Pradhan Mantri Awas Yojana

The Pradhan Mantri Awas Yojana scheme was announced by the honourable Prime Minister Shri Narendra Modi with the vision of providing housing for all eligible families.

The main objective of this scheme is to help the less privileged families in India and provide them with stable housing systems to improve their lifestyles. It is intended to provide all the necessities to the families and help them to have a hygienic and content lifestyle. 

With the help of this scheme, urban migrants and those who reside in the country’s rural areas can improve the quality of their lifestyle and get access to dignified rental houses close to where they work. It encourages them to work with a content mind and promotes a dignified and hygienic lifestyle.

The PM Awas Yojana is a scheme introduced by the Prime Minister of India in 2015. It is intended to help the less privileged section of the country to have a dignified and hygienic lifestyle.

The scheme’s main objective is to help a big part of the country have a dignified lifestyle that will eventually help in the growth of the country in general from a socio-economic perspective.

PMAY aims to provide water connectivity, proper toilets, and other essentials to those in need. Eligible families can avail of this scheme and can improve their lifestyle rapidly. 

Additional Info: Also check Karnataka Bank Balance Check Number

The PM Awas Yojana was introduced first on 25th June 2015. The main objective of the scheme is to provide several basic and essential necessities to eligible applicants by 31st March 2023. 

The PMAY scheme is an initiative that comes under the Housing For All mission (HAF) that was introduced by the Ministry of India in 2015 with the objective of eradicating poverty and improving the overall economy of the country.

The aim of the scheme is to Establish affordable houses in both the rural and the urban spaces of India. Those who belong to the economically weaker zones in the country and have comparatively lower incomes can make the best out of this scheme to drastically change their lifestyles.

Prime Minister Awas Yojana addresses one of the major issues in India- the shortage of pucca houses in rural and urban spaces. Several sub-schemes have evolved as parts of the mean scheme- Affordable Rental Housing Complexes (ARHCS), Global Housing Technology Challenge, and CLSS Awas Portal. The scheme has two major sections- 

1. Pradhan Mantri Awas Yojana Gramin, (PMAY-G)- Aims at providing affordable houses to those residing in the rural areas of India.
2. Pradhan Mantri Awas Yojana Urban (PMAY-U)- It is intended for those who live in the urban site and come from less privileged families and have low incomes.

Several banks offer The PMAY scheme in India, including SBI, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank, Yes Bank, Bank of Baroda, Federal Bank, Karnataka Bank Ltd, Bajaj Housing Finance Ltd, to name a few.

Prime Minister Awas Yojana scheme directly addresses the housing shortage issue in India and aims at improving the situation for the better in the long run. 

• The major purpose is to build houses at affordable rates with toilets, water supplies, and other necessities to help the less privileged families to improve their way of life.
• No limit on the home loan amount and the property cost is implemented by the government to encourage the less privileged section of the country to dream bigger and improve their lifestyles in the future.
• Those who intend to extend the size of their houses can also do so after consulting and getting approval from the Ministry of India.
• Another purpose of the scheme is to encourage women to be homeowners or co-applicants in both rural and urban areas in the country.

Along with improving housing systems for Indian citizens, the PMAY scheme contributes to the overall development of the country from an economic point of view.

Features of Pradhan Mantri Awas Yojana

• The main objective of the PMAY house loan scheme is to eradicate the slum houses & replace them with ‘pucca’ or concrete homes. It aims at providing permanent housing for all by 2024.
• The Home Loan Interest Rate subsidy provided under the scheme is up to 6.5% to all beneficiaries taking housing loans with tenure of up to 20 years.
• Interest rate subsidy varies basis the following income slabs:
  • EWS – Income of up to Rs. 3 Lakhs per annum: 6.5% interest subsidy is available for loan amount up to Rs. 6 Lakhs.
  • LIG – Income between Rs. 3 Lakhs to Rs. 6 Lakhs per annum: 6.5% interest subsidy is available for loan amount up to Rs. 6 Lakhs.
  • MIG-I – Income between Rs. 6 Lakhs to Rs. 12 Lakhs per annum: 4% interest subsidy is available for loan amount of of Rs. 9 Lakhs
  • MIG-II – Income between Rs. 12 Lakhs to Rs. 18 Lakhs per annum: 3% interest subsidy available for loan amount of Rs. 12 Lakhs.
  • Any additional loan above the subsidised loan amount will have no subsidised rate

• Preference of having a house on the ground floor is given to the differently abled and senior citizens under the PMAY scheme.
• Houses to be constructed using sustainable & eco-friendly technologies.
• The PMAY benefits can be availed by the people who wish to purchase a new house from the developer/builder or a resale house. The loan can also be taken for the construction of a house or for upgrading a ‘kutcha’ house into a ‘pucca’ house under the CLSS component.

