What Is the Pradhan Mantri Awas Yojana Scheme (PMAY) and How Can I Apply?
Details About Pradhan Mantri Awas Yojana
- The Honorable. Prime Minister Sri Narendra Modi introduced the Pradhan Mantri Awas Yojana Scheme (PMAY) on June 25, 2015. Between 2015 and 2022, it plans to build roughly 2 crore homes throughout the nation.
- It aims to support a respectable and sanitary lifestyle for the country’s underprivileged population.
- By 2022, “Housing for All”(HFA) was to be a reality.
- Credit Linked Subsidy Scheme (CLSS), a program designed to give interest subsidies on loans taken out for the purchase, building, expansion, or improvement of a home, was introduced as part of this aim.
What is a Credit Linked Subsidy Scheme (CLSS)?
- The PMAY Program offers the Credit Linked Subsidy Scheme (CLSS), which enables members of the Economically Weaker Section (EWS), Low Income Group (LIG), and Medium Income Group (MIG) to get EMIs for house loans reduced thanks to an interest subsidy.
- The beneficiary will receive an upfront credit for the interest subsidy on the principal amount, which would lower the effective home loan and EMI.
- The Credit Linked Subsidy Scheme (CLSS) under PMAY makes the mortgage affordable by providing a subsidy on the interest component, which lowers the customer’s outflow on the mortgage.
- The size of the property unit being financed and the customer’s income category are the two main factors that affect the subsidy amount under the scheme.
PM Awas Yojana is Split Into Two Sections
- Pradhan Mantri Awas Yojana Gramin (PMAY Gramin)
- Pradhan Mantri Awas Yojana Urban (PMAY Urban)
Pradhan Mantri Awas Yojana Gramin (PMAY Gramin)
- Housing for everyone is a goal of the Pradhan Mantri Awas Yojana Gramin (PMAY Gramin), which was started in 2012.
- A 25-square-meter pucca house with other essential amenities is what this PMAY program for rural housing construction in India strives to provide.
- Some State Governments may even offer the applicants financial assistance to purchase land for beneficiaries who are landless under the PMAY Gramin plan.
- The Indira Awas Yojana, which was introduced in January 1996, has been updated as part of the current program.
- The minimum size of the homes that must be constructed under the PMAY-G scheme has currently been increased from 20 sq. mt. to 25 sq. mt.
PMAYG Subsidy Scheme
- Beneficiaries of the program are eligible to borrow up to Rs. 70,000 from financial institutions.
- Interest is subsidized by 3%.
- The subsidy’s maximum principle amount is Rs. 2 lakh.
- The most that can be subsidized for the monthly installment is Rs.38,359
Pradhan Mantri Awas Yojana Urban (PMAY Urban)
- The PMAY Urban program was established to aid India’s urban poor.
- The PMAY program offers all beneficiaries a housing loan with an annual interest rate subsidy ranging from 3 to 6.5 percent over a 20-year term.
- EWS, LIG, MIG-1, and MIG-2 participants receive the PMAY interest subsidy according to their annual household income.
- Homes will be constructed using environmentally friendly building techniques and materials.
- When assigning ground floors under the houses erected by the government, senior residents and individuals with disabilities must be given preference.
- The program is accessible to 4041 towns, with Class-I 500 cities receiving precedence.
The system is designed to Run in Three Stages:
- Phase 1: From April 2015 to March 2017, the government planned to cover 100 cities in various states and UTs as part of Phase 1.
- Phase 2: From April 2017 to March 2019, the government aimed to cover 200 additional cities in various states and UTs around the nation under Phase 2.
- Phase 3: By the end of March 2022, the government hopes to have completed Phase 3 and covered all the cities that were unaffected by Phases 1 and 2.
Pradhan Mantri Awas Yojana Eligibility
- You may apply for PMAY if your yearly household income is between Rs. 3 lakh and Rs. 18 lakh.
- For the PMAY, female Indian citizens may apply. No other conditions and demographics will be taken into consideration until and until an applicant is a woman.
- Only new homes will be available for the applicant to purchase under this program.
- People who already own a home are not eligible to enroll in the PMAY program.
- The applicant must not own a pucca home in any region of India, nor may any member of their family.
- An applicant will not be permitted to use the PMAY incentives on a residence that is already built.
