Everything You Need To Know About PM Awas Yojana

PM Awas Yojana

Manish Bhardwaj

2 months ago|3 min read

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PM Awas Yojana or Pradhan Mantri Awas Yojana is a flagship scheme under the Government of India, launched in 2015. This scheme aimed to provide 'Housing for all' with affordable housing for the financially backward population of the country. Additionally, PMAY has two categories; those are PMAY Gramin and PMAY urban. 

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So, if an individual is looking to apply PMAY subsidy, he/she must know the application criteria’s beforehand.

Categorization for PMAY

Beneficiaries who are looking to apply for PMAY are categorized into 4 groups as per their annual income; namely,

·       Economically Weaker Section or EWS.

·       Lower Income Group or LIG.

·       Middle Income Group I or MIG I.

·       Middle Income Group II or MIG II.

For EWS and LIG categories, the maximum household income of an applicant is Rs.6 lakh, whereas for the MIG I and MIG II category, the maximum income should be Rs.9 lakh and Rs.12 lakh, respectively.

After categorizing, individuals need to know the PMAY eligibility criteria mentioned below.

Eligibility for PMAY scheme      

1.     Applicants applying for the PMAY scheme must not possess any pucca house anywhere in India.

2.     An applicant must not have availed any benefits from the Government under any housing scheme.

3.     The property must be located in statutory towns registered under the Census of 2011.

4.     For PMAY, a female member must be a property owner/co-owner.

Home loans under the PMAY scheme have several benefits. So, before application knowing about the key benefits of Pradhan Mantri Awas Yojana will help to ease the process.

Benefits of Pradhan Mantri Awas Yojana

1.     Under this PMAY subsidy, amount differs for each category. For EWS and LIG categories, the subsidy is 6.5% on the interest rate for a maximum tenor of 20 years. Whereas, for MIG I group, the interest rate is subsidized 4% for a maximum amount of Rs.9 lakh, with a maximum tenor of 20 years. Additionally, for MIG II group, the maximum amount is Rs.12 lakh with a subsidized interest rate of 3%, with a maximum tenor of 20 years.

2.     Under this home loan scheme, senior citizens and differently-abled citizens are given priority. They will be given compulsory ground floor accommodation.

3.     All the materials that will be used for the construction of properties will be sustainable and eco-friendly.

So, to avail these benefits, an individual needs to apply for this scheme. To apply for Pradhan Mantri Awas Yojana, an applicant need to follow certain steps.

Steps to apply for PMAY online

Step 1: Visit the official website of PMAY.

Step 2: Click on ‘Citizen Assessment’.

Step 3: Select ‘Benefits under 3 components’

Step 4:  Then, enter Aadhaar Number and click ‘check’.

Step 5: After that, an applicant will get access to the PMAY application form. They now need to fill the application form by providing personal and financial details. 

Step 6: After that, an applicant needs to enter 'Captcha’ and click ‘Save’.

Step 7: Finally, an application number will be provided to the applicants.

It should be noted that the name of beneficiaries of the PMAY subsidy is updated from time to time. So, it is advisable to check the PMAY list from their official website.

In India, selected HFCs offer home loans under this PMAY scheme. They also extend pre-approved offers to expedite the loan application process. These offers are available for few financial products like home loans, LAP etc. Applicants need to enter their name and contact number to check pre-approved offer.  

Thus, PM Awas Yojana provides significant benefits for its beneficiaries. Before applying for this scheme, a prospective borrower needs to check the above pointers to ease the application process.

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Hi, I'm Manish Bhardwaj.

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