9711065096
Free Listing
Advertise
Pradhan Mantri Awas Yojana 2024: All You Need To Know!
January 19, 2022
Last updated on February 23rd, 2024 at 04:26 am
The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Indian Government started by the Ministry of Housing and Urban Affairs (MoHUA) to provide affordable “Housing for all” by the year 2022.
Launched on 1st June, 2015, this scheme aimed to provide multiple benefits to the financially weaker section of the society apart from the provisions of pucca houses.
The interest rate for the PMAY scheme starts at 6.50% p.a. and the tenure to pay back the loan is maximum up to 20 years. Ever since this scheme was launched, there have been many amendments made in the rules and regulations in relation to the beneficiaries to promote more inclusion.
Table of Contents
Pradhan Mantri Awas Yojana Features
As the population of India is increasing at a fast rate, the Indian government launched this housing scheme to meet the residential requirements of the rising population. The Pradhan Mantri Awas Yojana first started on 25 June 2015 for the benefit of the people and provided central assistance in the implementation of this scheme through agencies. Anyone eligible for this scheme can get a home loan at an interest rate of 6.5% p.a.
- The rate of interest is fixed at 6.5% p.a. on all the housing loans availed under this scheme with a tenure of 20 years to all the beneficiaries.
- The eco-friendly and sustainable technology can only be used for the construction of the houses under this scheme.
- Differently Abled and senior citizens beneficiaries of this scheme will be given preference for ground floors.
- The scheme includes all the urban areas of the country and 4041 statutory towns. The entire PMAY scheme is divided into three phases.
Eligibility of Pradhan Mantri Awas Yojana
The Pradhan Mantri Awas Yojana aims to benefit all the people falling under the weaker sections of the society on economic grounds. Even the banks for home loans for the construction of the houses under this scheme are enlisted. The eligibility criteria of becoming a beneficiary of this scheme include:
- The family of the beneficiary must comprise husband, wife, and unmarried children. If an adult family member is earning, the family will be treated as a separate household no matter what the relationship status of the applicant is.
- The family of the applicant must not own a house.
- If the applicant is a married couple, they can avail a single or a joint ownership but only with one subsidy.
- The family of the applicant must not be covered under any other housing scheme of the Indian Government.
Beneficiaries of Pradhan Mantri Awas Yojana
The beneficiary of the Pradhan Mantri Awas Yojana is categorized as follow:
Other people eligible for being beneficiaries of PMAY scheme are –
- SC
- ST
- OBC
- Women from LIG and EWS income groups
Identification and Selection Procedure of Beneficiary under PMAY Scheme
- The Pradhan Mantri Awas Yojana – Urban scheme targets residential needs of the urban poor living in slum areas with poor sanitation, disrupted infrastructure, and poor drinking facilities.
- The beneficiaries under the Pradhan Mantri Awas Yojana – Urban scheme – Middle Income Groups (MIG), Lower Income Groups (LIG), and Economically Weaker Sections (EWS).
- The LIG and EWS beneficiaries are required to submit an affidavit as a proof of income.
- The LIG and MIG categories of beneficiaries are only eligible for Credit Linked Subsidy Scheme (CLSS) under this scheme.
- The beneficiaries of the EWS category will be eligible for the benefits under this PMAY scheme.
Types of Pradhan Mantri Awas Yojana
There are two types of Pradhan Mantri Awas Yojana schemes bifurcated on the basis of the area which they target:
Pradhan Mantri Awas Yojana – Gramin
Also known as Indira Awas Yojana, Pradhan Mantri Awas Yojana – Gramin focuses comprehensively on building pucca houses for the rural poor. The selection of the beneficiaries will completely depend on the parameters of the Socio-Economic and Caste Census (SECC), 2011. The scheme aimed at constructing pucca houses for the eligible beneficiaries in the rural areas of India. The main features of this Pradhan Mantri Awas Yojana – Gramin are:
- Under this scheme, the Central and the state government’s promised to share the expenses of the housing development in the ratio of 60:40 for plain regions and 90:10 for hilly and northeastern areas.
