PMAY Scheme Last Date, Launched on June 1, 2015, the government-backed Pradhan Mantri Awas Yojana aims to support and encourage affordable, sustainable housing for the urban poor.
Contents
What is Pradhan Mantri Awas Yojana
Being a Credit Linked Subsidy Scheme (CLSS), PMAY allows participants to build or purchase a home with interest-free financing.
The objective of PM Awas Yojana
The Indian government launched the PM Awas Yojana with the goal of supporting and advancing reasonably priced, environmentally friendly housing for individuals with lesser means.
Features of the PMAY Scheme
Here are a few traits and advantages of the Pradhan Mantri Awas Yojana:
- The goal of the play is to provide families and people from the economically disadvantaged section of society with affordable houses. housing for ladies and minorities, inclusive of members of scheduled castes and scheduled tribes, is given precedence.
- With the government assisting their claims to floor ground houses, senior citizens can benefit from the program.
- Individuals who are interested in this scheme need to check in on the way to receive its advantages. additionally, women—often wives or mothers—need to be indexed as the beneficiaries.
The pay scheme additionally favors other minorities, such as widows, participants of the lower-profit class, and the transgender population.
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Types of PMAY Scheme
The larger cities and towns are not the only places where the PMAY program is available. This credit-linked subsidy program also covers villages, slums, and other rural areas.
Depending on their areas of focus, PMAY Schemes come in two varieties:
1) Pradhan Mantri Awas Yojana Gramin
To assist households classified as Economically Weaker Sections and Lower Income Groups in obtaining reasonable financing for their homes, the PMAY Gramin scheme was introduced.
2) Pradhan Mantri Awas Yojana Urban
Approximately 4,300 Indian cities and towns are part of the Pradhan Mantri Awas Yojana Urban. In addition, PMAY-U takes into consideration a number of developmental agencies that oversee planning in urban areas, such as the notified planning authority, special area development department, industrial development body, and development authority. The deadline for implementing the PMAY-Urban program has been extended to December 31, 2024. In response to pleas from states and Union Territories, the Union Cabinet made a decision.
Income Range for Economic Groups under the PMAY Housing Scheme
The first thing that candidates for housing schemes need to know is if they qualify for the subsidy. Remember that while calculating family income, all members’ incomes from work, investments, and other sources are taken into consideration. For ease of evaluation, the following table separates the different economic categories according to their range of yearly income.
| Economic Sections | Annual Income Range | Eligible Subsidy (%) |
| EWS | Upto Rs. 3 Lakh | 6.5 |
| LIG | Between Rs. 3 Lakh and Rs. 6 Lakh | 6.5 |
| MIG I | Between Rs. 6 Lakh and Rs. 12 Lakh | 4 |
| MIG II | Between Rs. 12 Lakh and Rs. 18 Lakh | 3 |
A person is not eligible for Pradhan Mantri Awas Yojana subsidies if their family’s annual income exceeds Rs. 18 lakh.
Pradhan Mantri Awas Yojana Scheme Details Urban
To assist potential homebuyers, the table below lists all of PMAY-U’s features and advantages.
| Features | MIG-I | MIG-II |
| Interest rate subsidy | 4.00% | 3.00% |
| Maximum carpet area of a dwelling unit | 160 sq. m | 200 sq. m |
| Maximum subsidy amount | Rs. 2.35 Lakh | Rs. 2.30 Lakh |
| Maximum Home Loan Quantum for Subsidy | Rs. 9 Lakh | Rs. 12 Lakh |
| Maximum home loan tenure | 20 years | 20 years |
| The discount rate for interest subsidy NPV | 9% | 9% |
To see how the PMAY-U will impact interest rates and house loan repayment, have a look at the following example.
MIG-I member Mr. Arun Tiwary is purchasing a home valued at Rs. 50 lakh. The required 20% down payment, or Rs. 10 lakhs, would have to be paid by him alone. Arun chooses to take out a home loan to cover the remaining Rs. 40 Lakh. 8.50% p.a. is the interest rate charged. He is entitled to interest rate subsidies on Rs. 9 Lakh of the loan amount because he is a member of MIG-I. This implies that he would only have to pay the initial 8.50% interest on Rs. 31 lakh, with interest of 4.00% annually due on the remaining sum. The subsidy amount, however, is limited at Rs. 2.35 lakh.
