Pradhan Mantri Awas Yojana and details of eligibiltiy to appy for PMAY

Pradhan Mantri Awas Yojana

The real estate industry has grown fastly and rates and growing exponentially. Owning a home is dream of every person. In the current scenario, if you are looking for a new house(flat) you have to spend some handsome of money. Every individual in our country is not capable of buying house at such high cost. Our government knows this launch various schemes to address this issue. Pradhan Mantri Awas yojana aka PMAY is the latest addition. This Awas Yojana scheme has been launched to provide houses at very affordable rates.

Pradhan Mantri Awas Yojana :

The Mission will be implemented during 2015-2022 and will provide central assistance to Urban Local Bodies (ULBs) and other implementing agencies through States/UTs for: 

1. In-situ Rehabilitation of existing slum dwellers using land as a resource through private participation 

2. Credit Linked Subsidy 

3. Affordable Housing in Partnership 

4. Subsidy for Beneficiary-led individual house construction/enhancement. 

Credit linked subsidy component will be implemented as a Central Sector Scheme while other three components will be implemented as Centrally Sponsored Scheme (CSS).The scheme will cover

Pradhan Mantri Urban Awas Yojana (Scheme) is also known as HFA which stands for Housing for All. The most recent official notification regarding the same was launched in April 2016. Later in the article, you can download the notification as pdf file.

The Housing for All Scheme is a revolutionary scheme that will complete in year 2022. It will be a great gift to the Indian Citizens on the eve of 75th anniversary of our Independence. PM Sh. Narendra Modi is determined to make sure that every citizen gets a home at affordable price.

PMAY – PM Awas Yojana Beneficiaries | Eligibility

The main beneficiaries of this latest housing for all scheme 2022 will be –

Women

• People belonging to Scheduled Casts(SC)
• People belonging to Scheduled Tribes(ST)
• Economically weaker section(EWS)

Note – In order to verify that the applicant belongs to the EWS or LIG group, the applicant needs to submit self-certificate or Affidavit as proof of Income.

The income should not exceed –

Rs. 3 Lakh p.a. for EWS applicants

Rs. 6 Lakh p.a. for LIG applicants

AGE –

Age of the applicants should be between 21 to 55 years.

Loans Under Pradhan Mantri Awas Yojana

The benefit of Pradhan Mantri housing Scheme is that EWS and LIG Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) looking for house loan would be eligible for an interest subsidy at the rate of 6.5% .

This will be valid for 15 years or during tenure of loan whichever is lower on the initial Rs. 6 Lakh. Any additional loan/s beyond Rs. 6 Lakh, will be at nonsubsidised rate.

There is no limit for the loan amount

Banks like ICICI and Canara Banks are already proving information regarding the scheme on their respective websites. Other banks will also be providing the details soon.

Process of Implementing Pradhan Mantri Awas Yojana

This scheme will be implemented from 2015 to 2022. The program has started working from 17th June and will continue till 31st March 2022. All towns under the Census 2011 would be covered in PMAY.

• State/UT signs the Agreement
• State/UT Sends the proposal to the Ministry
• State/Cities conduct a survey to understand the demand
• Housing for All Action Plan is prepared which contains the demand of housing by eligible beneficiaries
• Application Form is released and the applicants are asked to submit it
• The details of beneficiaries are collected

Overview

Name of the Scheme – Pradhan Mantri Awas Yojana (PMAY) or Housing for All Scheme 2022

Aim – Providing Quality Homes at affordable prices

Duration of the Scheme – 7 years ( from June 2015 to March 2016)

Which Cities/ Towns are covered – All under the Census 2011

Applicable for – EWS/LIG (Economically Weaker Section/ Lower Income Group)

Main Feature – Credit Linked Subsidy

Housing Scheme for All 2022 has been renamed to PMAY – Pradhan Mantri Awas Yojana. This scheme has been launched on 25th June 2015 . This latest housing scheme launched by PM Narendra Modi aims to construct about 2 crore houses in the country within these 7 years i.e. from 2015 to 2022. People who will be benefited through this scheme will be homeless ones, poor urban people and belonging to EWS and LIG categories.

If you are looking for detailed information regarding the PM Awaas Yojana Scheme 2015, this article is for you. We have listed all information regarding PMAY here.

PMAY – Awas Yojana by Pradhan Mantri

Indian Government will focus on creating housing units under three different phases –

Phase 1 – The Phase 1 of Pradhan Mantri Awas Yojana will continue from April 2015 to March 2017 . In this phase 100 cities will be selected.

Phase 2 – The Phase 2 of PMAY Housing for All 2022 will take place from April 2017 to March 2019 .This Scheme will cover 200 more cities.

Phase 3 – Phase 3, the final phase of Pradhan Mantri Awas yojana Scheme will take place from April 2019 to March 2022. This final phase will cover all remaining cities.

Conditions

This Awas Yojana will be implemented during 2015 to 2022 i.e. 17/06/2015 to 31/03/2022

The house to be constructed or purchased should be in the name of the female head of the family OR it can be in the joint names of male head and female member in the family

Note – if there is no adult female in the family, then the male member becomes eligible to apply

• To be eligible to receive the central assistance under the mission the Beneficiary family should not own a “pucca” house
• The mission will support construction of houses upto 30 square meter carpet area with basic civic infrastructure.
• The minimum size of houses constructed under the mission under each component should conform to the standards provided in National Building Code (NBC).
• The houses under the mission should be designed and constructed to meet the requirements of structural safety against earthquake, flood, cyclone, landslides etc. conforming to the National Building Code and other relevant Bureau of Indian Standards (BIS) codes
• NRI’s are also eligible to apply for this scheme

Features of Pradhan Mantri Awas Yojana Scheme –

• Interest Subsidy of 6.5 percent on housing loan will be provided for 15 years to the beneficiaries
• While Registering for the various Affordable housing Schemes under the PMAY, it would be important for the applicants to include the name of Wife or Mother.
• Note : The newly constructed houses will either be alloted on the name of the female head of the family or it could be joint name of male and female head of family
• Older and Differently-abled persons will be given preference in the allotment of ground floors under the PM Awas Yojana Scheme
• Eco Friendly and sustainable technologies will be used during the construction process

PMAY Interest Rates, EMI Calculation & Subsidy

The EMI to be paid on the loans taken for this scheme will be reduced to significant amount under this scheme. The housing loan currently are available at a interested rate of 10.50 percent. As per the calculation, the EMI on such loan of Rs. 6 lakh for 15 year time would comes out to be Rs. 6,632. As per the PM Awas Scheme, due to 6.50 subsidy the new EMI will be Rs. 4050. So there is a benefit of Rs. 2000 in the EMI itself.

Component 1 – Central Grant of Rs. 1 Lakh(Average) would be provided to the beneficiary

Component 2 – Subsidy of 6.50 % will be provided to EWS & LIG via credit linked subsidy scheme

Component 3 – Central Assistance of 1.50 lakh will be provided to each beneficiary for promoting housing stock for urban poor, provided 35 percent of dwelling units of the projects proposed are earmarked for EWS category.

Component 4 – Central Assistance of Rs. 1.50 lakhs will be provided to eligible urban poor, who can build new house or undertake improvements of existing houses.

How to Apply for Pradhan Mantri Awas Yojana

Download the Application Form

Fill in the required Details

Submit the Form at concerned Office

Important Dates –

Scheme Duration – 2015 to 2022

Note:-PM Yojana schemes are for information purpose only.

For complete information about the yojana kindly consult government officials.