Pradhan Mantri Awas Yojana is the social security scheme introduced by the Modi government in June 2015. Under the PMAY scheme, the government aims to provide affordable pucca houses to promote housing for all, including the economically weaker sections, lower strata, and middle-class groups of society. Before moving forward, it is good that people can check their PMAY eligibility as it will help in the future.
What are different dimensions of PMAY scheme?
- Under the scheme, the government has the objective of In-situ-redevelopment of slum spaces by converting them into urban areas. The idea is to turn the kutcha houses into Pucca houses so that dwellers don’t face any problem in extreme weather conditions.
- The government further aims to provide financial assistance to the economically weak strata of society by giving coverage of Rs. 1.5 lakhs for the construction of the house.
- It also plans to build houses following the RERA(Real Estate Regulatory Authority) guidelines. It is also obligatory to use efficient materials for the construction of these houses and if a failed contractor needs to make arrangements for repairs within a week.
- Further, people can also avail of the credit-linked subsidy for the construction of houses at subsidized interest rates if they meet the eligibility criteria.
Construction of house through credit linked subsidy: Home loan borrowers can apply for a home loan under the PMAY scheme for a tenure up to 20 years. However, they should not have availed any other government scheme and are first time borrowers. They must not possess any pucca house or another house in order to avail of the credit-linked subsidy for the home loan.
These are the essential eligibility criteria for getting the CLSS under the PMAY scheme:
| Groups | Interest Subsidy | Loan Amount | Net usable carpet area |
| EWS( Economically weaker sections) | 6.50% | 6 Lakhs | 30 square meters |
| LIG( Lower Income Groups) | 6.50% | 6 Lakhs | 60 square meters |
| MIG 1( Middle class income group 1) | 4.00% | 9 Lakhs | 160 square meters |
| MIG 2( Middle class income group 2) | 3.00% | 12 Lakhs | 200 square meters |
Applying for a home loan subsidy under PMAY:
The home loan borrowers can apply for the subsidy under PMAY by visiting the nearest Common Service Centre in the area. To apply, they need to register themselves by filling the application form along with a fee of Rs. 25 plus GST for registration of PMAY subsidy. After the process of verification of form and checking the eligibility, you can avail of the subsidy if you are eligible for it.
The home loan borrowers can also apply for the PMAY scheme online by visiting the PMAY official website on pmaymis.gov.in.Next, under the citizen assessment option, Choose between ‘ For slum dwellers’ and ‘Benefit under the other three components’ and now enter the Aadhar details on the page displayed. Also, fill in necessary information such as name, contact number, and others in the application form. After filling the form, enter the Captcha code and click on the Save button.
Other things you need to know about PMAY:
- Under this scheme, the government aims to provide affordable housing to people belonging to the general category as well as minorities like scheduled tribes, scheduled castes, and other backward classes (OBC).
- Further, the government provides concessional rates to women borrowers to encourage women to take home loan subsidy under PMAY scheme. Women borrowers can get the home loans at zero processing fees and lower interest rates.
Conclusion: While buying a home is everyone’s dream, most of us cannot afford to have our own house even with a home loan. Thus, addressing the same issue, the government aims to provide affordable housing to construct houses at subsidized interest by availing the subsidy or assistance for home construction. The two phases of the scheme are already covered, under which more than 300 cities have been covered, and the final stage is in progress and will be completed until 2022.
Own a Home with Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana is the social security scheme introduced by the Modi government in June 2015. Under the PMAY scheme, the government aims to provide affordable pucca houses to promote housing for all, including the economically weaker sections, lower strata, and middle-class groups of society by In-situ-redevelopment of slum spaces by converting them into urban areas.
The government further aims to provide financial assistance to the economically weak strata of society by giving coverage of Rs. 1.5 lakhs for the construction of the house following the RERA(Real Estate Regulatory Authority) guidelines. Further, people can also avail of the credit-linked subsidy for the construction of houses at subsidized interest rates if they meet the eligibility criteria.
Home loan borrowers can apply for a home loan under the PMAY scheme for a tenure of up to 20 years. However, they should not have availed any other government scheme and are first time borrowers. They must not possess any pucca house or another house in order to avail of the credit-linked subsidy for the home loan. The subsidy is available for the economically weaker sections of society whose income level does not exceed Rs. 3 Lakhs. The government has further specified the income bracket for the lower income group and middle class.