Pradhan Mantri Awas Yojana (Urban)-PMAY (U)|PMAY - Pradhan Mantri Awas Yojana 2019-2020, Housing for Gujarat, The Pradhan Mantri Awas Yojana (PMAY) scheme was launched by the Government of India to | Who is eligible for Pradhan Manti Awas Yojana.
How to apply for this PMAY Scheme| How to check your name in PMAY 2019 Beneficiary List| Is Pradhan Mantri Yojana available to existing home loan borrowers, What is Pradhan Mantri Awas Yojana (PMAY) – Credit Linked Subsidy Scheme (CLSS)?
Who can avail Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme (PMAY-CLSS)?
How will I receive the interest subsidy benefit under Credit Linked Subsidy Scheme (CLSS) of PMAY, Is this rate applicable only for first-time home buyers, PMAY subsidy is applicable for what category of customer profiles, What is the maximum tenure on which the PMAY subsidy is applicable| How will my loan eligibility be assessed| Is there any loan amount limit on Credit Linked Subsidy Scheme (CLSS) under PMAY?
Pradhan Mantri Awas Yojana (Urban)-PMAY (U)
Pradhan Mantri Awas Yojana (Urban) Mission launched on 25th June 2015 which intends to provide housing for all in urban areas by the year 2022.
The Mission provides Central Assistance to the implementing agencies through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr. As per PMAY(U) guidelines, the size of a house for Economically Weaker Section (EWS) could be up to 30 sq. mt. carpet area, however, States/UTs have the flexibility to enhance the size of houses in consultation and approval of the Ministry.
In continuation to this Government’s efforts towards the empowerment of women from EWS and LIG unlike earlier schemes, PMAY (U) has made a mandatory provision for the female head of the family to be the owner or co-owner of the house under this Mission. Verticals of PMAY (Urban) A basket of options is adopted to ensure inclusion of a greater number of people depending on their income, finance and availability of land through following four options,
PMAY - Features & Benefits"Housing for All" Mission for the urban area has been implemented with effect from 17.06.2015 to provide central assistance to implementing agencies. The Credit Linked Subsidy Scheme is being offered under this mission.
For Middle Income Group(MIG), the interest subsidy will be provided on housing loans for the acquisition/construction of houses (including repurchase).
For Economically Weaker Section(EWS)/Lower Income Group(LIG), the interest subsidy will be provided on housing loans for acquisition, construction of houses. The Credit Linked subsidy would also be available for home loan availed for new construction and addition of rooms, kitchen, toilet etc. to existing dwellings as incremental housing.
The interest subsidy benefit will be upfront on the principal outstanding.
The availability and amount of interest subsidy is subject to meeting income criteria as per various categories under the scheme.
A beneficiary family will comprise of husband, wife, unmarried sons and/or unmarried daughters.
An adult earning member (irrespective of marital status) can be treated as a separate household,
About Pradhan Mantri Awas Yojana (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) scheme was launched by the Government of India to boost the affordability of houses against an inflated real estate sector. The scheme aims to achieve its objective of “Housing for All” by 31 March 2022, the 150th birth anniversary year of Mahatma Gandhi, by constructing 20 million houses across the nation.
Based on the areas that it caters to, this Yojana has two parts – Urban and Gramin.1. Pradhan Mantri Awas Yojana Urban (PMAY-U),
At present, the Pradhan Mantri Awas Yojana Urban (PMAY-U) has around 4,331 such towns and cities under this scheme. It also includes urban development authority, special area development authority, industrial development authority, development area, notified planning, and every other authority which is responsible for urban planning and regulations.
The scheme will progress in the following three phases:
Phase 1. To cover 100 cities in select states and UTs between April 2015 and March 2017.
Phase 2. To cover 200 additional cities between April 2017 and March 2019.
Phase 3. To cover the remaining cities between April 2019 and March 2022.
As per data from the Ministry of Housing and Urban Affairs, as of 1st July 2019, the progress of PMAY-U in all states and union territories:
Sanctioned houses - 83.63 Lakh
Completed houses - 26.08 Lakh
Occupied houses - 23.97 Lakh
According to the same data, the total amount deemed to be invested is Rs. 4,95,838 Crore out of which, Rs. 51,414.5 Crore of funds have already been released.2. Pradhan Mantri Awas Yojana Gramin (PMAY-G)
The Pradhan Mantri Awas Yojana Gramin (PMAY-G) was formerly called the Indira Awas Yojana and was renamed in March 2016. It is targeted at promoting accessibility and affordability of housing for all of rural India with the exceptions of Delhi and Chandigarh.
