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PMAY is one of the flagship schemes focusing on providing Housing for All (HFA), specially launched for India's underprivileged urban and rural population. The government provides special subsidies and other perks to the beneficiaries.
Pradhan Mantri Awas Yojana (PMAY) is a Government of India scheme to provide Affordable Housing for All (HFA). Prime Minister Narendra Modi announced the scheme on 15 August 2015. The scheme was launched with a mission to provide affordable housing facilities to urban and rural poor populations and attain the target of building twenty million (two crores) affordable houses by the end of March 2022.
The housing facility would be provided to the poor population in urban areas (PMAY-U, i.e., Pradhan Mantri Awas Yojana Urban) and for the rural poor (PMAY-G or PMAY-R, i.e., Pradhan Mantri Awas Yojana Gramin/ Rural).
PMAY is a scheme that is given a Credit Linked Subsidy Scheme (CLSS), under which the beneficiaries are eligible for the interest subsidy and the loan to purchase or construct their own house.
The scheme was launched to provide affordable housing for all the underprivileged urban and rural Indian population by 2022. Thus, the scheme focuses on providing housing to all the urban and rural populations who are economically challenged and do not have their own house. Women, minorities, and people from scheduled castes and scheduled tribes are prioritised under this scheme.
Other minorities like widows, transgender people, and people from lower income groups are also given preference under this scheme. Moreover, senior citizens can be benefitted if they apply for the ground floor properties and the government approves their claims.
The PMAY loan interest subsidy is available to those individuals who are categorised under the Economically Weaker Sections(EWS), Lower Income Group (LIG) and Middle Income Group (MIG).
The individuals following the EWS, LIG, MIG I & MIG II categories are available for the PMAY scheme to purchase a new property only. It is also important that the beneficiary should not own any pucca house before applying for the CLSS Scheme.
You cannot apply for the PMAY scheme if the said place or location is not mentioned as per the 2011 census. Thus, before applying for this scheme, you should be aware that the mentioned area, city, town, or village is included in the 2011 census.
It is important that the property papers should have the name of a woman, solely or jointly. However, this rule has exceptions in the case of the absence of female members in the family.
Also, you should not have availed any financial aid from any financial institution from any PMAY, CLSS, or other similar schemes to qualify for receiving subsidies.
If the objective of taking the subsidy is to renovate your existing property or extend the same, you should ensure that the same work is finished within thirty-six months from the date of the first instalment of the loan.
In case you want to avail this scheme online, you can do it by simply visiting the PMAY website.
Note: You can also apply offline by filling up the form and submitting it with all the necessary documents to the bank branch from where you have applied for the PMAY scheme.
You can check the PMAY status online by visiting the official website of the PMAY scheme.
By name, Father's Name & Mobile number: Under this option, you need to provide all the details like the name of the city, town, state, village from the dropdown list provided after putting either of the details like your name, your father's name of mobile number. After providing all the necessary details, you can view your PMAY application status.
By Assessment ID: Under this option, you simply need to click on the option of selecting the assessment ID, and then you can provide your contact details as prompted. You need to provide the contact number you mentioned in the PMAY application form. Once you feed the number, you can see your application's status.
If you are a salaried person, you need to provide your proof of identity, address, and income. In case you are self-employed, you need to present some additional documents like address proof of business and income proof in addition to those provided by the salaried people. Below are the details of the documents that can be submitted in the specific categories:
The PMAY scheme was launched to boost the affordability of homes for those who do not have the means to own one. The scheme aimed to complete 20 million houses throughout the country based on location and eligibility. However, if you’re one of those who are not eligible and are looking out to take a loan, you can check out the Fi home loan calculator to get a clear picture of how much EMI you will need to pay depending on your loan amount and duration.
PMAY beneficiaries or PMAY beneficiary families consist of the family members like husband, wife, and unmarried children. It should be noted that beneficiaries or these members should not be owning any pucca house before applying for PMAY scheme or any other similar schemes in any part of the country under any Central Assistance scheme.
PMAY subsidy is an interest subsidy provided under Pradhan Mantri Awas Yojana that is provided to all the scheme beneficiaries who have opted to apply for a loan for purchasing or building a new house. Under this scheme, the central government provides a Credit Linked Subsidy Scheme (CLSS) with an upfront interest subsidy starting from 3% to 6.5% depending on the individual profile and category.
Under the PMAY scheme, the central government provides the subsidy to the individuals who avail of a loan under PMAY to build or purchase their house, including the improvement and extension of the house. The maximum subsidy offered by the government is ₹2.67 Lakh on the interest amount on the home loan. This loan amount is provided to individuals for twenty years.
To asses the application ID for PMAY, go to the official PMAY website and select 'Search Beneficiary.' Enter your Aadhaar number, and click on the 'show' button to see your PMAY Assessment ID.
