Pradhan Mantri Awas Yojana

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

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

The major objective of this scheme 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.

Pradhan Mantri Awas Yojana Urban 

Currently, PMAYG has around 4,331 towns and cities under this scheme. It is also considered urban development authority, special area development authorities, industrial development authority, and all remaining authorities which are responsible 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 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. Some calculated data are listed 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 and in which 51,415.5 funds has been released.

Pradhan Mantri Awas Yojana Gramin

Pradhan Mantri Awas Yojana- Gramin was known as Indra Awas Yojana and renamed in March 2016. To aim of this scheme 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 loan.

The objective of this scheme 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 at the plain area will receive home loan 1.2 Lakh, while those who are living in hilly areas will get a home loan of 1.3 Lakhs. In order to boost the real estate market, the Government of India launched this scheme and help homeless people.

Maximum Carpet Areas: 

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

Features of Pradhan Mantri Awas Yojana

  • This scheme provides subsidy interest rate is 6.5% P.a on housing loan for the term of 20 years.
  • Disabled and senior citizens will get home at 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 is benefited under this scheme to support economically weaker and lower-income citizens of India.

Objective of Pradhan Mantri Awas Yojana

As per the current report, the population of urban dwellers has been increasing at an alarming rate and it is expected to increase higher in the upcoming years. It has been estimated that by 2050 it will rise to 814 million. To ensure a safe environment for the urban dwellers, the Ministry of India launched Pradhan Mantri Awas Yojana.

  • The main objective of Pradhan Mantri Awas Yojana is to provide housing by 2022.
  • The target of the government 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 class.

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.

PMAY Online Application Process: 

Step1: Head over to the official website of PMAY http://pmaymis.gov.in/

Step2: Now select the citizen assessment option and then click on the applicable choice: “For Sum Dwellers” or “benefits under other 3 components”

Step3: Once you select the given option this will take you to the application page, where you are required to enter the details accurately.

Step4: All the personal information you are going to enter must be accurate and similar as in your government ID.

Step5: Once you have done, click on the save option and enter the “Captcha Code”.

Step6: Finally, the application is completed click on the print out option.

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 play after filling a 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, 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

The benefits of Pradhan Mantri Awas Yojana as per the income are listed below-

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 carpet doesn’t exceed 60 square foot.

MIG 1 Category: MIG 1 category defines as one with household income is above 6 lakhs and below than 12 lakhs. The maximum interest subsidy they will get is 4% and the carpet area doesn’t exceed 160 square meters.

MIG II Category: MIG II category defines as one with household income is 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 regarding this scheme. For any query you can share your requirements at the comment section and we would love to response you back.

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About Geet Sharma

My Name is Geet Sharma Financial Blogger & Founder of Paisabank.org. We are a personal finance blog dedicated to finance & financial planners. The main aim of this blog is to help people to informed about financial decisions.
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