Being able to own a home is a must entry in every person’s bucket list! In India, buying a home is more than just a piece of property, as there are a lot of emotions involved in it. It identifies security, pride and stability. Lately, many investors are looking forward to owning a home instead of living in a rented house. It is because owning a home is considered as a long-term benefit and it further boosts the living standards.
But most people miss out on buying their dream homes due to lack of proper documentation and lack of knowledge about the whole buying process in real estate. In A Nutshell, the whole buying process is not so easy since there are many authorized applications and signatures involved. But still, you can make a hassle-free buying process if you plan things in advance.
TIP for first-time home buyers.
It’s natural for the first time home buyers to get confused about the home buying process. Therefore, it’s mandatory for them to do a thorough research about their eligibility, source of income and rate of interest and all other financial liabilities if they decide to buy it by taking a loan. To make the whole process easier, the government has introduced houses under PMAY scheme and if you are a first time buyer then you must have a check on them. And if you are looking for a home loan under PMAY, it’s important to be aware of the PMAY housing scheme, subsidy schemes under PMAY and calculate EMI on priority.
Understand the PMAY housing scheme in Bangalore.
• All men and women of all religions and castes are equally eligible in the PMAY Housing scheme.
• Under the Central Government, the concept of ‘Pradhan Mantri Awas Yojana’ aims to support the Lower Income Groups (LIG) and Economically Weaker Section of our society (EWS) by offering affordable housing with water connection, basic facilities and 24×7 electricity supply.
Houses under PMAY.
All houses under Pradhan Mantri Awas Yojana provides well-designed layout, modern, innovative eco-friendly technologies.
Who are all eligible?
The scheme aims to provide housing for all! Therefore, all those who already own a home or any of their family member own a home, are kept out of the benefits of PMAY.
Take the advantage of PMAY EMI calculator.
Wondering how much EMI have to pay monthly on your home loan? Calculate the EMI that you will be required to pay for the home loan with home loan EMI calculator! It helps to give a fair understanding of the ratio of the principal amount to the interest due, based on the effect of the tenure and interest rates.
Now let’s break down important documents required before you apply for home loan under PMAY.
Mandatory documents required:
• Filled Application Form with Photograph
• Aadhar or PAN card of the applicants.
• Latest education qualifications.
• Latest Salary-slips for 3 months for Salaried Employees or Certificate & Proof of business existence along with Business Profile for Self Employed professional.
• Last 6 months Bank Statements (salary account) for salaried employees or Last 12 months Bank Account Statements (self & business) for self employed professional.
• Processing Fee Cheque in favour of ‘PNB Housing Finance Ltd’.
• Self-declaration from the customer for family income.
• Photocopy of Title Documents of the Property, Approved Plan.