Pradhan Mantri Awas Yojana – Features, Eligibility and how to apply
Every individual dream of owning a house, but the increase in cost of construction and the inflation rate have made it next to impossible for many lower and lower-middle-class people. If you are earning between Rs 3 Lakhs and Rs 18 Lakhs per annum and not yet purchased a house, you can apply for Pradhan Mantri Awas Yojana Scheme at subsidized home loan interest rates. What is Pradhan Mantri Awas Yojana Scheme? Who is eligible to apply for Pradhan Mantri Awas Yojana Scheme? How much interest you can save from this housing scheme?
What is Pradhan Mantri Awas Yojana (PMAY)?
Pradhan Mantri Awas Yojana (PMAY) is a housing scheme launched by the Government of India on 1 June 2015 which aims at providing affordable housing to the urban poor. Under this scheme, the housing loan is provided at subsidized interest rates for the term of 20 years to all the beneficiaries.
Beneficiaries to Pradhan Mantri Awas Yojana (PMAY)
A beneficiary family should comprise of husband, wife and unmarried children.
A beneficiary family should not own a pucca house in the name of any family member in any part of the country.
Who is eligible for Pradhan Mantri Awas Yojana?
Not all individuals are eligible to apply for this scheme. There is a pre-defined eligibility criterion for it.
1) The Socio -Economic and Caste Census of 2011 (SECC 2011) will be used for the identification and selection of PMAY beneficiaries. The village Panchayats and Tehsils will be considered for the consultation of beneficiaries before making the lists under the rural housing scheme. This step not only ensures transparency to the project but also makes sure that only the deserving candidate receives the aid in housing.
2) Any household with a total annual income between Rs. 3 lakh to Rs 18 lakh can apply for this scheme.
3) Indian citizens who are women can also apply. No other demographic will be considered as long as they are women.
4) The beneficiary can only buy a new house in order to enjoy the benefits of PMAY. People who already own a pucca house in any part of the country are not eligible to apply for this scheme.
5) People will be allowed to buy or construct new houses only. One cannot avail PMAY benefits on already built houses.
6) The applicant must not have availed the benefit of any housing-related schemes set up by the government of India.
7) People belonging to the Economically Weaker Section (EWS) or Low Income Group (LIG) can also apply.
8) Scheduled castes and tribes are also eligible.
Features of Pradhan Mantri Awas Yojana
The following are the salient features of the PMAY:
For the purpose of this scheme, the economically weaker section (EWS) has been defined as the people having income below Rs. 3 lakh per annum and Low Income Group (LIG) as the people having income between Rs. 3 lakh to Rs. 6 lakh per annum, while middle-income groups range between Rs 6 to 18 lakh. However, the definition can change depending upon the particular state government and in consultation with the central government.
For the beneficiaries of the EWS group, they are eligible for complete assistance while the beneficiaries from the LIG and MIG category are eligible for Credit Linked Subsidy Scheme (CLSS).
A subsidy will be granted to people from LIG or EWS segments. It will come from the central government treasury and will range between Rs. 1,00,000 to 2,30,000. The subsidy can be used only for possessing a house under this scheme.
The Pradhan Mantri Awas Yojana comes with a promise of a substantial decrease in the rate of interest.
For ground-floor houses, preference will be given to the people who are disabled or who are aged.
It has been strictly instructed that the housing enclaves developed newly should strictly follow the eco-friendly construction technology.
Female members will be given the preference in case of allotment of houses. In other words, female applicants will be given priority over male applicants. This makes the scheme a pro-women scheme.
What are the Subsidy Benefits and Offers under Pradhan Mantri Awas Yojana?
Kindly note that the CLSS for MIG I and MIGII which was initially approved for implementation for the year 2017 has been extended up to 31 March 2020.
How to apply for the Pradhan Mantri Awas Yojana?
The online application process to apply for PMAY scheme is quite easy, hassle-free, and time-saving. The following are the steps to apply for the scheme online-
1) Visit the official website of the Pradhan Mantri Awas Yojana here
2) Go to ‘Menu’ section and find the “Citizen Assessment” option.
3) Enter your 12-digit Aadhar Card number.
4) Once the Aadhar information has been entered, you will be redirected to the application page.
5) You will be prompted to enter your personal details, income details, current residential address and bank account details. Complete the form.
6) Click on ‘I am aware of’ option at the end f the page and click the ‘save’ button.
7) You can see a system-generated application number which you can save for future reference.
8) Download and print the duly-filed application.
9) Submit the form at your nearest CSC office centers and financial institution or banks along with the required document.
Before applying for this scheme, make sure that the eligibility criteria is met and your name is listed in the beneficiary list.
FAQs about Pradhan Mantri Awas Yojana
You might have several queries or questions about this scheme. Let me clarify by the way of Q&A.
1) How can you check your eligibility?
Ans. You can check your eligibility for the PMAY by submitting your BPL certificates to the lending institution and they will notify you. Alternatively, the list of beneficiaries can be checked online by visiting the official website.
2) How one can edit the details after submitting the PMAY application?
Ans. Visit the official website of PMAY. Enter your application reference number and your Aadhar details, click on the ‘edit’ option and you will be allowed to edit the application details.
3) Are there any helpline numbers?
Ans. For any queries related to the application process, or interest rates, etc. the following toll-free helpline numbers can be dialed.
1800-116163 (urban, HUDCO)
1800-11-3388 (Urban, NHB)
1800-11-3377 (Urban, NHB)
4) What is a Central Nodal Agency when we are talking about PMAY?
Ans. These are basic nodal agencies that are identified by the Ministry of Government to function as bodies that implement Credit Linked subsidy.
5) What is the minimum and maximum annual income that is eligible for PMAY?
Ans. There is no lower limit for the PMAY income requirement. The maximum income should not exceed Rs. 18 lakh. If these terms are met, you are eligible to get home loan interest benefit subsidy upto Rs 2.67 Lakhs.
6) What is Geo tag and how does it work?
Ans. Geo tagging basically means adding metadata to a photograph or map of your home located on the map. It not only helps retain updated satellite imagery of the progress of the project but also helps to remotely monitor each unit, without having to be there physically. The whole process of the housing project, right from the scheme rules to the basic requirement of sanitation in the housing need transparency. It requires geo tagging to have all the information available for the parties involved.
7) Can this scheme be availed in rural areas?
Ans. The scope of the scheme is limited to urban areas only.
8) Can I apply if I do not have an Aadhar Card?
Ans. For applying for the scheme online, it is mandatory for all the citizens to have an Aadhar card.
9) What are the registration charges?
Ans. There are no charges if you are applying online. An application fee of Rs. 25 plus service tax needs to be paid at the Common service Centers if not applying online.
10) What if the term of the loan is extended?
Ans. The maximum tenure of the loan is 20 years to avail the subsidy. If extended, the subsidized rates will not be applicable.
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Pradhan Mantri Awas Yojana – Features, Eligibility and how to apply