Pradhan Mantri Awas Yojana – Let’s own a house!
In the year 2015, the Prime Minister of India announced one of his dream schemes, Pradhan Mantri Awas Yojana. The purpose was to provide affordable houses for poor and homeless people in the country. It was the scheme to provide housing for all, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS)/Lower Income Group(LIG)/Middle Income Group (MIG), given the projected growth of urbanisation & the consequent housing demands in India.
Eligiblity for Pradhan Mantri Awas Yojana:
- The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India
- Although, there are no strict regulations, if the beneficiary is a family, then the family must comprise of a husband, a wife and children who are unmarried. This is the basic criteria for acting as a beneficiary.
- The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.
Subsidy (Updated as of 24 Nov 2017):
|S.No||Annual Income Bracket||Carpet Area-Max (sqm)||Subsidy %||Subsidy Principal Component||Woman Ownership||Case Study|
|1||Less than Rs 6 lakh per annum||60 sqm||6.50%||Rs. 6 Lakh||Yes||If owner purchase loans for 9% interest means, he needs to pay only 2.5% for 6 Lakh and 9% for remaining|
|2||Up to Rs 12 lakh per annum||120 sqm||4%||Rs. 9 Lakh||Not Mandatory||If owner purchase loans for 9% interest means, he needs to pay only 5% for 9 Lakh and 9% for remaining.|
|3||Around Rs 18 lakh per annum||150 sqm||3%||Rs. 12 Lakh||Not Mandatory||If owner purchase loans for 9% interest means, he needs to pay only 6% for 12 Lakh and 9% for remaining.|
- House owners will get subsidy amount under the housing for all scheme launched by the Indian Prime minister Mr. Modi. Furthermore, The Government of India introduced these subsidy schemes to achieve the scheme target by the year 2022.
- The government of India proposes the subsidy scheme for the above mentioned 3 scenarios. So, this will be implemented, if the house owners are looking to borrow the home loans for the tenure period of 20 years.
- Aadhar number of the beneficiary family is mandatory for the family under MIG category. Hence, keep your Aadhar card ready before you approach the bank.
- The interest subsidy will be credited upfront to the loan account of beneficiaries. Therefore, it will reduce the effective housing loan and Equated Monthly Installment (EMI).
- There is no cap on the loan amount or the cost of the property.
How to apply for Pradhan Mantri Awas Yojana?
You can apply for loan under PMAY online through Citizen Service Centres (CSC): http://www.apnacsconline.in/
- Log on to the apnacsconline.in website.
- You will be lead to the page and choose the State, District, and Block names from the corresponding drop-downs.
- Once you provide the relevant information, you will see a list of CSCs in locations near you.
- Get the one of your choice, pay Rs.25 application fee and finish the form.
- The form will only be submitted once e-KYC process is completed.
Note: There are around 6000 CSCs in India. So, choosing the correct information on state, district etc. are very important.
Also, you can rather approach any nationalised banks to consider your application for benefits as per Pradhan Mantri Awas Yojana.