Preference is given to manual scavengers, women (with overriding preference to widows), persons belonging to SC / ST / OBC, Minorities and Persons with disabilities and Transgender community.
Home Ownership

The houses constructed/acquired under the PMAY – Urban scheme should be in the name of a woman of the household or in joint ownership with her husband, and only in case when there is no adult female member in the family, the house can be in the name of male member of the household.

Coverage

All Statutory Towns as per Census 2011 and towns notified subsequently, including planning area as notified with respect to Statutory Town.

Purpose

New construction, acquisition and addition of rooms, kitchen, toilet etc. to existing dwelling as incremental housing.

Beneficiaries
  • Beneficiary family will comprise husband, wife and unmarried children.
  • The beneficiary family should not own a pucca house in the name of any member of the family in any part of India.
  • EWS Households – annual income up to Rs. 3,00,000/- .
  • LIG Households – annual income between Rs. 3,00,001/- up to Rs. 6,00,000/- .
  • MIG 1 – annual income between Rs. 6 – 12 lakhs.
  • MIG 2 – annual income between Rs. 12 – 18 lakhs.
Subsidy and Loan details
  • EWS/LIG – Interest Rate Subsidy of 6.5% for a loan amount up to Rs. 6,00,000.
  • MIG 1 – Interest Rate Subsidy of 4% for a loan amount up to Rs. 9,00,000.
  • MIG 2 – Interest Rate Subsidy of 3% for a loan amount up to Rs. 12,00,000.
  • There is no cap on the loan amount or the cost of the property; however the subsidy wont apply to the additional loan amount.

Note: Assessment of your eligibility to avail the benefits of CLSS Urban is at the sole discretion of the Government of India. Contents herein are parameters outlined under the scheme for assessment of entitlement.

Home Buying Documents

When you are planning to buy your dream home, you are getting ready for a significant investment. It involves major paperwork in terms of securing a home loan from the bank and registering the property in your name.

Right from providing documents to your bank to acquiring several documents to take ownership of the property, we have to get ready for a lot paperwork.

Depending on who is buying the property, the documentation varies. You may purchase the flat in your name, jointly with your wife, or in the name of your business organization. We are listing the primary documents that you would require in this article below:

KYC - Resident of India
  • Identity Proof: Copy of PAN Card – Self Attested.
  • Residence proof: Driver’s License / Passport / Voters ID Card / Aadhaar Card – Self Attested.
  • Photo Proof: Passport-size photographs are required per applicant.
Ownership - Private Limited Company
  • Authorization: A Board Resolution authorising one of the directors to be the authorized signatory of the property buying process to sign various documents.
  • Identity Proof: Copy of the PAN Card of the Company attested by the authorized signatory.
  • Articles of Association & Memorandum of Agreement duly signed by the company authorities.
  • Photo Proof: Passport-size photographs of the authorized signatory to buy property on behalf of Company.
Ownership - Partnership Firm
  • Identity Proof: Copy of PAN Card of the Partnership Firm – attested by Partners.
  • Address Proof: Copy of Partnership Deed.
  • Authorization: An Authority letter signed by other partners of the Partnership Firm authorizing one of the Partners to sign and do all the operations on the firm’s behalf.
  • Photo Proof: Passport-size photographs of the partner authorized to sign on behalf of Partnership Firm.

Contact

Subham Velocity

+91 9854043000
marketing@subhamgroup.com
Customer Reviews

What’s Our Customer Say

blog
I still remember the experience of purchasing a flat at Subham Greens. The Subham Group deal with their customers in a very professional way complying with all the rules and regulations. The method is so corporate that you’d simply love it. For instance, they allotted the parking space to each customer via lottery, they did not use the residential apartments for commercial purpose, and moreover, they always kept the terrace common to all. Isn’t it wonderful, as we do hear that some builders sell out the terrace illegally. Their service is enveloped with warmth. My experience with their staff was awesome – they explained even the minute details to me. And I can firmly say that they lived up to their tagline – time-bound projects, timeless relationships. My relationship with them is one such now. Thank you Subham Group.

Manoj Kumar Agarwal

Subham Greens, Lokhra

blog
I was looking for an apartment in my home town Guwahati. Being in Bangalore, and having a constraint on the budget, it was very difficult for me to find out a suitable and reliable project. Thanks to Subham Groups for their continuous support and association starting from the day one. I found their sales team extremely dedicated and professional, their ability to understand the customer’s need is awesome. Their transparent communication about the project cost and process is really commendable. Also, the website is self explanatory in terms of all the details about floor plan, location, specifications etc. I have chosen Subham Regency as I found it to be the one with all the basic amenities and features a modern day apartment needs to have. Well located within the heart of the city, well designed floor plans, having an earthquake resistant structure, fire safety measures and above all within the budget.

Rupam Das

Senior Software Engineer

blog
My relation with SUBHAM GROUP started in 2005, when I shifted Guwahati from Tinsukia.Finding a flat at reasonable and in a good location here was a dauntingtask then. After visiting multiple residential project, my search ended at Subham Enclave. Their seamless service and the transparent conduct makes any transaction a wonderful experience. Since then I have invested in various residential as well as commercial project of Subham Group, including Subham Garden, Subham Restone and Subham Buildwell Being one of the loyal and satisfied customers I do recommend Subham to those who are looking for good location, solid construction, more open space and a well planned home.

Ravi Agarwal

Subham Enclave

Connect with Subham Group

Get in touch