Benefits of Pradhan Mantri Awas Yojana

The Ministry of India offers several benefits to the citizens of India with the help of the PMAY scheme.

Some of the major benefits include:

• The scheme directly targets poverty and slum rehabilitation, and to improve the economic growth of the country, houses at affordable interest rates are offered to the less privileged sections.
• The home loan scheme allows the eligible urban and rural section- members of the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group- I (MIG- I), Middle Income Group-II (MIG II), to apply for the loan.
• The government grants up to 1 lakh per house in India when it comes to slum rehabilitation.
• Central assistance of up to 1.5 lakh is granted by the government when it comes to affordable housing. 
• Interest subsidy goes up to 6.5% for a home loan.
• Women are encouraged to be homeowners and co-applicants with the help of the Pradhan Mantri Awas Yojana Scheme.
• By taking approval from the government, the building of the houses can take place immediately after the Pradhan Mantri Awas Yojana Home Loan is granted.
• Water connection and toilets are provided in the housing systems to the citizens of the country.

Also Read - 10 Important FAQs About Pradhan Mantri Awas Yojana

To avail a home under the Pradhan Mantri Awas Yojana (PMAY) 2024 scheme, you can follow these steps:

1. Check Eligibility: Determine if you meet the PMAY eligibility criteria. The scheme has specific income categories and target beneficiaries. The eligibility criteria differ for urban and rural areas. Ensure that you fall within the specified income limits and meet the other criteria set by the scheme.
2. Visit PMAY Website: Go to the official website of Pradhan Mantri Awas Yojana (https://pmaymis.gov.in/) to access the online application portal.
3. Select Appropriate Component: Choose the appropriate component of PMAY under which you wish to apply. PMAY offers four components:
   1. Slum Rehabilitation: For slum dwellers to avail pucca houses.
   2. Credit-Linked Subsidy Scheme (CLSS) for EWS/LIG: For economically weaker sections (EWS) and low-income groups (LIG) to get interest subsidies on home loans.
   3. Affordable Housing in Partnership (AHP): For partnership projects between public and private sectors or nonprofit organizations.
   4. Beneficiary-led Construction (BLC): For individuals who want to build or expand their homes.

1. Fill the Online Application Form: Provide accurate details and fill in the online application form with all the required information, including personal details, income details, Aadhaar number, and bank account details. Make sure to double-check the information before submitting the form.
2. Submit the Application: After completing the form, submit it through the online portal. Ensure that you have all the necessary supporting documents ready, such as income proof, identity proof, address proof, and other relevant documents as specified by the scheme.
3. Application Verification: The concerned authorities will verify the information provided in your application along with the supporting documents.
4. Loan Approval: If you have applied under the CLSS component, once your application is approved, you can approach a lending institution (bank or housing finance company) to obtain a home loan. The loan will be sanctioned based on your eligibility and the terms and conditions set by the lending institution.
5. Construction/Purchase of the House: Once the loan is sanctioned, you can proceed with the construction or purchase of the house as per the approved plans and within the specified time frame. The loan disbursal will be made by the lending institution directly to the builder or seller, as applicable.
6. Subsidy Disbursement: In the case of CLSS, the interest subsidy will be disbursed to the lending institution, which will then reduce the loan burden by adjusting the subsidy amount against the principal loan amount or installments, as per the scheme guidelines. You can check the PMAY subsidy status 

It is important to note that the exact process and documentation requirements may vary depending on the specific component of PMAY and the implementing authority in your state or city. Therefore, it is advisable to refer to the official PMAY website and contact the local housing authorities or banks for accurate and up-to-date information regarding the application process in your area.

Eligibility for PMAY can be classified into various categories:

• Eligibility criteria for EWS and LIG 
• Eligibility criteria for MIG I and MIG II

Eligibility Criteria for EWS and LIG 

EWS means economically weaker section and LIG means lower income group. Below are the eligibility criteria for people in these categories in order to get PM Awas Yojana scheme benefits.

