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
2. 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
3. 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
4. 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
2. 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.