- People belonging to Scheduled Castes or Tribes (SC or ST) are also eligible.
- If an applicant is handicapped or a senior citizen, then special priority will be given to them at the ground floor allocation in the houses being built by the Government.
- The four categories defined under this schema are
Economically Weaker Sections(EWS)
Lower Income Group (LIG)
Middle Income Group (MIG) – I
Middle Income Group (MIG) – II
PMAY(2022) Schema Details
Particulars | EWS | LIG | MIG I | MIG II |
PMAY Criteria(Annual Household income) | Up to 3 Lakh | 3 to 6 Lakh | 6 to 12 lakh | 12 to 18 Lakh |
Interest Subsidy (per year) | 6.50% | 6.50% | 4.00% | 3.00% |
Maximum Home Loan Amount (RS) | 6 Lakh | 6 Lakh | 9 Lakh | 12 Lakh |
Maximum Interest Subsidy Amount | 2.67 Lakh | 2.67 Lakh | 2.35 Lakh | 2.30 Lakh |
PMAY Carpet Area (Max) | 30 Sq. M. | 60 Sq. M. | 160 Sq. M. | 200 Sq. M. |
Maximum Home Loan Tenor (in years) | 20 | 20 | 20 | 20 |
Not Eligible For PMAY Schema
- Individuals who already have a pucca house in the country or have availed benefit from a central/state government-run housing scheme earlier have an annual income of more than ₹ 18 lakhs; are not eligible for PMAY
Documents Needed to Apply PMAY Scheme
- One cannot apply for this program without providing their Aadhaar details, hence they must do so.
- PAN cards, voter IDs, and driving licenses are among the documents that can be used as evidence of identity and residency.
- If the candidate is a member of a minority group, documentation proving this is required.
- You must present documentation of your nationality. The passport can be used for this.
- A certificate from the economically weaker section or the low-income group should be shown.
- salary slips
- Return statements for IT
- A certificate of property valuation
- Account statements and bank details
- Evidence indicating the petitioner does not possess a “pucca” home
- Evidence that the applicant is building a house under the scheme
- Keep the following documents handy to enjoy a simple and hassle-free loan
PMAY Official Details
Official Website | https://pmaymis.gov.in/ |
Launch Date | 25th June 2015 |
Expected Completion | By 2022 |
Toll-Free Number | 1800-11-6163 – HUDCO 1800 11 3377, 1800 11 3388 – NHB |
Complaints or Suggestion | grievance-pmay@gov.in |
Office Address | PMAY Ministry of Housing and Urban Affairs Nirman Bhawan, New Delhi- 110 011Contact: 011 2306 3285, 011 2306 0484 Email: pmaymis-mhupa@gov.in |
PMAY Guidelines | Click to Download Manual |
How to Apply Online for PMAY 2022 @ https://pmaymis.gov.in/
On the homepage, click on the ‘apply online’ option under the ‘citizen assessment’ tab. Now, select one among the four verticals for which you want to apply.
- The Pradhan Mantri Awas Yojana program accepts applications via both online and offline channels.
- Under the Pradhan Mantri Awas Yojana (PMAY), you can apply for a home by selecting one of the two main categories listed below:
Slum Dwellers:
- According to the Ministry of Housing & Urban Affairs (MoHUA), slums are areas with 60–70 homes, or a minimum of 300 individuals, living in subpar residential buildings.
- The residents of slums are known as slum dwellers. Therefore, if you fit this description, you can apply to choose the same.
Other 3 Components:
- The Low-Income Group (LIG), Economically Weaker Section (EWS), or Middle Income Group (MIG) are primary beneficiaries of the Housing for All initiative by 2022.
- You fall into the EWS group if your annual income is less than Rs 3 lakh. If your annual income is between Rs 3 lakh and Rs 6 lakh, you can apply under the LIG category. Finally, if your yearly income is between Rs 6 lakh and Rs 18 lakh, you can apply under the MIG (1 & 2) category.
Pradhan Mantri Awas Yojana Application Form 2022 (Online)
Step1:
Access the PMAY website by logging in at https://pmaymis.gov.in/.
Login page of PMAY website
Step 2:
Under Citizen Assessment, select “Slum Dwellers” or “Benefits Under 3 Components” (as per your suitable category).
