Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana: Housing for all by 2022

Pradhan Mantri Awas Yojana comes as a part of the Central Government’s initiative to solve the housing issue in this country. Under this scheme, the Government offers subsidies on home purchase to encourage all the parties related to this process to get involved.

Under this flagship housing scheme, the Indian Government aims to provide ‘housing for all’ by 2022’. Prospective homebuyers can, thus, learn the details of this scheme and ease their way of becoming homeowners.

Eligibility criteria of PMAY

The first point to learn about this scheme is its related eligibility parameters. Here are the PM Awas Yojana eligibility criteria that one should be aware of –

  • Applicants and immediate family members must not own a house anywhere in India
  • Individuals applying for PMAY must not have availed of any Government housing scheme previously
  • Construction of the proposed house must be completed within 3 years of the first disbursal of loans
  • The proposed property should be within the statutory town mentioned in 2011 Census
  • An applicant’s annual family income must not exceed Rs.18 lakhs

How to apply for a Pradhan Mantri Awas Yojana 

The second point to learn about this scheme is its application process. The Ministry of Housing and Urban Affairs has set simple methods to apply for Pradhan Mantri Awas Yojana. Individuals have two options to apply for it, either online or offline.

One can also apply for the scheme online by following the steps stated below –

Step 1: Visit the official website of PMAY

Step 2: Under ‘Citizen Assessment,’ click on ‘Benefit under 3 other components’

Step 3: Input the Aadhar number and click on ‘Submit’

Step 4: Provide all the personal information such as name, income, number of family members, contact number, etc.

Step 5: Check whether the information provided is all correct

Step 6: Provide the CAPTCHA code and submit

After completing the application form, one can check the status of the application online.

Additionally, prospective applicants can apply for this scheme offline as well. They can visit any nearby financial institution or other Government agencies registered to extend this service. However, one must carry all the requisite documents to complete this process.

After completing the application process, individuals can approach a financial institution for a home loan. They need to complete the required process to avail of credit.

Furthermore, individuals can check if they are eligible to opt for a pre-approved offer. Many financiers provide pre-approved offers to existing and qualified individuals. These offers are available on housing loans, LAPs, and like expedite a loan application process and save time. Individuals can check their pre-approved offers by submitting their name and contact number.

Features of Pradhan Mantri Awas Yojana

Lastly, categorised into two types, PMAY-Gramin and PMAY-Rural, PM Awas Yojana has impressive features to attract home buyers. These are:

  • The construction of the houses under the scheme follows eco-friendly methods.
  • Individuals can get up to 6.5% subsided interest rate under the PMAY for a maximum tenor of 20 years.
  • PMAY home loan provides a credit-linked subsidy for the economically weaker section of Indian society.
  • The Indian Government provides importance to women empowerment by encouraging women ownership of houses through this scheme.
  • Under the scheme, elderly persons can apply for a ground floor. 
  • This scheme covers almost every stratum of Indian society, such as EWS, MIG, and LIG.

While obtaining the scheme, one can check how the credit-linked subsidy scheme CLSS works. This will help the individual take the benefits of PMAY and own a house at an affordable interest rate.

Individuals who want to own a pucca house can benefit from the CLSS scheme under Pradhan Mantri Awas Yojana. But before applying for a home loan under the scheme, one needs to meet the eligibility required for a home loan. Along with checking the eligibility, one needs to arrange the necessary documents required for a home loan. 

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