Pradhan Mantri Awas Yojana is an ambitious initiative aimed at providing housing for every citizen of India. The vision of Prime Minister, Narendra Modi was to ensure affordable housing for all. It gave hope to people who refrained from investing in the real estate sector because of the high costs and stirred positive reinforcements amongst builders and developers.
On June 1, 2015, launched the Pradhan Mantri Awas Yojana (PMAY) scheme aimed to offer permanently affordable housing options to urban and rural poor to boost home ownership by 2022. To aid the efficient development of low-cost homes, the scheme embraced a plethora of incentivizing offers for developers, which targeted at helping them to tide over their financial instabilities.
Key highlights of the scheme
The scheme was initially rolled out for only the Lower Income Groups (LIG) and Economically Weaker Sections (EWS); however, it has now been extended to the Middle-Income Group (MIG) consumers as well. Due to the vast expanse of the vision for this scheme, it has been divided into two parts, namely, PMAY-Urban that focuses on congested slums where the temporary housing will be replaced with permanent housing for the residents hailing from the LIG, EWS, and MIG segments. PMAY-Gramin is targeted at promoting accessibility and homeownership in rural areas. To sum it up, the two key features of the PMAY scheme are:
- Affordable permanent housing will be provided to LIG, EWS, and MIG groups
- It has introduced the Credit Linked Subsidy Scheme (CLSS) on loans that are availed for expansion and improvement of existing houses
Eligibility criteria for PMAY home loan
- Applicants must classify under EWS (Families with an annual income of 3 Lakh or less), LIG (Families with an annual income between 3 and 6 Lakh), and MIG (Families with an annual income between 6 and 12 Lakh)
- Any member in the family of the beneficiary should not own a permanent house in their name or in the name of any member their family in any other part of India
- In the case of a married couple, individual or joint ownership will be eligible for a single subsidy
- The family of the applicant should not have availed the benefits of any other housing-related schemes offered by the Government of India
- Aadhar numbers for the applicant’s family are mandatory for the MIG category
How to Apply
The beneficiaries can apply for PMAY online
- Visit the official website: http://pmaymis.gov.in/
- Now, go to the “Citizen Assessment” tab on the menu and select “Benefit” under the other 3 components
- Enter your Aadhar card number and name
- After verification, you’ll be directed to the application page of PMAY
- Enter the required information and tick on the check box
- Enter the captcha and click on “Save”. This generates an application number that is used for future references.
- Download and print the application form and submit it at your nearest Common Service Center or banks along with the supporting documents
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