On the other hand, Mr. Tiwary would qualify for a subsidy on Rs. 12 lakh of the entire loan amount if he were a member of the MIG-II segment. He would only pay interest at the original rate of Rs. 28 lakh in such a scenario. The entire amount of the subsidy in this case cannot exceed Rs. 2.30 lakh.
Offers and Advantages of PMAY-Gramin
Some of the fundamental elements that people can anticipate from PM Awas Yojana’s Gramin division are displayed in the table below.
| Features | EWS | LIG |
| Interest rate subsidy | 6.50% | 6.50% |
| Maximum dwelling unit carpet area | 30 sq. m | 60 sq. m |
| Maximum interest rate subsidy amount | Rs. 2.67 Lakh | Rs. 2.67 Lakh |
| Maximum home loan quantum for subsidy | Rs. 6 lakh | Rs. 6 lakh |
| Maximum home loan tenure | 20 years | 20 years |
| The discount rate for interest subsidy NPV | 9% | 9% |
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For Example-
Mr. Rakesh Yadav made the decision to construct a home, which will cost around Rs. 25 lakh. To develop the building, he asks for a house loan of Rs. 20 lakh. Mr. Yadav would only have to pay the standard interest rate of Rs. 14 lakh because of the PMAY-G subsidy, which is available for up to Rs. 6 lakh. This would result in a significant reduction in interest payments.
Pradhan Mantri Awas Yojana Eligibility Criteria
However, one must think about whether they qualify for subsidies before applying to the program. Eligibility for PMAY is determined by the following parameters.
- A person would be classified as EWS, LIG, or MIG based on their income range. However, the family would not be able to get benefits under the MIG group if their yearly income exceeded the Rs. 18 Lakh income threshold. A woman’s name must be on the deed or property documents.
- There are two options: joint ownership, in which one of the owners must be a woman in order to qualify for the program, or sole proprietorship, in which the woman owns the home. This rule can only be broken when a family is entirely female.
- Only the purchase of new real estate is eligible for PMAY. Additionally, when applying for the aforementioned credit-linked plan, a candidate cannot have any additional pucca properties.
- For the program to be applicable, the recipients must not have previously received any central assistance or benefits from any other housing program, whether from the state or the federal government.
- According to the Census, the home or property for sale must be located in one of the cities, towns, villages, or regions.
- The recipients must not have previously received benefits from any financial institution under PMAY or any other credit-linked subsidy program.
- If extending or renovating an existing house is the main reason for taking out a home loan, the work must be finished within 36 months of the first loan installment.
How to Apply for the PMAY Scheme?
People should be able to obtain home loan subsidies under the housing scheme by following the instructions listed below. The online application process for the Pradhan Mantri Awas Yojana is:
- Check out the PMAY official government website.
- Under the “Menu” tab, select the “Citizen Assessment” option.
- The applicant’s Aadhaar number must be entered.
- Once the Aadhaar number has been successfully submitted, the user will be taken to the application page.
- The applicant must proceed to submit all pertinent information on this page, including bank account information, personal information, income information, and other facts that are required.
- Before submitting, applicants should double-check all of their information.
- After selecting the “save” option, a user will be presented with a unique application number.
- The completed application form should then be downloaded by applicants.
- Lastly, the individual can deposit the form to a financial institution that offers PMAY or the closest CSC office. Along with the form, he or she must also provide all required paperwork.
- Alternatively, if people find the online application process difficult, they can choose to apply for the plan offline by going to an authorized bank office.
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Faq’s
Q. Pradhan Mantri Awas Yojana: What is it?
Asn: The Pradhan Mantri Awas Yojana is a government-sponsored program that encourages and promotes affordable housing for those with lower incomes.
Q. What is the Pradhan Mantri Awas Yojana application process?
Asn: Online applications are accepted for the program. As an alternative, you can apply through one of the PMAY-supporting financial institutions.
Q. Has the PMAY MIG’s expiration date been moved to 2024?
Asn: Yes, till December 31, 2024, the PMAY MIG has been extended.
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