Essential facts to know about the Pradhan Mantri Awas Yojana Scheme

Intending to provide housing for all by 2022, the Central Government of India launched the Pradhan Mantri Awas Yojana scheme in 2015. Under this scheme, various provisions make it easier for those belonging to the economically weaker sections of the society to become homeowners or improve their current dwellings. Furthermore, through its Credit-Linked Subsidy Scheme (CLSS), PMAY offers interest subsidies of up to 6.50% on home loans. Thanks to the PM Awas Yojana scheme, the urban population can now buy homes in a more affordable manner.

 

If you are looking to own a home under the PMAY, here are important details you need to know about it.

 

Eligibility criteria for PMAY

 

You are eligible for Pradhan Mantri Awas Yojana if you fall under any of the following three groups based on your annual household income and your home’s carpet area. 

 

Beneficiary Group Income Slab Home Carpet Area
Economically Weaker section (EWS) Income of up to Rs.3 lakh and below 30 sq.mt.
Low Income Group (LIG) Rs.3 lakh to Rs.6 lakh 60 sq.mt.
Middle Income Group – I (MIG-I) Rs.6 lakh to Rs.12 lakh 160 sq.mt.
Middle Income Group – II (MIG-II) Rs.12 lakh to Rs.18 lakh 200 sq.mt.

 

Apart from income criteria, you are eligible for PMAY if you meet the following terms. 

  • No one in the family should own a pucca house in any part of the country
  • You or your family cannot be beneficiaries of any other government housing scheme
  • You have to link your Aadhaar card mandatorily 
  • An adult female must be listed as the homeowner in case of EWS and LIG applicants while purchasing the home 

 

Key benefits of Pradhan Mantri Awas Yojana

 

  • Affordable houses under the PM Awas Yojana will be constructed using eco-friendly technologies and sustainable materials.
  • Differently-abled and senior beneficiaries will be allocated houses on the ground floor on a priority basis. 
  • PMAY scheme prioritizes women, widows, beneficiaries from Scheduled Castes and Scheduled Tribes and transgenders to empower them to own an asset. 
  • If you already own a house, under the EWS category, you can get Rs.1.5 lakh from the central government to renovate or enhance your house.
  • Under the PM Awas Yojana scheme, you can get an interest subsidy of up to 6.50% or Rs.2.67 lakh on a home loan with a repayment tenor of 20 years.

 

The subsidy differs as per income slabs and economic standing:

 

  1. Beneficiaries of the EWS and LIG category get an interest subsidy of 6.5% on a home loan of up to Rs.6 lakh.
  2. MIG-I category beneficiaries are eligible for a PMAY subsidy of 4% on a housing loan of up to Rs.9 lakh.
  3. MIG-II category applicants get only a 3% interest subsidy on a home loan of up to Rs.12 lakh.

 

Application process for PM Awas Yojana

 

Once you are sure that you meet the eligibility criteria for PMAY, you can easily apply it by following the steps given below.

 

  • Click on the ‘Citizen Assessment’ tab under the main menu, click on ‘Apply Online’ and select your eligible category.
  • Enter your Aadhaar details on the page displayed 
  • Enter your personal, income, current residential address and bank account details in the online PMAY application.
  • Double-check the entered details for accuracy, enter the captcha code and click on submit.

 

You can track the application status by clicking on ‘Track your Assessment Status’ under ‘Citizen Assessment.’ Keep in mind that if you’re applying under CLSS, you can do so when you apply for a home loan directly with your lender. Once you do, you can track your CLSS status here by using your application ID. 

 

How to search for your name in the PMAY beneficiary list?

 

The list of beneficiaries under the Pradhan Mantri Awas Yojana is published on the official PMAY website in regular intervals. To check if your name features on the PMAY  list, follow the steps listed below. 

 

  • Visit the Pradhan Mantri Awas Yojana website
  • Go to the ‘Search Beneficiary’ tab and select ‘Search by Name’
  • Enter your Aadhaar number and click on ‘Show’
  • The Pradhan Mantri Awas Yojana list will be displayed
  • Search for your name and other details in the list

 

Now that you know how to avail of the PMAY scheme, opt for a home loan lender that offers you PMAY benefits and subsidies. This will ensure that you become a homeowner and help you save on the loan’s total cost.

 

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