The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022.
The scheme was first launched on 25 June 2015. The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure of up to 20 years.
The implementation period of the PMAY-Urban scheme has been extended until 31 December 2024.
The decision was made by the Union Cabinet after requests from Union Territories and states. Earlier, the aim was to provide houses by March 2022.
Features and Benefits of PMAY Scheme
Under the PMAY Scheme, a subsidy interest rate is provided at 6.50% p.a. on housing loan for the term of 20 years to all the beneficiaries.
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Differently abled and senior citizens will be given preference in allocation of ground floors.
Sustainable and eco-friendly technologies would be used for construction.
The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
The credit linked subsidy aspect of the PM Awas Yojana gets implemented in India in all statutory towns from the initial stages itself.
Identification and Selection of Beneficiaries under PMAY
The Pradhan Mantri Awas Yojana(PMAY) – Urban scheme caters mainly to the housing requirements of the urban poor. The scheme also caters to the housing requirement of slum dwellers residing in confined areas of slums with inadequate infrastructure, poor sanitation and drinking facilities.
Beneficiaries of PMAY-U mainly include Middle Income Groups (MIGs), Low-income Groups (LIGs) and Economically Weaker Section (EWS).
While the beneficiaries from the EWS category are eligible for complete assistance under the scheme, beneficiaries from LIG and LIG categories are only eligible for the Credit Linked Subsidy Scheme (CLSS) under PMAY.
In order to be recognised as a LIG or EWS beneficiary under the Scheme, the applicant is required to submit an affidavit as income proof to the authority.
Type of PMAY Scheme
There are two sub-sections of the PMAY scheme which are divided on the basis of the area on which they focus:
Pradhan Mantri Awas Yojana Gramin – The Pradhan Mantri Awas Yojana – Gramin (PMAY-G) was previously known as the Indira Awas Yojana and was christened as PMAY-G in 2016. The scheme is aimed at the provision of affordable and accessible housing units to eligible beneficiaries in rural regions of India (excluding Chandigarh and Delhi).
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Under this scheme, the Government of India and the respective state governments share the cost of development of housing units in the ratio of 60:40 for plain regions and 90:10 for North-Eastern and hilly regions.
Pradhan Mantri Awas Yojana Urban – The Pradhan Mantri Awas Yojana – Urban (PMAYU), as the name suggests, is focussed towards the urban areas in India. At present, there 4,331 towns and cities which are enlisted under this
scheme. The scheme is set to function under three different phases:
Phase 1: Under Phase 1, the government targeted to cover 100 cities in different states and UTs across the country from April 2015 to March 2017.
Phase 2: Under Phase 2, the government targeted to cover 200 more cities in different states and UTs across the country from April 2017 to March 2019.
Phase 3: Under Phase 3, the government targeted to cover the cities which have been left out in Phase 1 and Phase 2 and attain the target by the end of December 2024.
Pradhan Mantri Awas Yojana (PMAY) Subsidy Calculator
Pradhan Mantri Awas Yojana (PMAY) scheme aims to simplify the process of purchasing a home for the urban poor and weaker sections of society through EMIs at reasonable rates of interest. The rate of interest is comparatively much lesser than commercial rates, thus offering people subsidised loans.
To calculate the EMI log on to the Pradhan Mantri Awas Yojana website and fill in the following details: http://pmaymis.gov.in/EMI_Calculator.aspx
The total loan amount in rupees
The rate of interest
The total loan period in months
Once the following details are submitted, click on the ‘Calculate’ option. This will give you the monthly installment or EMI payable in rupees.
Find: Home Loan EMI Calculator
How to Get PMAY Interest Subsidy?
Apply for a home loan from any listed lending institution asking for subsidy.
The lending institution will review your application and you are eligible, your application will be sent to the Central Nodal Agency.
Upon verification, if your application is approved and no discrepancies are found, the Central Nodal Agency will disburse the subsidy amount to the lending institution.
This amount will be credited to your account by the lending institution which will lower your total loan amount.
You can continue paying the EMIs towards the balance loan amount.
How to transfer PMAY Subsidy to the Borrower’s Bank?
The bank from where the individual is taking the loan will claim the subsidy benefit for the eligible applicants from the National Housing Bank (NHB).
The National Housing Bank will then check to investigate whether anyone is making multiple applications under the scheme. Once confirmed, the CLSS or subsidy amount will be given to the borrower’s Bank.Once the amount is received, the money would be credited directly to the Loan Account.
PMAY Loan Eligibility
The government will use the The Sociology Economic and Caste Census of 2011 (SECC 2011) to identify and select the list of beneficiaries. The village panchayats along with tehsils will be considered for consultation of beneficiaries before making the list under the rural housing scheme.
This is going to be done in order to ensure transparency of the project and also make sure that only the deserving receive the aid in housing.
Learn more about the PMAY Eligibility.
How to Apply for the PM Awas Yojana Online?
You can apply for the PM Awas Yojana through the official portal. The process of application is very easy and user-friendly. All you would need to get started is your Aadhaar number. After that you can just follow the on-screen directions and fill up and submit the form to conclude the application.
How to check PMAY Application Status?
To check the status of your application, you can simply log in to the official portal of Pradhan Mantri Awas Yojana at https://pmaymis.gov.in. After that, you can just navigate to the tracking option and follow the on-screen directions to check the status of your application.
How to Edit Your Details After Submitting Application
Visit the official website of Pradhan Mantri Awas Yojana
Enter your application reference number and your Aadhaar details
Click on the “Edit” option
You will now be allowed to edit your application details
Resource: PMAY Online Application Form
PMAY Functions of Technology Sub-Mission
PM Awas Yojana Technology Sub Mission will cover following:
Better Habitat Designing & Planning of the Buildings
Planning to Develop Environment Friendly Houses
Best Construction Practices
Arranging the Most Innovative Technologies
Picking the Most Suitable Materials
PMAY Customer Care Helpline Numbers
In case of any queries relating to the application process, interest rates and any other scheme related queries, customers can contact the toll free helpline number:
1800-11-6163 (Urban, HUDCO)
1800-11-3388 (Urban,NHB)
1800-11-3377 (Urban,NHB)
1800-11-6446 (Gramin)
