Pradhan Mantri Awas Yojana – Let’s own a house!
In the year 2015, the Prime Minister of India announces one of his dream schemes, Pradhan Mantri Awas Yojana, by which all the poor people of the nation who are homeless will be provided affordable houses. 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.
- 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.
|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||90 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||110 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. In order to achieve the target of providing housing for all by the end of the year 2022, government introduced these subsidy schemes.
- The government of India proposes the subsidy scheme for the above mentioned 3 scenarios will be implemented if the house owners are tends 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
- The interest subsidy will be credited upfront to the loan account of beneficiaries resulting in reduced 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 a Rs.25 application fee and finish the form.
- The form will only be submitted after an 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.
You can also approach nationalised banks when applying for housing loan to consider you under Pradhan Mantri Awas Yojana.