- Financial assistance up to Rs. 3.1 lakh
- The minimum housing unit area should be 25 square meters.
- The additional assistance of Rs. 12,000 for toilet construction.
- Employment assistance through Mahatma Gandhi National Rural Employment Guarantee Scheme.
Documents required for Pradhan Mantri Awas Yojana – Gramin:
- Identity proof such as Aadhaar Card
- Registration number of Swachh Bharat Mission
- Bank account details
- Job card number (Registered under MGNREGA)
- An affidavit declaring no ownership of pucca house anywhere in India.
- Consent for usage of Aadhaar information
Online Application Procedure For Pradhan Mantri Awas Yojana – Gramin
The process of online registration for Pradhan Mantri Awas Yojana – Gramin is as follows:
- Visit the portal of Pradhan Mantri Awas Yojana – Gramin on https://pmayg.nic.in/netiayHome/home.aspx
- Fill in the necessary details such as the number of Aadhaar cards and then click on “search” to find the beneficiary’s name.
- After the name of the beneficiary appears, click on “Select to register”.
- Verify the details you have filled in and add other information required.
- Proceed after you have provided your consent form, MGNREGA number, bank account information, and Swachh Bharat Mission number.
- Your registration number will get generated after you have successfully proceeded.
Pradhan Mantri Awas Yojana – Urban
The Pradhan Mantri Awas Yojana – Urban (PMAY-U) focuses on the housing scheme for the urban poor in India. Currently, almost 4300 cities and towns are covered under this scheme. The main features of this scheme consist of:
- “In-situ” Slum Redevelopment (ISSR): The central government offers assistance of Rs. 1 lakh to people staying in slum areas.
- Affordable Housing in Partnership (AHP): The central government provides assistance of Rs. 1.5 lakh for every house if at least 35% of the houses in the project belong to EWS category.
- Credit Linked Subsidy Scheme (CLSS): An eligible beneficiary receives a subsidy of maximum to Rs. 2.67 lakh under EWS/LIG, Rs. 6 lakh under MIG-1 and Rs. 9 lakh under MIG-2. The interest rate is 6.5% for EWS, 4% for MIG-1, and 3% for MIG-2.
- Beneficiary-led construction/enhancements (BLC): The central government provides assistance of Rs. 1.5 lakh for the pucca house construction measuring up to 21 to 30 square meters.
The scheme operates in three phases:
Phase 1: The Indian government focused on 100 cities in different states and Union Territories nationwide from April 2015 to March 2017.
Phase 2: The Indian government focused on 200 cities in different states and Union Territories nationwide from April 2017 to March 2019.
Phase 3: The Indian government will focus on the remaining cities and achieve its target by March 2022.
The subsidized interest rate on this scheme will comprise of:
- 6.5% for EWS/LIG
- 4% for MIG-1
- 3% for MIG-2
These rates of interest will be applicable on home loans taken by the eligible beneficiaries of Pradhan Mantri Awas Yojana – Urban for a period of 20 years through Credit Linked Serviced Scheme (CLSS).
According to the Ministry of Housing and Urban Affairs, the progress of Pradhan Mantri Awas Yojana – Urban is as follows:
- Sanctioned houses: 112.52 lakh
- Houses completed: 48.31 lakh
- Houses under construction: 82.46 lakh
- Central assistance committed: 1.81 lakh crore
- Central assistance released: 96,067 crore
- Total investment amount: 7.35 lakh crore
Online application for Pradhan Mantri Awas Yojana – Urban
The procedure for online application for Pradhan Mantri Awas Yojana – Urban is as follows:
- Visit the website of Pradhan Mantri Awas Yojana – Urban – https://pmaymis.gov.in/
- Select “Benefits under 3 Components” or “Slum Dwellers” under citizen assessment.
- Enter your Aadhaar card details for verification.
- Fill the form with your required details.
- Enter the captcha code and submit for verification.
