Pradhan Mantri Awas Yojna: Housing for All

Pradhan Mantri Awas Yojna, abbreviated as PMAY is a government-aided home loan scheme. The main motto behind the scheme is to provide affordable housing for all. It came into existence in June 2015 and has its goal of providing affordable housing equipped with facilities of 24 X  7 power supply, water supply and sanitation facility by March 31, 2022, to eligible families.

TYPES OF PMAY:

On account of the focus area, the scheme is broadly classified into 2 types viz.

1. Pradhan Mantri Awas Yojana – Gramin/Rural (PMAY-G)

This scheme focuses on rural poor families living in Katcha houses in rural regions of the country (excluding Delhi and Chandigarh) and aims to provide them PAKKA houses equipped with basic facilities and/or financial assistance.

1. Pradhan Mantri Awas Yojana – Urban (PMAY-U)

It focuses on the urban poor. It covers over 4331 cities and towns and is being progressed in 3 phases.

• Phase 1 (April 2015- March 2017)
• Phase 2( April 2017- March 2019)
• Phase 3 (April 2019- March 2022)

Under this scheme, 88.16 lakhs homes have been sanctioned over demand of 1.12 crore.

Read More: How much home loan can you get?

Features of Pradhan Mantri Awas Yojana

• Government of India will grant Rs. 1 lakh for slum rehabilitation.
• Special benefits for women if the house is registered in their name as owner or joint applicant.
• Allotment of ground floor housing for senior citizens and differently-abled.
• Eco-friendly materials are used for the construction of houses.
• Houses built as per the laid guidelines of National Building Code (NBC) and the National Disaster Management Authority (NDMA)
• Before the beginning of construction, it is compulsory to get the design of the building approved.
• Interest subsidy of 6.5% on home loans
• There isn’t any limit on loan amount or price of the property.

List of Beneficiaries under PMAY

• Economically Weaker Section (EWS): Those families whose annual income is up to Rs. 3 lakh.
• Low Income Group (LIG): Those families whose annual income is between Rs. 3 lakh and Rs. 6 lakh.
• Middle Income Group I (MIG I): Those families whose annual income lies in between Rs. 6 lakh and Rs. 12 lakh.
• Middle Income Group-II (MIG II): Those families whose annual income lies in between Rs. 6 lakh and Rs. 12 lakh
• Women categorised under EWS and LIG income groups
• Scheduled Caste (SC), Scheduled Tribe (ST), and Other Backward Class (OBC)

KEY POINTS:

• It shall be noted that the beneficiary family refers to husband, wife along with unmarried daughter and sons.
• Every adult family member who is earning and whether or not he/she is married or not shall be considered as a separate household, provided they don’t have a PAKKA house registered in their name.
• Married couples either individually or in joint ownership are eligible for a single subsidy.

Eligibility Criteria

The above-stated beneficiaries can get benefits of the PMAY scheme if they meet the following eligibility criteria:

• No member of the beneficiary family shall be having a PAKKA house in the country.
• The beneficiary family must not have availed any other housing scheme offered by state/central government.
• They must not have availed the subsidy from any PLI.
• This scheme cannot be availed by those who have taken the subsidy but changed the lender by opting for a home loan balance transfer during the loan tenure.
• MIG beneficiary families are required to give the Aadhaar card for availing PMAY benefits.
• Complete assistance for beneficiaries falling under EWS. Whereas beneficiaries under MIG and LIG can avail only PMAY-CLSS (Credit linked subsidy scheme)

Read More: 5 Ways to Boost Your Home Loan Eligibility

How to apply for PMAY?

New applicants can apply for the scheme by:

1. Visiting the official website of PMAY.
2. From under ‘Citizen Assessment Menu’, choose ‘Benefit under other 3 components’.
3. Enter your name and Aadhar number.
4. Once the Aadhar number has been successfully verified, the user will be directed to a PMAY application page.
5. Enter your personal details, bank details, account details and income details.
6. Select the ‘I am aware of…’ checkbox.
7. Enter the verification Captcha code.
8. Click on Save button. An application number generated by the system will appear which can be saved for further processing.
9. Download the filled application form and take out its printout.
10. Submit the form along with requisite documents at any Common Service Centers (CSC) or the designated banks/financial institutes.

If you want, you can also apply for an instant home loan by comparing different lenders for their offerings. LoansJagat home loans interest rate is the most competitive in the lending market. One can apply for PMAY even if they have existing home loans.

Read More: Pradhan Mantri Awas Yojana: Home Loan Subsidy Complete Process