The objective is to provide financial assistance to the homeless and those residing in decrepit houses to assist them in the construction of pucca houses. Beneficiaries living in plains can receive up to Rs. 1.2 Lakh and those in North-Eastern, hilly areas, Integrated Action Plan (IAP), and difficult areas can avail up to Rs. 1.3 Lakh owing to this housing endeavor. At present, as per data available from the Ministry of Rural Development, 1, 03,01,107 houses have been sanctioned in all states and UTs.
In an attempt to boost the purchases in the real estate sector, the Government launched PMAY, and this cost of housing development will be shared between the Central and State Government in the following ways:
64:40 for plain regions.
90:10 for North-Eastern and hilly areas.
Beneficiaries of this PMAY scheme will be identified as per data available from the Socio-Economic and Caste Census (SECC) and include -
Scheduled castes and scheduled tribes.
Non-SC/ST and minorities under BPL.
Freed bonded laborers.
Next of kin and widows of paramilitary forces and individuals killed in action, ex-servicemen, and those under a retirement scheme.
Components of the PM Awas Yojana
There are four primary features of this scheme:
I. Credit Linked Subsidy Scheme (CLSS)
The CLSS provides subsidies on home loan interest rates to those eligible for this scheme. The PMAY subsidy rate, subsidy amount, maximum loan amount, and other details have been mentioned below:
EWS LIG MIG I MIG II
Maximum Home Loan amount
Up to Rs. 3 Lakh Rs. 3 - 6 Lakh Rs. 6 - 12 Lakh Rs. 12 - 18 Lakh
Interest subsidy 6.50% 6.50% 4.00% 3.00%
Maximum interest subsidy amount
Rs. 2,67,280 Rs. 2,67,280 Rs. 2,35,068 Rs. 2,30,156
Maximum carpet area
30 sq. m. 60 sq. m. 160 sq. m. 200 sq. m.
Home loans under the CLSS have a maximum tenor of 20 years. NPV or the net present value is evaluated at a discounted rate of 9% of the interest subsidy.
II. "In-situ" slum redevelopment using the land as a resource
The scheme aims to rehabilitate slums with the land as a resource, with association with private organizations to provide houses to families living in such areas.
The Central Government determines the prices of the houses, and the beneficiary contribution (if any) is decided by the respective state or UT.
III. Affordable Housing in Partnership (AHP)
Affordable Housing in Partnership (AHP) provides financial assistance to the tune of Rs. 1.5 Lakh on behalf of the Central Government to EWS families for the purchase of houses. State and UTs can partner with their agencies or private sector to develop such housing projects.
IV. Individual house construction or enhancement led by beneficiaries
This component of PM Awas Yojana targets EWS families who cannot avail of the benefits of the previous three components. Such beneficiaries will avail financial assistance from the Central Government of up to Rs. 1.5 Lakh that can be used to fund the construction of a house or enhancing an existing one.
Who is eligible for Pradhan Manti Awas Yojana?
The following individuals and families are eligible for this scheme:
Economically Weaker Section (EWS) – Families with an annual income up to Rs. 3 Lakh.
Low Income Group (LIG) – Families with an annual income between Rs. 3 Lakh and Rs. 6 Lakh.
Middle Income Group I (MIG I) – Families within an annual income between Rs. 6 Lakh and Rs. 12 Lakh.
Middle Income Group-II (MIG II) – Families with an annual income between Rs. 6 Lakh and Rs. 12 Lakh.
Women belonging to EWS and LIG categories.
Scheduled Caste (SC), Scheduled Tribe (ST), and Other Backward Class (OBC).
In addition to the above, beneficiaries can avail the benefits of this scheme by meeting the following few eligibility criteria –
He/she must not own a house to fulfill the Pradhan Mantri Awas Yojana eligibility.
The individual must also not avail of the benefits of any other housing scheme by the State or Central Government.
How to apply for this PMAY Scheme.
Beneficiaries can apply for PMAY the, ough the following:
Individuals can visit the official website of the scheme to apply online. They need to have a valid Aadhaar Card to apply.
Beneficiaries can apply for the scheme offline by filling up a form available through Common Service Centre (CSC).
The price of these forms is Rs. 25 + GST.
How to check your name in PMAY 2019 Beneficiary List?
Those eligible for the scheme can check their name in the Pradhan Mantri Awas Yojana list by following these few steps:
Step 1: Visit the official website.
Step 2: Click “Search Beneficiary”.
Step 3: Enter the Aadhaar number.
Step 4: Click “Show”.
Is Pradhan Mantri Yojana available to existing home loan borrowers?
Existing home loan borrowers are eligible for this scheme provided they fulfil all the relevant eligibility criteria.
Pradhan Mantri Yojana has played a significant role in providing affordable housing. The role of this scheme is not limited to making housing accessible and affordable to all irrespective of their financial stability, but it has also created ample job opportunities in the real estate sector.
How to Apply for Pradhan Mantri Awas Yojana Benefits
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