Eligibility Criteria for MIG I and MIG II

MIG stands for middle income group. Below are the eligibility criteria for people in these categories in order to get PMAY scheme benefits.

The major documents that one must keep while applying for the Pradhan Mantri Awas Yojana scheme include:

• Proof of identity – voter card, Aadhaar card, PAN card, passport, driving license (anyone).
• Having a PAN card is mandatory when it comes to applying for the scheme.
• Proof of address – Aadhar card, voter card, property tax documents, life insurance policy documents, etc.
• Proof of income – bank statements for the last six months, salary slips of the last two months.
• Property documents- rent agreement on stamp papers, sales agreement, property registration certificates, copy of payment receipts of the builder (if required).
• For self-employed people, factory/firm establishment certificates, sales tax receipts and other documents confirming the existence of the workplace need to be submitted.

Also Read - Documents Required for Home Loan

To check the status of your subsidy application, visit the official PMAY website, and reach to track application status/ track assessment form.

Here you will be directed to choose one of the two options:

1. By Name, Father’s Name & Mobile No
2. By Assessment ID

If you choose the first option, you will be asked to provide information- State Name, District Name, City Name, your name, father’s name, and mobile number.

If you choose the second option, you will be asked to provide assessment ID and mobile number

Those who can be beneficiaries of the PMAY scheme are:

• A family that includes a wife, a husband, sons and daughters who are not married
• Someone who is the single owner in a family can be considered to be a PMAY beneficiary irrespective of their marital status. However, if they already own a pucca house, they are not eligible to apply for the loan.
• Those who are members of the Economically Weaker Section (EWS) - who earn less than 3 lakh per year.
• Those who earn around 3 lakh to 6 lakh per year come under the Low Income Group (LIG).
• Families that earn around 6 lakh to 12 lakh come under Middle Income Group-I (MIG- I).
• Families that earn up to 12 lakh to 18 lakh come under the Middle Income Group-II (MIG- II).
• Women who fall under the LIG and EWS income groups
• Marginalized castes such as SC, ST, and OBC are eligible to apply for the loan.

Additional Info: Also check PNB Balance Check Number

There are two different schemes that come under the Pradhan Mantri Awas Yojana scheme in India- 

Pradhan Mantri Awas Yojana Urban

The urban space comprises around 4000+ cities across the country. The PMAY Yojana aims at developing houses across all the urban centres in terms of industrial development, special area development, and housing development with basic necessities. The aim of the first phase is to cover 100 cities by April 2015 and March 2017. The aim of the second phase is to cover 200 cities between April 2017 to March 2019. The focus of the 3rd phase is to cover the remaining cities by March 2024.

Pradhan Mantri Awas Yojana Rural

The PMAY scheme also aims at covering the slums, villages and rural areas of the country. Its primary objective is to assist the less privileged families in the rural areas to acquire basic amenities such as sanitation, power supply, water connectivity and improve their lifestyles.

Additional Info: You can also Check Banglarbhumi West Bengal Land Record

Take a look at the Pradhan Mantri Awas Yojana subsidy loan amount, and rates to acquire a better understanding of the scheme.

If you are eligible for PMAY and don’t know how to apply for PMAY online, follow the steps given below:

• Identify the category (EWS, LIG, MIG-I, MIG-II) based on your income, under which you are eligible for PMAY.
• Visit the official website of PMAY: http://pmaymis.gov.in
• Click on ‘Citizen Assessment’ provided under the main menu and then select the applicant category.
• On doing this, you will be redirected to a page where you will have to enter your Aadhaar details.
• Then, fill out the online PMAY application form with your personal, income, bank account, and current residential address details.
• Enter the captcha code in the given space, verify the details for accuracy, and submit it.

On submitting the details, your application process is complete. You can track the application status anytime by clicking on ‘Track your Assessment Status’ given under ‘Citizen Assessment’.

If you are unable to apply online, PMAY also supports an offline application. Just visit a state government-run Common Service Centre & fill up the application form for just Rs. 25 + GST.

You can find PMAY EMI Calculator or PMAY Subsidy Calculator on various online lending platforms and websites. All you need to do to know your eligibility for home loan interest subsidy is to enter a few details in the spaces given, including your annual household income, home loan amount applied for, interest rate, and tenure of repayment. On submitting these details, you get the required result.

Additional Info: Also check SBI Home Loan EMI Calculator