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Under Pradhan Mantri Awas Yojana, the government provides a subsidy of up to 2.67 lakh rupees on interest for taking a home loan to purchase a house. Let’s read and understand all the details of Pradhan Mantri Awas Yojana.
What is the Pradhan Mantri Awas Yojana
The Pradhan Mantri Awas Yojana (PMAY) is an initiative introduced by the government to assist individuals in areas who have limited financial resources in acquiring their own homes. It was initiated on June 1 2015. Through this program eligible individuals can avail a home loan at an interest rate of 6.50%. Enjoy this beneficial option, for a period of, up to 20 years.
Eligibility for loan in Pradhan Mantri Awas Yojana
The government plans to use the Socio-Economic and Caste Census 2011 (SECC 2011) to find and choose who will get help from PMAY. Before making the list for the Rural Housing Scheme, the Gram Panchayats and Tehsil Dar will look into the candidates. This is to make sure that only those who really need it get the assistance.
Types of Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana is divided into two parts on the basis of area.
1. Pradhan Mantri Awas Yojana for Rural
Formerly known as Indira Awas Yojana, Pradhan Mantri Awas Yojana Gramin (PMAY-G) adopted its current name in 2016.
The aim of this initiative is to offer economical and accessible housing to beneficiaries in rural regions across India, excluding Chandigarh and Delhi.
Under this scheme, the Government of India and the State Government collaborate to provide housing, with a ratio of 60:40 in plain areas and 90:10 in the northeastern and hilly regions.
1. Pradhan Mantri Awas Yojana for Urban
Pradhan Mantri Awas Yojana Urban (PMAY-U) focuses on offering housing solutions in urban areas throughout India.
As of now, the scheme encompasses 4,331 towns and cities, and its implementation is progressing through three distinct phases.
Phase 1 :- the Government of India set out to include 100 cities in various states and union territories between April 2015 and March 2017.
Phase 2:- the government extended its goal to encompass 200 additional cities across different states and union territories from April 2017 to March 2019.
Phase 3:- the government intends to include the cities that were not covered in Phase 1 and Phase 2 by the conclusion of March 2022.
Objective of Pradhan Mantri Awas Yojana
The primary goal of this initiative is to make it easier for the poor and vulnerable sections of urban society to buy a home at a reasonable interest rate through monthly installments (EMI). The interest rate offered under this scheme is significantly lower compared to other available rates.
Features of Pradhan Mantri Awas Yojana
- Pradhan Mantri Awas Yojana kicks off with an interest rate of 6.50% per year, and individuals can enjoy the benefits of this scheme for a period of 20 years.
2. The construction of houses under this initiative will employ sustainable and eco-friendly technology.
3. The implementation of this scheme spans all urban areas in the country, covering a total of 4041 towns.
4. Among these, 500 tier one cities have been given top priority, with the entire process set to unfold in three phases.
5. The credit-linked subsidy of this housing scheme is applicable from the initial phase in all statutory cities across India.
How to apply online for Pradhan Mantri Awas Yojana
To sign up for this program, you can use the Pradhan Mantri Awas Yojana official website.
The process to apply is very simple. All you need is your Aadhaar number. Once you have that, you can complete the form and submit it.
How to check Pradhan Mantri Awas Yojana application status
If you want to see how your PMAY application is doing, just go to the official Pradhan Mantri Awas Yojana website. Then, pick the tracking option and do what the screen tells you to do. It’s that simple!
Identification and selection of beneficiaries of Pradhan Mantri Awas Yojana
Pradhan Mantri Awas Yojana primarily addresses the housing needs of those living in cities, particularly focusing on individuals residing in poorly constructed homes with inadequate infrastructure and limited access to water facilities.
PMAY-U targets people from the middle-income group (MIG), low-income group (LIG), and economically weaker sections (EWS). Specifically, beneficiaries falling under the LIG category are eligible for the Credit Linked Subsidy Scheme (CLSS) as part of this initiative. To participate, applicants must provide an affidavit as proof of income to authorities, confirming their eligibility as LIG or EWS beneficiaries.
How to get interest subsidy in Pradhan Mantri Awas Yojana
Seek a home loan from a lending institution of your choice. Once you apply, the lending institution will carefully review your application, and if you meet the criteria, they will forward your application to the central nodal agency. Upon thorough verification and confirmation that your application is error-free, the Central Nodal Agency will provide a subsidy to the lending institution. This amount will then be deposited into your account by the lending institution.
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