Eligibility for Prime Minister housing scheme 2018.

Purpose of Pradhan Mantri Awas Yojana

1. Providing a new house to the people living in the slums in the habitation with the participation of private promoters using the land present in India as a resource.

2. Encourage cheap accommodation for weaker sections through interest subsidy linked to loan.

3. Providing cheap accommodation with the participation of government and private sectors.

Three phases of the Prime Minister’s Housing Scheme

This plan will be completed in three phases, which will be completed within seven years. The first phase of this scheme will run from April 25, 2015, to March 2017, during which 100 cities will be covered. The second phase of the plan will run from April 2017 to March 2019, during which 100 more cities will be added after 200 more cities. The third phase of the plan will run from April 2019 to March 2022 in which other cities will be added. All these steps will involve the process of selection from cities to their construction.

Eligibility for the Prime Minister’s Housing Scheme

In applying for this scheme, first, it is important to know who the people are who will get the benefit of this scheme, to be eligible for this scheme. So far, many people have filled the form, but their forms are being canceled due to many reasons, firstly know what the eligibility for the Prime Minister’s housing scheme is-

Under this scheme, two types of people will get the benefit of this, if people of the Edu-class category and the other LIG category people

1. EWS Category (Economically Weaker Sections)

In this category, people come whose annual income is not more than 3 lakhs.

2. Lower Income Group

Under this, those people whose annual income will be between 3 to 6 lakhs.

To apply for the applicant, you must submit a self-certified affidavit to prove yourself LIG or HIG category.

The application will be done in the name of women.

The applicant should be between 21 and 55 years of age.

If there is a permanent house on the name of any member of the applicant’s family then he will not be able to take advantage of this scheme.

Prime Minister Housing Scheme Application Process

The method of applying in the pradhan mantri awas yojana is quite easy. For this, first, you decide on the terms given above whether you are eligible to apply in this scheme. If you are eligible, submit an affidavit. After this, go to the website of this scheme and apply.

Click here to go to the portal of Prime Minister’s housing scheme.

“http://pmaymis.gov.in“

On this portal, you must click on ‘Citizen Application’.

It has two options.

The first is ‘Slum Dweller’ which is for those who live in slums.

The second option is ‘Other 3 Components’ which is for other people.

After clicking here, you will get an application form filled with the right information. After filling this information, there will be a CAPTCHA code below which you can save after filing. If you want to print it also, click Save and Print. After doing this, there will be an application number on your screen which you will have to note that these numbers will be useful to you later.

basic requirements to apply for your mortgage loan

For Many of us getting a dream house is an important thing in life, many banks /financial institutions and many money lenders are ready for providing loans to fulfill our dream house buying.in order to get the loans from the banks/financial institutions, they are strong amounts that banks must ensure if you can pay. For this, gives you to know the three requirements that you need to cover to apply for your mortgage loan.

Age and salary

The minimum age required for getting loans is 18 years and the maximum age is 64 years. The calculation is based on monthly net income, on the value of the property and if the person has support or subsidy from a national housing agency such. In the latter case, financing is greater.

Mortgages for young people offer, as a rule, more advantageous conditions. In some cases, it can finance up to 100%. Mortgages for people over 40 also have special conditions, but financing usually does not reach 100%, since it follows that the user has savings to buy the property.

Credit history

Maintaining a good credit history is one of the doors to future loans. Your behavior as a payer fulfilled in previous and current credits such as credit cards, automotive financing, telephony and department stores; It will determine if you are a candidate for a mortgage.

Initial capital

All mortgage loans require initial capital to cover the down payment of the real estate, administrative expenses, opening of the credit, valuation, and deeds of the deed. The bank requests from 10% to 20% as a minimum.

To be successful, it is important to have a constant income and significant savings so that the payment of your credit does not affect your economy

The old and still most using formula that was used to determine how much a borrower could afford was about three times the gross annual income. However, this formula has proven to not always be reliable. It is safer and more realistic to look at the individual budget and figure out how much money there is to spare and what the monthly payments on a new house will be. When figuring out what kind of mortgage payment one can afford, other factors such as taxes maintenance, insurance, and other expenses should be factored.