Pradhan Mantri Awas Yojana Subsidy Calculator
Pradhan Mantri Awas Yojana is a scheme that aims to ease the procedure of buying a house for the weaker sections of the society and the urban poor through EMIs at affordable interest rates to offer subsidized loans. Login to the website of the Pradhan Mantri Awas Yojana to calculate your EMI and fill the required details at http://pmaymis.gov.in/EMI_Calculator.aspx –
- The interest rate
- The principal amount of the loan
- The total tenure of loan in months
After you have filled these details, click on the “Calculate” button. The estimation of the EMI payable in rupees will reflect on the screen.
Pradhan Mantri Awas Yojana Customer Care Helpline Number
To resolve any kind of queries regarding the application procedure, the rates of interest, or another scheme, people can call on the below toll free helpline numbers:
- 1800-11-6163 (Urban, HUDCO)
- 1800-11-3377/1800-11-3388 (Urban, NHB)
- 1800-11-6446 (Gramin)
Frequently Asked Questions (FAQs
Q. What is Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana is a significant initiative launched by the Ministry of Housing and Urban Affairs (MoHUA) with an objective to build pucca houses by 2022. The main motive of the scheme is to construct pucca houses for the weaker sections of the society. It was started on June 25th 2015 and since then several changes were made in the rules and regulations of this scheme to facilitate more inclusion.
Q. Who is eligible under the PMAY scheme?
Any person covered under the dedicated economic slabs of the scheme is eligible. The beneficiaries of this scheme include Economically Weaker Sections (EWS), Lower Income Group (LIG), and Middle Income Group (MIG).
Q. What is a Credit Linked Subsidy Scheme (CLSS)?
A Credit Linked Subsidy Scheme (CLSS) is a scheme in which a person can receive a subsidy of maximum Rs 2.67 lakh under LIG/EWS, Rs. 6 lakh under MIG-1 and Rs. 9 lakh under MIG-2. The subsidy is applicable on the rates of interest of home loans for buying a home. The rates of interest are –
- 6.5% for Economically Weaker Section (EWS)
- 4% for Middle Income Group (MIG) 1
- 3% for Middle-Income Group (MIG) 2
Q. Which are the banks offering home loans under the PMAY scheme?
The top 10 banks offering home loans under PMAY scheme are –
- Bank of Baroda
- State Bank of India
- Axis Bank
- IDFC First Bank
- Bandhan Bank
- Bank of India
- HDFC Bank
- IDBI Bank
- Punjab National Bank
- Canara Bank
Q. What do you mean by DBT?
DBT stands for Direct Benefit Transfer in which the beneficiaries will receive the amount of the loan in the form of EMIs in their respective bank accounts. The funds under the PMAY scheme will be done through direct fund transfer of the listed beneficiaries. –
Q. What is the time period to get the subsidy amount under this scheme?
The time period to get the subsidy amount in the bank accounts of the beneficiaries under this scheme is 3-4 months. During this time, the government conducts a verification of the beneficiaries. –
Q. How to get an Assessment ID for Pradhan Mantri Awas Yojana?
The Assessment ID for PMAY scheme will be generated on the website of the Pradhan Mantri Awas Yojana after the successful completion of the registration by the applicant. He/she can use it to track the status of their application.–
Q. What is the maximum annual income to become eligible for the PMAY scheme?
The maximum annual income of the applicant applying for the PAMY scheme should be less than 18 lakhs.–
Q. What is the meaning of FAR under the PMAY scheme?
The full form of FAR under PMAY scheme is Floor Area Ratio (Total area covered on all the floors*100/Plot area.–
Q. How to edit your personal details after submitting your application?
Follow these simple steps to edit your details in your application: –
- Visit the official portal of Pradhan Mantri Awas Yojana
- Enter your application number and Aadhaar number.
- Click on “Edit”
- Edit your details and submit.
Q. How to transfer the PMAY subsidy amount to the borrower’s bank?
The bank of the applicant will claim the subsidy amount on behalf of the eligible beneficiaries from the National Housing Bank (NHB). The NHB will conduct an investigation to check no multiple applications are made by the beneficiary. Once it confirms, the subsidy amount will be sent to the borrower’s bank and credited in his Loan Account: –
