Pradhan Mantri Awas Yojana

The central government of India launched the Pradhan Mantri Awas Yojana on 1 June 2015 to make housing accessible to all sections of society at affordable rates. This scheme aims to provide affordable housing to urban people.

Credit Linked Subsidy Scheme under PMAY enables the home loan nominal for the urban and Gramin people. Citizens of India who are economically weaker and have lower income can bring their housing loan EMIs by Rs. 2000 per month by interest and interest subsidiary.

The major objective of this scheme is to offer an opportunity to purchase a house at a low cost. This is done through interest subsidiaries. Based on the areas, to cater to the requirements of the people, this scheme has two parts- Urban and Gramin.

Also read: Kisan Vikas Patra (KVP): Eligibility, Features And Benefits

Pradhan Mantri Awas Yojana Urban

Currently, PMAYG has around 4,331 towns and cities under this scheme. It also encompasses urban development authorities, special area development authorities, industrial development authorities, and all other responsible authorities for urban planning and regulation.

Below we have mentioned the three phrases:

To cover 100 cities, it selects the states and UTs between 2015 and 2017.
To cover 200 additional cities between April 2017 and March 2019.
To cover the remaining cities between April 2019 and March 2022.

According to the data of the Ministry and Housing Affairs, as of 1st of July 2019, the government has seen the progress of the scheme in all urban areas.

We have listed some calculated data below.

Sanctioned houses- 83.63 Lakh
Completed houses- 26.08 lakh
Occupied houses- 23.97

As per the same data, the total investment amount till now is Rs. 4,95,838 Crore of which 51,415.5 funds have been released.

Pradhan Mantri Awas Yojana Gramin

Pradhan Mantri Awas Yojana- Gramin was known as Indra Awas Yojana and was renamed in March 2016. This scheme aims to provide housing for all by 2022 to the urban poor at affordable rates. People who take home loans under this scheme will get a 3% concession on interest rates up to 2 Lakh house loans.

The objective of this scheme is to provide financial assistance to the homeless and those who are living in poor houses to assist them regarding the pucca house. Beneficiaries who are living in the plain area will receive a home loan of 1.2 Lakh, while those who are living in hilly areas will get a home loan of 1.3 Lakhs. The Government of India launched this scheme to help homeless people to boost the real estate market.

Maximum Carpet Areas:

60:40 for plain areas.
90:10 for hilly areas.

Features of Pradhan Mantri Awas Yojana

This scheme provides a subsidy interest rate is 6.5% P.a on housing loans for a term of 20 years.
Disabled and senior citizens will get home on the ground floor.
Eco-friendly technology will be used in home construction.
This scheme covers the entire urban and Gramin areas.
The credit-linked subsidy Scheme benefits scheme to support economically weaker and lower-income citizens of India.

The Objective of Pradhan Mantri Awas Yojana

The current report indicates that the urban population has been increasing at an alarming rate and projects even higher growth in the upcoming years, with estimates suggesting it will reach 814 million by 2050.

To ensure a safe environment for urban dwellers, the Ministry of India launched the Pradhan Mantri Awas Yojana.

The main objective of Pradhan Mantri Awas Yojana is to provide housing by 2022.
The target of the government is to support ignored demographics which include widows, economically weaker class, and lower-income.
Special preferences of the ground floor for the senior citizens.
Registration is compulsory to avail of the benefits of the Pradhan Mantri Awas Yojana.

Eligibility For Pradhan Mantri Awas Yojana

Economical Weaker Section: Families whose annual income is less than 3 Lakhs can avail of this scheme.
Low-Income Group: Families whose annual income lies between 3 Lakhs to 6 Lakhs can avail of this scheme.
Middle Income Group: Families whose annual income lies between 6 Lakhs to 12 Lakhs can avail of this scheme.
Middle-Income Group: Families whose annual income lies between 6 Lakhs to 12 Lakhs can avail of this scheme.
Women: Belonging to EWS and LIG categories. Scheduled cast, Scheduled tribe, and other backward classes.

How to Apply for Pradhan Mantri Awas Yojana?

Applying for Pradhan Mantri Awas Yojana is a straightforward process. Either you can apply online or offline.

By following these steps you can apply effortlessly.

1. PMAY Online Application Process

Head over to the official website of PMAY http://pmaymis.gov.in/
Now select the citizen assessment option and then click on the applicable choice: “For Sum Dwellers” or “Benefits under other 3 components”.
Once you select the given option, it will take you to the application page, where you must enter the details accurately.
All the personal information you are going to enter must be accurate and similar to your government ID.
Once you have done this, click on the save option and enter the “Captcha Code.”
Finally, once the application is completed click on the printout option.

2. PMAY Offline Application Process

To apply for PMAY offline application, you need to visit the Common Service Center backed by the state and Union territory government. Once you reach the CSC office, you need to fill up and submit the form. The rate of the form is Rs. 25 plus GST which you need to pay after filling out the form.

How to Edit Your Details After Submitting the Application Form Online?

Visit the official website of Pradhan Mantri Awas Yojana.
Enter your reference number and application number.
Click the Edit button and make the changes.
Once you have made changes click on the Save button.

The Process to Check the PMAY Application Status:

Visit the official website of the Pradhan Mantri Awas Yojana.
Hit on the track button, and there will be two options displayed; login via father and mobile number or assessment ID.
Choose by the assessment ID.
Enter the assessment ID and click on the submit button.
The user will soon see the status of the application.

Benefits of Pradhan Mantri Awas Yojana

Listed below are the benefits of Pradhan Mantri Awas Yojana according to income:

EWS/LIG Category: EWS and LIG families are defined as those families whose incomes are above 3 Lakhs and below 6 Lakhs. These beneficiaries are eligible for the maximum interest rate concession of 6.5%. The area of the carpet doesn’t exceed 60 square feet.
MIG 1 Category: The MIG 1 category is defined as one with a household income above 6 lakhs and below 12 lakhs. The maximum interest subsidy they will get is 4% and the carpet area doesn’t exceed 160 square meters.
MIG II Category: The MIG II category is defined as one with a household income above 12 lakhs. The maximum subsidy they will get is 3% and the carpet area doesn’t exceed 200 square meters.

Conclusion

We hope this comprehensive guide on the Pradhan Mantri Awas Yojana will give you clear insight into this scheme. For any query, you can share your requirements in the comment section and we would love to respond to you.