Pradhan Mantri Awas Yojana, in short PMAY, is an initiative by the Government of India in which housing will be provided to the urban poor people which can be affordable, with a minimum target of the building is 2 crores, i.e., 20 million.
This program aims to build houses for poor urban and rural people who are economically weak and fall into low-income groups in urban and rural areas by 2022. Under this program, the government provides a subsidy of Rs 2.67 lakh on a home loan’s interest for buying a house. Who is eligible for PMAY?
● The family heir should have an annual income of up to Rs 18 Lakh to apply for the benefit under the Pradhan Mantri Awas Yojana scheme.
● The beneficiary family should not own a well-built house in their or the name of any family member in any part of India.
● The beneficiary family should be included in the Economically weak section (EWS), Low-income groups (LIGs) & Middle-Income Groups (MIGs). The family must have an annual income capital of Rs 3 lakh (up to) for EWS, Rs 3-6 lakh for LIG, and more than Rs 6 to 18 lakhs for MIG.
● Economically Weaker Sections (EWS): People who earn an annual household income of less than Rs.3 lakh come under the EWS category. An applicant from the Economically Weaker Section needs to provide relevant proof to the government to confirm their claims.
● Low Income Group (LIG): People that fall under the Low-Income Groups category usually have an annual household income ranging from Rs.3 lakh to Rs.6 lakh. Again, they need to provide sufficient proof of their economic standing to be eligible for consideration.
● Medium Income Group (MIG- I): Those who earn an annual household income below Rs.12 lakh fall under the MIG – I category. These people can avail of loans of up to Rs.9 lakh for the construction of a residence.
● Medium Income Group (MIG – II): Individuals earning an annual household income between Rs.12lakh to Rs.18 lakh will fall under MIG – II of the Pradhan Mantri Awas Yojana scheme. These people can avail of loans of up to Rs.12 lakh.
● The beneficiary’s age should max at 70 years.
● The beneficiary loan applicant should not have availed of any central or state government grant or benefit for buying a home under the PMAY scheme.
● The home improvement or self-construction loans will be allocated only to the categories of Economically vulnerable and Low-income groups.
● Minorities: People hailing from minority groups like SC/ST/OBC will fall under minorities and be considered under the Pradhan Mantri Awas Yojana scheme. These people need to meet to provide relevant caste and income certificates.
● The houses under PMAY will be owned by females or jointly with their male partners.
● Women belonging to Economically Weaker Sections or Low-Income Group categories will be considered if they apply under the PMAY scheme.
Primary Features of Pradhan Mantri Awas Yojana
The interested beneficiary can get a subsidy rate provided by Pradhan Mantri Awas Yojana up to 6.5 % on housing loans with ownership of up to 20 years. The Interest Rate, however, varies based on income.
● The people with an income of 6 lakh per annum will get a credit linked with the benefit of 6.5% and will be available for loan amounts up to Rs 6 lakh.
● The people earning up to Rs 12 lakh per annum will get 4% interest and a grant on a loan amount of Rs 9 lakh.
● The people earning up to Rs 18 lakh per annum income category will get 3% interest and a grant on a loan amount of Rs 12 lakh.
● Any additional loan beyond this granted loan amount will not be granted.
● Differently able & senior citizens can benefit from having a house on the ground floor under the Pradhan Mantri Awas Yojana scheme.
● The houses will be built using sustainable and eco-friendly technologies.
Benefits of Pradhan Mantri Awas Yojana
This scheme benefits can be availed if you wish to buy a new house from the developer or the builder & also for buying a home on resale. You may even take a loan for the construction of a house. Moreover, it is interesting to know that Pradhan Mantri Awas Yojana also applies for upgrading a kutcha house to a well-built home under the Credit Linked Subsidy Scheme (CLSS) component.
Scheduled castes, Scheduled Tribes, and Economically Weaker Sections of the society can have the desire and key beneficiaries under the Pradhan Mantri Awas Yojana scheme. It also applies to borrowers in the Economically Weaker Section with a maximum annual family income of Rs. 3,00,00.
The people whose maximum annual family income of Rs. 6,00,000 and fall under the Low-income groups’ category can also benefit from this scheme, and the Middle-Income Groups (MIG -I & MIG- II) with a maximum income of Rs. 18,00,000 can be the benefits. These provisions have also been made for widows, transgender, senior members & differently able individuals.
How to Apply for Pradhan Mantri Awas Yojana?
There are two ways to apply for the Pradhan Mantri Awas Yojana:
● ONLINE:
It is possible to use directly on the Pradhan Mantri Awas Yojana website. It depends on the type of benefits used. Different forms have to be filled up. It is essential to have an Aadhar card for filling up the form. The beneficiary person opting for the credit-linked
Subsidy schemes can directly approach empanelled banks that provide home loans. The grant will directly be paid to the bank and reduce the outstanding loan amount for the borrower.
● OFFLINE:
For those who are wondering how to apply for Pradhan Mantri Awas Yojana offline, it is possible by filing up a form n the Common Service Centre (CSC) operated by the State Governments. Offline forms can be filled up for Rs.25 plus the GST. It is noted that no private individuals or companies are allowed to collect money to get benefits under this scheme.
The Pradhan Mantri Awas Yojana application procedure is straightforward if done online on the scheme website. You can apply for the Pradhan Mantri Awas Yojana scheme through HDFC bank.
How to check the Pradhan Mantri Awas Yojana list? There are two ways to check for the Pradhan Mantri Awas Yojana list:
● URBAN:
First, you have to visit pmaymis.gov.in. A window will open. Then search and click on ‘Select Beneficiary’ & select ‘Search by Name from the drop-down menu. Then enter your Aadhaar number. If you see your Aadhaar number in the database, you will find the beneficiary’s detail. And then explore the benefits of applying for a home loan under PMAY URBAN
● RURAL:
First, you have to visit https://rhreporting.nic.in/netiay/Benificiary.aspx. Then enter your Registration Number and click on ‘Submit’. If you see your entered registration number is present in the beneficiary database, your details will show up. You can also search without entering the registration number.
Click on the ‘Advanced Search, then directly. You will be rerouted to a page where you will be required to enter details such as your name, BPL number, Sanction Order, etc., in the form. For more information, explore the benefits of applying for a home loan under PMAYG.
Conclusion
It can be concluded that the Pradhan Mantri Awas Yojana scheme has significantly impacted the lives of beneficiaries in terms of physical facilities provided and subject well-being. Policy issues concerning Pradhan Mantri Awas Yojana scheme convergence with other programs require significant changes.
In terms of subjective well-being, Self-worth, Confidence Level, Feeling of Ownership, and Satisfaction with the New House, we find that the PMAY-G beneficiaries feel much better than the Comparison Group. Once a set of beneficiaries have been selected under PMAY,
other facilities, such as toilets, solar lights, LPG, yard connections for drinking water provision, etc., from other programs must get arranged into a package and delivered. It can avoid the beneficiaries having to go to every government office that implements these programs.