Introduction  Everything You Need To Know About EWS Housing

Everything You Need To Know About EWS Housing One of the most essential aspects of life is owning your own home. You get a feeling of comfort, safety, and protection from it. Building your own home, however, is not an easy task, with real estate prices rising steadily every day. The Government of India established the Pradhan Mantri Awas Yojana and reduced the cost of EWS housing in order to assist the weaker segments of society in realizing this aspiration.

Government interest on housing loans for purchase, building, improvement, and extension is reimbursable by lower-income groups and economically vulnerable sectors.

All building materials used in this programme use sustainable technology and adhere to strict eligibility requirements. You can take out a 20-year loan with a 6.5% subsidized interest rate for EWS housing. Homes on the ground floor will be given to elderly people and people with disabilities. The National Building Code and BIS regulations will be strictly followed during the construction of EWS homes.

Construction will span 441 towns and metropolitan areas and be completed in three phases. There are 500 cities in Class 1 that will be given preference.

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Important Factors For EWS Housing

Features	Criteria for EWS
Annual income  of family	Under Rs 3 lakhs
Interest subsidy paid annually	6.5%
Eligible for an interest-only mortgage	Up to Rs 6 lakhs
Maximum term of a loan	20 years
Maximum carpeting size for a home	30 sq. meters
For Net Present Value (NPV), the discount rate	9%
Maximum amount of interest subsidies	Rs. 2,67,280
Co-ownership or ownership by women	Mandatory for new purchases but not for existing properties.
Design approvals for buildings	Mandatory

 

Housing Eligibility Under The EWS

You must satisfy the following requirements established by the Indian government in order to be eligible to apply for EWS housing:

• Your household’s annual income should not exceed Rs. 3 lakh.
• No one in your family or you should own a pucca house anywhere in the nation.
• You or your family shouldn’t have taken advantage of any housing programme offered by the federal or state governments of India.
• Private Lending Institutions (PLIs) should not have provided any PMAY-CLSS subsidies to you or any of your family members.
• If both you and your partner submit an application for EWS housing and are accepted, one house will be assigned to you. Additionally, you can seek joint ownership.
• You must be at least 18 years old and an Indian citizen.

Everything You Need To Know About EWS Housing : EWS Housing Occupant

The EWS recipient family consists of a married couple and their unmarried children. An adult-earning member might be regarded as a distinct household regardless of marital status.

What Is The CLSS (Credit Linked Subsidy Scheme)

Under the Pradhan Mantri Awas Yojana, a type of financial assistance known as the Credit Linked Subsidy Scheme (CLSS) is provided to economically vulnerable, lower-income, and middle-income groups. You can obtain house loans through CLSS at lower Equated Monthly Installments (EMIs).

The beneficiary household receives an advance credit for the interest subsidy on the total amount. This lowers the EMI and lowers the cost of the mortgage. Depending on the size of the property and other factors

Everything You Need To Know About EWS Housing : Advantages Of EWS Housing

Slum Redevelopment Is A Goal

EWS housing’s main goal is to swap out shanties for concrete or pucca homes. This will enable people in slums to choose urban areas over residential areas and utilise land that has lost value over time owing to its surroundings.

Housing Scheme For All

The major goal of the Pradhan Mantri Awas Yojana is to offer everyone a place to live that is both affordable and permanent. Construction on EWS housing has begun in a number of states, including Maharashtra, West Bengal, and Tamil Nadu. Through these homes, the government hopes to significantly reduce poverty and raise people’s standards of living.

Discount Interest Rates

Institutional lending inflows can be greatly increased via the credit-linked subsidy scheme. This will make it possible for the economically disadvantaged and low-income parts of society to buy homes at cheaper interest rates, resulting in a significantly lower EMI.

Protects Women

Any Indian citizen who is a woman over the age of 18 may apply for EWS housing. According to the plan, a male must list his wife as the applicant if he wants to apply for a loan. This is done to give women, especially elderly and widowed women, a sense of financial security.

Very Reasonable

With EWS housing, no societal group will go without a place to live. All members of Scheduled Castes (SCs), Scheduled Tribes (STs), and Other Backward Classes (OBCs) fall under this category. There are also women, elderly people, widows, and transgender people included.

Sustainable Housing

All of the homes constructed under this programme are made with sustainably produced raw materials. As a result, environmental harm from noise and air pollution surrounding the construction site is minimised. Instead, premium, long-lasting materials are used to construct the homes. This aids in delaying remodelling for a while.

Applying For EWS Housing

EWS housing applications can be submitted offline or online.

Online:

• You only need a current Aadhar to submit an online housing application for EWS.
• Access the Pradhan Mantri Awas Yojana (PMAY) website.
• On the main page’s Main Navigation Menu, select the Citizen Assessment option.
• From the drop-down box, select “Apply Online.”
• Select the PMAY option that applies to you.
• A new page will load. Enter your name and Aadhar number in this field.
• Select the box to the right of “I agree to share my Aadhar” to continue.
• select Check.

Offline

Visit a Common Service Centre (CSC) and complete the application for EWS housing there. This application form will set you back Rs. 25 plus GST.

Checking The Beneficiary List

• Access the Pradhan Mantri Awas Yojana (PMAY) website.
• On the main navigation menu, select Search Beneficiary.
• Select Search by Name.
• Enter your Aadhar number
• Select “Show.” You can look at the beneficiary list.

Required Documentation For EWS Housing

• Age verification documents include your birth certificate, PAN card, school transcript, insurance policy, and driver’s licence.
• A declaration or affidavit stating that neither you nor any of your family members own any pucca homes
• Identity documentation, including a driver’s licence, PAN card, and Aadhar card
• A copy of an identification showing your current residence, such as a voter’s ID, bank statements, or a property tax receipt.
• Salary proof documentation for each family member, including certified copies of Form 16, annual increment letters, appointment letters, and the latest three months’ worth of pay stubs
• Papers proving your income, such as a copy of your six-month bank statements.
• Details of any outstanding loans found in your bank statements.
• Any housing society’s No Objection Certificate (NOC) is acceptable.
• A check for the processing fee will be issued from the business account for self-employed applicants and the salary account for candidates who are employed.
• Letter of property allocation or sale contract.

 

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