Pradhan Mantri Awas Yojana or PMAY is an ambitious initiative of the Government of India to ensure affordable housing for all. This scheme addresses housing shortages all over India and provides pucca houses to eligible beneficiaries over its course.
It is a credit-linked subsidy scheme under which individuals will receive an interest subsidy on the loan amount they have availed for buying or constructing a house.
Understanding the Pradhan Mantri Awas Yojana
The ultimate aim of this affordable housing scheme is to provide financial assistance to beneficiaries hailing from low-income families, middle-income families, and the economically weaker sections. It will help individuals to construct or upgrade their existing houses. Moreover, this project is divided into two sub-sections: PMAY-Urban and PMAY-Gramin.
Features of Pradhan Mantri Awas Yojana
Here are the salient features of Pradhan Mantri Awas Yojana that one should know before applying:
- An interest subsidy of up to 6.5% p.a. is granted to applicants on availing home loan under the scheme for a term of 20 years.
- Preference of ground floor housing options will be given to senior citizens and differently-abled citizens.
- Sustainable, eco-friendly and disaster-resilient technology will be opted for the construction of houses to curb environmental pollution,
- This scheme makes it compulsory for the women of a family to be a property co-owner.
Eligibility criteria to avail Pradhan Mantri Awas Yojana
PMAY eligibility includes the following:
- Economically Weaker Section (EWS)
- Lower Income Group (LIG)
- Medium Income Group I (MIG I)
- Medium Income Group II (MIG II)
Even people belonging to minority groups like SC/ ST/ OBC and women from EWS and LIG category can apply for the scheme.
Furthermore, applicants will have to meet the following eligibility criteria:
- The beneficiary or their family must not have any pucca house in any part of India.
- For a married couple, either of them or both in joint ownership will be eligible for one subsidy.
- The applicant must not have availed of any housing scheme under the Central or State Government.
It is imperative to note that the beneficiary family must comprise husband, wife and unmarried children. One can find the name of the eligible candidate in the PMAY list.
Documents required for availing Pradhan Mantri Awas Yojana
Here is the list of a few documents needed to avail PMAY scheme:
- KYC papers
- ID proof
- Address proof
- Signed application form
- Last six month’s salary slip, Bank statements, Form 16 (for salaried employees
- Balance sheet, IT returns, Profit and loss account etc. (for self-employed individuals)
- NOC from any higher authority
Furthermore, borrowers availing of home loan under the scheme will have to provide additional documents as per the lender’s requirement.
Steps to apply for PMAY scheme online
An eligible beneficiary can apply for Pradhan Mantri Awas Yojana through the official PMAY portal by following the steps mentioned below:
- Step 1: Log on to the official PMAY website and navigate to the ‘Citizen Assessment’ section
- Step 2: Now click on ‘Benefits under other 3 components
- Step 3: Put Aadhaar card number and other details to fill the form
- Step 4: Enter security captcha and click on ‘Save’
Keep the application number that one will receive after submitting this form for future reference.
Step to check PMAY status
After applying for the scheme, individuals can check the status of their PMAY subsidy by following these steps:
- Step 1: Visit the official PMAY portal
- Step 2: Now enter assessment ID to track the PMAY subsidy status
Individuals can also use their name, father’s name, and ID type to check PMAY application status if they do not have an assessment ID.
Borrowers applying for credit under this scheme, borrowers can also check the pre-approved offers extended by several financial institutions on financial products like home loans, loan against property etc. These offers will further reduce the time required in this process. Applicants can check their pre-approved offers by entering their name and contact number.
In conclusion, Pradhan Mantri Awas Yojana takes a massive stride to help individuals fulfil their dreams of owning a house. Also, this scheme uplifts the housing condition of India. In this regard, beneficiaries must have a clear understanding of the functioning of this scheme to make the most out of it.