PMAY(Pradhan Mantri Awaas Yojana) is an Indian government scheme. It provides affordable housing to the urban/ rural people who do not have any house registered on their names.
It has two components: Pradhan Mantri Awaas Yojana (Urban) (PMAY-U) for the urban dwelling people and Pradhan Mantri Awaas Yojana (Rural) (PMAY-R) for rural dwelling people.
This scheme is combined with other schemes to ensure houses have a toilet, Electricity connection(Saubhagya Yojana), LPG connection (Ujjwala Yojana), access to drinking water etc. It was launched by Prime Minister Narendra Modi in June 2015.
It comes under Affordable Rental Housing Complex initiative of Ministry of Housing and Urban affairs (MoHUA).
Benefits of PMAY
- Generous Subsidy
- Government of India offers subsidy to an individual who is buying their first house. This is one of the biggest benefits of PMAY.
- Government provides credit linked subsidy depending on the income bracket of an individual. These income brackets are classified as :
- EWS (Economically Weaker Sections)
- LIG (Low Income Groups)
- MIG 1 (Middle Income group 1 )
- MIG 2 (Middle Income group 2 )
- Partnered affordable housing
- Houses are constructed in partnership with various developers. These developers are instructed to make the construction affordable.
- Rehabilitation of Slum dwellers
- Scheme aims to rehabilitate slum dwellers on the same location.
- Eco-Friendly houses
- Houses constructed under this scheme are eco-friendly in nature. Developers are specially instructed by government to make the constructions eco-friendly.
- Special priority to Women and Minorities
- A special priority is given to women and minority candidate while approving subsidy.
Who is eligible to apply for PMAY?
Eligibility criteria for PMAY is as follows:
| Particulars | EWS | LIG | MIG 1 | MIG 2 |
| Annual income (household) | Upto Rs. 3 lakh | Rs. 3 lakh to Rs. 6 lakh | Rs. 6 lakh to Rs. 12 lakh | Ra. 12 lakh to Rs. 18 lakh |
| Subsidy on home loan interest rate | 6.5% p.a. | 6.5% p.a. | 4% p.a. | 3% p.a. |
| Amount of home loan eligible for subsidy (Maximum) | Rs. 6 lakh | Rs. 6 lakh | Rs. 9 lakh | Rs. 12 lakh |
| Maximum tenure of home loan | 20 years | 20 years | 20 years | 20 years |
| Amount of subsidised interest (Maximum) | Rs 2.67 lakh | Rs 2.67 lakh | Rs. 2.35 lakh | Rs. 2.30 lakh |
| Dwelling unit’s carpet area (Maximum) | 30 sq. m. | 60 sq. m. | L 100 sq. m. | 200 sq. m |
How to apply PMAY?
You can apply for this scheme online as well as offline. On successful submission of application you will be allotted an unique application number, which can be used to check whether your name is mentioned in the Pradhan Mantri Awas Yojana List. This list includes names of the eligible candidates whose applications have been accepted..
How to apply Pradhan Mantri Awas Yojana Online?
Online application includes following steps
- First you need to identify the category under which you qualify. ( Categories are EWS, LIG, MIG 1, MIG 2)
- Then visit the official website. Here is the link for the official website : https://pmaymis.gov.in/
- Click on ”Citizen Assessment” and select the applicant category.
- After selecting applicant category you will be redirected to a different page where you have to enter your Aadhar details.
- On successful submission of Aadhar details you have to fill online application form with your personal, income and bank account details as well as current residential address.
- Finally verify the details for accuracy and submit the application.
Status of the application can be tracked by clicking on ”Track your Assessment Status” under Citizen Assessment.
How to apply Pradhan Mantri Awas Yojana Offline?
- To apply PMAY in offline mode you need to visit a state government run Common Service Centres.
- Then fill the application form and submit the application.
- Also note that no private centres or banks can accept Pradhan Mantri Awas Yojana applications.
Subsidy
What is the process of crediting interest subsidy?
The subsidy is released by CNAs(Central Nodal Agencies) based on disbursement made by PLIs (Primary Lending Institutes)to the beneficiaries. Subsidy, so disbursed by the CNA to the PLI, will be credited by the PLI to the borrower’s home loan account upfront by deducting it from the principal loan amount. As a result, the borrower will pay EMI on the remainder of the principal loan amount.
Which are the PLIs which credit this subsidy?
Lending Institutions, Scheduled Commercial Banks, Housing Finance Companies, Regional Rural Banks (RRBs), State Cooperative Banks, Urban Cooperative Banks, Small Finance Banks, Non Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs) which have signed MoUs with any one of the Central Nodal Agencies (CNAs), will be the PLIs, that will operate the Scheme.
To read more about product linked schemes like Kisan Samman Nidhi click on the link below :
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