PMAY or the Pradhan Mantri Awas Yojana is a subsidy-based housing scheme launched by the Government of India. It was first brought into effect on 1st June 2015. The core objective of this initiative is to provide affordable housing to different categories of individuals. Under this scheme, the beneficiaries can claim interest subsidy on home loans.
The subsidy rates start at 6.50% per annum and apply to home loans ranging up to 20 years. Pradhan Mantri Awas Yojana implements CLSS (Credit Linked Subsidy Scheme) to make housing affordable for all.
Beneficiaries of Pradhan Mantri Awas Yojana
The beneficiaries of this housing scheme in India can be categorised into four groups, based on their annual income –
- Middle Income Group-I (MIG I)
- Middle Income Group-II (MIG II)
- Lower Income Group (LIG)
- Economically Weaker Section (EWS)
Apart from this, individuals belonging to the SC, ST, OBC categories and women belonging to the LIG and EWS groups can also benefit from PMAY.
Eligibility criteria of Pradhan Mantri Awas Yojana
To become a beneficiary under PM Awas Yojana, you will have to qualify the following conditions –
- The beneficiary or any of his/her family member must not own a pucca house in any part of India.
- The beneficiary or any of his/her family member must not have availed any other central-backed or state government housing scheme in India.
- The beneficiary and his family must not have availed any CLSS subsidy from any PLI (Primary Lending Institutions).
- All the Statutory Towns notified as per the 2011 Census are eligible for PMAY coverage.
- The house construction or extension for which the home loan is availed must be completed within 36 months, starting from the disbursement date of the first loan instalment.
Those failing to qualify under the eligibility parameters or requiring a higher loan amount may check out home loans offered by other financial institutions across India.
These credits are available against low interest rates and other convenient terms.
Borrowers can also enjoy pre-approved offers on their loan that can make the application process streamlined. These offers are available on home loans, loans against property, etc. Individuals can check their pre-approved offer by providing their name and contact number.
Process to apply for PMAY 2021 online
Follow the below steps to understand the online application process of Pradhan Mantri Awas Yojana–
- Log on to the official PMAY portal.
- Select the ‘Citizen Assessment’ option and then choose the relevant options between-
- ‘For Slum Dwellers’
- ‘Benefits under other 3 components’.
- After selecting one of the two options, enter your Aadhaar card number on the next page.
- You will then be redirected to a new page, where you will have to fill in the other Aadhaar card details.
- Fill in the details accurately. This will include name, contact, and other details related to your income, bank account, etc.
- After entering all the details, click on ‘Save’.
- Enter the displayed captcha code correctly.
- Again, click on ‘Save’.
This will complete your PMAY application. After this, you can print out the application form. You might need to provide this print out for future references.
Applicants can also apply for the Pradhan Mantri Awas Yojana offline. To do so, you will have to visit a Common Service Centre (CSC) specified by the state and UT governments. In this case, you will have to fill up the application form handed to you. You will need to pay Rs. 25 with GST to complete the application formalities.
Once you successfully apply for this housing scheme, you can also check PMAY status online. If you are planning to enrol yourself under this scheme, you can also check your accurate eligibility using the PMAY eligibility calculator.
PMAY application would also require individuals to provide some essential documents. These include ID proof, address proof, income proof, etc.