Prime Minister Narendra Modi launched the PMAY (Pradhan Mantri Awas Yojana) in 2015 with the aim of ‘housing for all by 2022’. Data suggests that this project is on track as 1.03 crore houses were sanctioned between 2015 and 2019.
Pradhan Mantri Awas Yojana is divided into two sections, depending on its scope – urban and rural.
Urban: PMAY-U is aiming to cover 4,331 cities all over India in three phases. According to the Ministry of Housing and Urban Affairs, till 1st July 2019, 26.08 lakh houses are either built or sanctioned among the states and UTs.
Rural: According to the Ministry of Rural Development 1,03,01,107 houses are either sanctioned or built under this scheme, amongst the states and UTs. Pradhan Mantri Awas-rural is aiming to assist people financially to build pucca houses. Beneficiaries under this scheme will receive Rs.1.3 lakh for hilly regions and Rs.1.2 lakh for plain areas.
Important features of PMAY
The features of this housing for all scheme are listed below –
- Under this scheme, senior citizens and differently-abled will receive preference in terms of ground floor distribution.
- This scheme aims to cover every village, town and city of India in 3 phases.
- Eco-friendly materials are used in the construction of houses under this scheme.
- Economically weaker section (EWS), families that have an annual income under Rs.3 lakh can avail a loan under this scheme with a 6.50% subsidy on their interest rate.
- Lower-income group (LIG), families that have a yearly income between Rs.3 and Rs.6 lakh can take benefit of Pradhan Mantri Awas Yojana loan at 6.50% subsidy on their interest rate as well.
- Middle-income group (MIG1), families that have an annual income of Rs.6-12 lakh can avail a loan at 4% subsidy on their interest rate.
- MIG2, families that have an annual income of Rs.12-18 lakh can avail a loan at 3% subsidy on their interest under this scheme.
However, applicants should note that the tenor of home loan under this scheme is 20 years, and the net subsidy that families receive are:
- For EWS- Rs.2.67 lakh
- for LIG Rs.2.67 lakh
- For MIG1 Rs.2.35 lakh
- For MIG2 Rs.2.30 lakh
PMAY eligibility criteria state that any family, consisting of a husband, wife and unmarried daughter or son can apply for this scheme.
The application process for Pradhan Mantri Awas Yojana is as follows:
- Visit the official website.
- Click on ‘citizen assessment’ option, which resides under the ‘menu’ section.
- Enter your Aadhar card number.
- After this, it will redirect you to the application page.
- Enter your personal details, income details, existing residential information and bank account details.
- Then checkmark the ‘I am aware’ option and save it.
- After saving a system-generated number will appear that you must note for future reference.
- Then download and print your application form.
- Submit this form along with other necessary documents to your nearest CSS office or financial institutions to begin your loan process.
In order to make this scheme easily available to the normal citizen, the government is also partnering with all the major financial institutions in the country.
Pradhan Mantri Awas Yojana is aimed to ease your way to becoming a homeowner. Under this scheme, Indians are receiving financial assistance with favourable terms and conditions to purchase a house for their families. Only in its second phase, this scheme is already showing its benefits all around the country.