Planning to take a subsidised loan under PMAY? These are the Documents You’ll Need


If you’re planning to purchase your very first home, the loan subsidy under Pradhan Mantri Awas Yojana can be very helpful. Read this post to know the documents you’ll need to apply for loan subsidy.

Launched in June 2015, the Pradhan Mantri Awas Yojana is the dream project of the current government. The project aims to provide affordable housing to people from EWS (Economically Weaker Section), and low and middle Income group categories.

If you belong to any of the three categories and planning to buy your very first house, the loan subsidy under the scheme can help you save up to INR. 2.67 lakhs (EWS/LIG), INR. 2.35 lakhs (MIG-I), or INR. 2.30 lakhs (MIG-II).

But just like applying for a typical home loan, you need a few documents to take a subsidised loan under the scheme. These are the documents you’ll be required to submit for a subsidised home loan-

Documents for Salaried Applicants

  1. ID proof

PAN card is mandatory for taking the loan subsidy. Apart from the PAN card, you can submit any one of the documents listed below-

  • Aadhar card
  • Voter card
  • Photo ID card issued by the government
  • Driving license
  • Valid passport
  1. Address Proof

For address verification, you need to submit any one of the below documents-

  • Aadhar card
  • Voter card
  • Latest utility bill
  • Rent agreement
  • Most recent credit card statement
  • Life insurance policy
  • Municipal or property tax receipt
  1. Income proof
  • Applicants are also required to submit all the below-mentioned documents as income proof-
  • Bank statement of salaried account (minimum six months)
  • Salary slip of last two months
  • Latest Form 16/ITR
  1. Property documents

You also need to submit all of these property related documents to get the loan subsidy-

  • Copy of Agreement to Sell (if executed)
  • Copy of Buyer Agreement or Allotment Letter (as applicable)
  • Copy of complete chain documents of the property (as applicable)
  • Copy of receipts of payments made to the developer (if applicable)

Apart from these documents, you also need to submit documents related to any loan you might be currently repaying.

Documents for Self-Employed Applicants

If you’re a self-employed professional, apart from the ID proof, address proof, and property documents listed above, you’ll also have to submit-

  1. Address proof for a business entity

Submit any one of the following-

  • Trade license certificate
  • Shops and establishments certificate
  • PAN card/VAT registration certificate
  • SSI registration certificate
  • SEBI registration number
  • Partnership deed in case of a firm or MOA (Memorandum of Association) for companies
  • Professional qualification certificate and degree certificate for professionals
  1. Income proof

All the documents listed below-

  • ITR along with computation for at least last two financial years
  • Current account statement of the business of at least six months and savings account statement of the applicant
  • Balance sheet and profit and loss account with all the annexures

For quick approval of your subsidised loan under PMAY, make sure that you first collect all of these documents. Once you have the required documents, download the loan application from the lender’s website to apply for the loan.

Also, note that not every lender in India is approved to offer subsidised loan under the scheme. So, start with first finding a top lender approved for this scheme and then visit their website to know more about the loan and the required documents.

Leave a Reply

Your email address will not be published. Required fields are marked *