Select a category to fill the form on the PMAY website
Step 3:
Input the Aadhar Number and select Check to confirm your Aadhar information.
Verify Aadhar identification on the PMAY website to fill a form
Step 4:
Once verified, enter the information requested in the form. Make sure all of the information you enter is accurate; else, your application will be rejected.
Fill the details in Format B
Step 5:
Scroll down after filling out all the fields, input the captcha, and then press the submit button. Your application has been submitted successfully.
Enter captcha to complete the application process
Note: You can edit the form using your Application & Aadhar no. if you believe that you have supplied any wrong information.
Pradhan Mantri Awas Yojana Application Form 2022 (Offline)
- If you are unable to submit the application online, you can do so physically by going to a Common Service Center (CSC) run by the state government or a bank on the PMAY list.
- Request an application form there, which may be obtained for a little price of Rs 25 + GST. Complete and submit the form
How to check PMAY Application Status?
- The following are the steps you need to follow:
- Check out the PMAY website.
- You must choose one of the two choices available here to check the progress of your application. (You have the option to either enter your name, your father’s name, and your mobile number OR only the assessment ID.)
1:Track the status of your PMAY application by name, father's name, and mobile number.
If you choose the first option, you must provide information such as your name, father’s name, mobile number, state, district, and city names.
2: Track PMAY Application Status - By Assessment ID
- Since all you need to enter here is your Assessment ID and Mobile number, this option could appear to be rather straightforward.
- You will be taken to a screen that shows the status of your assessment after providing the information.
Top Banks Providing Mortgage Loans Under the PMAY Program
- Bank of Baroda
- State Bank of India
- Axis Bank
- IDFC First Bank
- Bandhan Bank
- Bank of India
- HDFC Bank
- IDBI Bank
- Punjab National Bank
- Canara Bank
PMAY's components
In-situ Slum Redevelopment (ISSR):
It aims to utilize the locked potential of the land under slum areas and construct houses on it for eligible slum dwellers to bring them into a formal urban settlements.
Credit-Linked Subsidy Scheme (CLSS):
Provides for a central subsidy on low-interest house loans between Rs 6 lakh and Rs 12 lakh for the building of new dwellings or the rehabilitation of existing ones.
Affordable Housing in Partnership (AHP):
Economically backward sections will be provided with affordable housing in collaboration with the public and private sectors.
Enhancement and construction of the beneficiary-led house (BLH)
Provides that individuals who fall under the EWS group may, with central aid of Rs. 1,50,000, build a new home or improve an existing one.
How Can I Receive PMAY Interest Subsidy?
- Request a house loan from one of the leading
- companies on the list.
- If you are approved, the lending institution will assess your application and send it to the Central Nodal Agency.
- If your application is accepted and there are no problems discovered after verification, the Central Nodal Agency will pay the subsidy amount to the lending institution.
- The lending firm will credit this sum to your account, reducing the total loan amount.
- You can keep making EMI payments toward the remaining loan balance.
PMAY subsidy calculator
- You can calculate your exact government subsidy under the CLSS by using the PMAY subsidy calculator at the official website, https://pmayuclap.gov.in/content/html/Subsidy-Calc.html.
- Enter your loan amount.
- Enter the tenure of your loan.
How are PMAY subsidies determined?
The subsidy amount is used as the interest subsidy amount’s Net Present Value (NPV). A 9 percent discount rate is used to compute NPV.
Conclusion:
- Budget 2022: Govt allocates Rs 48k crore for universal housing, pushes for easy approvals for the middle class and EWS in urban areas
- The government will construct over 2 million houses in 26 states. Pradhan Mantri Awas Yojana (Gramin) has been extended up to 2024.
- The plan was made in an effort to reach the 2.95 crore residences sanctioned under the aforementioned program, which took a setback once COVID-19 broke out in 2020.
- By March 2024, it would cost Rs 2.17 lakh crore to build the remaining 155.75 lakhs in rural areas.
- The Union Government will contribute Rs. 1.23 lakh crore of the expected budget, and the State would contribute the remaining amount.
- Under PMAY-Gramin, 1.65 crore pucca dwellings have already been constructed. The goal of constructing 2.02 crore units is anticipated to be reached by August 15, 2022. Functionaries would be able to build 2.95 crore homes in India’s rural areas thanks to the extension.
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