All you need to know about the Pradhan Mantri Awas Yojana

All you need to know about the Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana or PMAY is a scheme that was launched by the Government of India in 2015. This scheme aimed at providing all Indian citizens with housing facilities in the urban areas of the country. It was devised to ensure that all the citizens of the country who belonged to the lower strata and did not own a house could get their own pucca house in urban India. PMAY aimed at providing housing for all by the end of 2022.
There are four main aims that the PMAY focuses on:

1. PMAY aims at providing credit-linked subsidies to the MIG and lower strata sections of the society over the home loans or loans taken for renovating the present home. The amount of subsidy will be decided by the amount of loan taken. For eg. A subsidy of 3 percent to 6.5 percent is decided for home loans ranging between 6 to 12 lakhs. For the EWS and LIG, category home seekers who take a loan of 6 lakhs will be given a 6.5 percent subsidy for a tenure of 20 years. For the MIG group, the limit of loan has been extended to 12 lakhs. Earlier the tenure for this subsidy was 15 years but later on, the government of India extended it.

2. The government of India has collaborated with private developers in order to provide homes to slum dwellers. Thus, PMAY aims at irradicating slums by providing pucca houses with healthy living conditions to all the slum dwellers.

3. PMAY aims at making housing affordable and available for the urban poor by providing up to 90 percent home loans to them.

4. With PMAY the government is ensuring that the women of the household are able to build a strong financial status by owning a property. PMAY focuses on providing women with financial stability and thus, women are given preference over other home dwellers.

5. However, not everyone can get a home under this scheme. This scheme has set eligibility criteria that you must complete in order to become a home dweller under affordable housing or PMAY.

And if you want to know more about the eligibility criteria then read below-

1. The first and foremost requirement for owning a home under PMAY is that you or any other member of your family must not be an owner of a pucca house. Only in a case where none of your family members has a cemented house, you are eligible to apply for housing under this scheme. The family must consist of parents and children who are not married.

2. In a case where the children of the household are adults who are earning, will be counted as another household. They are also eligible to apply for a home under PMAY. But only if they do not possess any other home apart from their parents house.

3. Households that belong to the MIG category ( With annual income being up to 18 lakhs), LIG (with annual income falling between 3-6 Lakhs) or EWS (With annual income being 3 lakh per year) section of the society are eligible to seek a home under PMAY but they should possess the necessary documents as the proof of their income.

4. The senior citizens and differently-abled members of the society will be given preference while allotment of the houses on ground floors.

5. The home seekers must not have availed any affordable housing benefits from the central or state government in the past.

6. The beneficiary can only avail of the benefit of PMAY over the house that is assigned for construction under PMAY. Any pre-build house is not eligible for PMAY benefits.

7. If the beneficiary is married, then subsidy can be availed on joint ownership or either of the members can get a single subsidy as well.

8. When you satisfy the above-mentioned criteria, you can easily own your new dream home in the posh places of the country without any hassle.

9. You can visit the official PMAY website to fill the form in order to avail the house under this scheme. You can also visit the PMAY office in your city and seek a physical application as well. Make sure to take your income proofs with yourself. If you want to know more about PMAY you can also contact the PMAY grievance cell at 1800-11-6163.

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Subsidy: The home seekers under this scheme are divided into different categories. All the home seekers who fall under these categories (MIC, LIG and EWS) are eligible for a subsidy over the interests of home loans. They will be given up to a 6.5 % subsidy. The percent of subsidy given will depend on the household annual income. You can also have a look at the complete subsidy criteria and the amount at the official PMAY website for a detailed report. If you qualify the criteria, you can fill the form for subsidy and use the subsidy calculator to calculate your subsidy amount.

Impact of PMAY on the home seekers: Housing for all till 2022 seemed like a far fetched goal back when PMAY was launched. But now, this goal seems achievable. In the past few years, there have been big developments in urban areas all over the country. Many private builders along with the respective state governments have tried hard to ensure that "housing for all" would be achievable by the end of 2022. Many projects under this scheme are already complete and ready for possession, however, many other housing projects are still under construction. This scheme has not only brought development within the urban and rural sectors but also helped in the architectural advancement in many areas of the country. PMAY makes up the perfect scheme for the home seekers who want to get a dream home with all the luxurious amenities at an affordable price. And according to the recent norm the government has also agreed to provide one parking space to each home dweller who is planning to own a house under PMAY. This has come out as a breakthrough for most builders as well as home seekers.