Usually, lenders do not want borrowers having monthly payments exceeding more of the borrower’s monthly income. For those who have excellent credit. To aid in this determination, banks, and websites like this one offer mortgage calculators to assist in determining the mortgage payment that one can afford

Check Your Credit History Thoroughly

Lenders like to look at credit histories through a request to credit bureaus to make the borrower’s credit file available. This allows the lender to make a more informed decision regarding loan pre-qualification. Through the credit report, lenders acquire the borrower’s credit score, also called the FICO score and this information can be acquired from the major credit bureaus like Piramal housing. The FICO score represents the statistical summary of data contained in the credit report. It includes bill payment history and the number of outstanding debts in comparison to the borrower’s income.

The higher the borrower’s credit score, the easier it is to obtain housing loans or to pre-qualify for a mortgage. If the borrower routinely pays bills late, then a lower credit score is expected. A lower score may persuade the lender to reject the application, require a large down payment, or assess a high-interest rate to reduce the risk they are taking on the borrower.

Many people have issues on their credit report which they are unaware of. Identity theft is a common problem in India consumer debts are frequently sold into a shady industry. The first step in determining if you have any outstanding issues is to get a copy of your credit report. While many other sites sell credit reports and scores, a good number of them use negative billing options and opt you into monthly charges which can be hard to remove. If you find errors in your credit report, you can dispute them using this free guide.

Collateral and Mortgage Loan Qualification

If the loan would exceed the amount the property is worth, the lender will not loan the money. If the appraisal shows the property is worth less than the offer, the terms can sometimes be negotiated with the seller and the real estate agent representing the seller.

Sometimes a borrower may even pay the difference between the loan and the sales price if they agree to purchase the home at the price that was originally offered to them. To do such a thing, the borrower needs to have disposable cash and should ask the question of whether the property is likely to hold its value. The borrower must also consider the type of loan they qualify for. If the borrower would need to move suddenly and the loan is larger than the value of the property, the loan can be a very difficult thing to pay off.

how to choose which lender is giving best home loans.

In general most of people taking home loans, either for the buy of a prepared to-move-in house or for booking an under-development property. Be that as it may, individuals can likewise profit of home credits to get their home built – either without anyone else, or by utilizing a temporary worker to build the house – on a plot that they claim. Such credits are ordinarily named as ‘development advances’. The procedure of endorsement and dispensing of a development advance, is not quite the same as that of a consistent lodging credit.

Records to relate to application

Notwithstanding the consistent ‘know your client‘ (KYC) and pay archives, to profit of a home credit for developing a house on a plot of land possessed by you, you should give the planned loan specialist all the important records that build up your title and responsibility for plot of the land. The plot of land can either be a freehold plot, or it can be dispensed by any advancement specialist, as CIDCO, DDA, and so forth. You can likewise benefit of an advance on a leasehold arrive, where the rent is for a sensibly drawn out stretch of time. You will likewise need to present a no-encumbrance endorsement relating to the property.

Notwithstanding the records of the plot, you should present the arrangement and format of the proposed house, appropriately endorsed by the nearby city expert or gram panchayat. You will likewise need to present a gauge of the cost of development, which has been ensured by a structural designer or an engineer. In view of these records, if the moneylender is fulfilled about your general qualification and the gauge of the cost presented by you, it will endorse the home credit subject to the standard terms and conditions.

Edge cash

Similarly, as with some other home loans, the borrower should contribute the edge cash towards development of the house, contingent upon the measure of home credit that is asked. While figuring your commitment, the cost of the plot is additionally considered, if the same has been acquired as of late. In any case, the esteem/cost of the plot isn’t considered while registering your commitment, if the same has been acquired by your or is gotten as a blessing or on the off chance that it was obtained long back.

Payment of the credit

The payment of the development credit is done in parts, and the cash is discharged, in view of the advance of the development, like the procedure took after when an under-development level is reserved with a designer. Nonetheless, the loan specialist won’t dispense any cash till you acquire your own commitment as concurred and give confirmation of the same. For profiting payment from the bank, you should submit photos of the house and declarations from a draftsman or structural architect about the phase of finish of the house.

The home loan specialist may depend on the testament and photos presented by you, or it might choose to depute its own specialized individual to check the same. In this way, if the development is finished rapidly, the payment of cash by the moneylender will likewise be quicker.

Driving moneylenders like SBI, Piramal housing Ltd, ICICI Bank, and so forth., are dynamic in the development advance fragment. Notwithstanding, not every one of the moneylenders that give home advances, will likewise give development advances. A few loan specialists are not happy with financing such self-developed properties.