What is Pradhan Mantri Awas Yojana scheme all about
Pradhan Mantri Awas Yojana (PMAY), launched in June 2015, aims to facilitate access to affordable housing to those belonging to economically weaker sections of society. In the Interim Budget 2024, Finance Minister Nirmala Sitharaman had announced that 20 million more houses will be taken up in the next five years. Under this scheme, the government is close to achieving the target of 30 million houses.
Features of the PMAY Scheme
Affordable housing: PMAY aims to provide affordable housing solutions to individuals and families from economically challenged backgrounds, making homeownership more accessible.
Priority for women: The scheme prioritises housing for women, including mothers or wives, recognising their role in households and ensuring their inclusion in the program. This emphasis aims to empower women through homeownership.
Preference for minorities: PMAY extends benefits to minorities, including Scheduled Castes, Scheduled Tribes, and other marginalised communities. This inclusive approach aims to address socio-economic disparities and provide housing opportunities to those historically marginalised.
Preference for senior citizens: The scheme favours senior citizens by providing ground floor properties, which is convenient for them. This consideration ensures that elderly members of society can live comfortably and independently in their homes.
Registration requirement: Interested individuals need to register for the PMAY scheme to avail its benefits. This registration process helps in identifying eligible beneficiaries and facilitating the allocation of resources effectively.
Inclusion of other marginalised groups: Apart from women and minorities, PMAY also extends benefits to other marginalised groups such as the transgender community, widows, and individuals from lower-income groups. This broader inclusivity ensures that the housing needs of diverse segments of society are addressed.
Types of Pradhan Mantri Awas Yojana (PMAY) scheme
Pradhan Mantri Awas Yojana Gramin (PMAY-G):
It targets the provision of affordable and accessible housing units to eligible beneficiaries residing in rural areas. The scheme operates on a cost-sharing model, with the Central government and respective state governments sharing the development costs.
The cost-sharing ratio varies: it is 60:40 for plain regions and 90:10 for North-Eastern and hilly regions.
Pradhan Mantri Awas Yojana Urban (PMAY-U):
PMAY-U is dedicated to addressing the housing needs of urban areas in India, covering 4,331 towns and cities.
It is implemented in three phases:
Phase 1 (April 2015 – March 2017): This phase aimed to cover 100 cities across various states and union territories.
Phase 2 (April 2017 – March 2019): This phase extended coverage to an additional 200 cities across different states and union territories.
Phase 3: The third phase aims to cover the remaining cities that were not included in Phase 1 and Phase 2 by December 2024, with the goal of achieving comprehensive coverage under PMAY-U.
Pradhan Mantri Awas Yojana (PMAY) provides housing loans to eligible beneficiaries on low interest rates, with variations based on income slabs. Here is how the rates are structured:
For all beneficiaries:
The interest subsidy rate provided by the scheme is up to 6.5% on housing loans with a tenure of up to 20 years.
Income slab specific subsidies:
Up to 6 lakh per annum:
- Credit-linked subsidy of 6.5% will be available for loan amounts up to Rs 6 lakh.
Up to 12 lakh per annum:
- Individuals earning up to Rs 12 lakh per annum will receive a 4% interest subsidy on a loan amount of Rs 9 lakh.
Up to 18 lakh per annum:
- Individuals earning up to Rs 18 lakh per annum will receive a 3% subsidy on a loan amount of Rs 12 lakh.
Non-subsidized loans:
- Any additional loan beyond the subsidised loan amount will be at a non-subsidised rate. This implies that the interest rate
- applicable to the portion of the loan exceeding the subsidised amount will not be subsidised under the PMAY scheme.
To apply for the PMAY scheme, follow these steps:
Check eligibility:
- Determine your eligibility based on the PMAY beneficiary list and identify the specific scheme you are eligible for.
Documents:
- Keep your Aadhaar card details handy as it is mandatory for the application process to prevent duplicate applications under your name. Equip yourself with your savings bank account details and current household income information.
Visit PMAY Website:
- Log on to the official Pradhan Mantri Awas Yojana website.
Access citizen assessment:
- Click on the ‘Citizen Assessment’ option.
- Choose the appropriate scheme:
- Click on ‘benefits under other 3 components’.
Enter aadhaar number:
- Enter your Aadhaar number without spaces in the provided box and click ‘Check’.
Complete application form:
- After entering the correct Aadhaar number, you will be provided with a PMAY application form. Fill the form accurately with personal, contact, bank account, income, and Aadhaar information.
Confirm declaration and captcha:
- Tick the box indicating your awareness of any claims, etc.
- Enter the security captcha as prompted.
Save application:
- Click on ‘save’ to submit your application.
Note application number:
- After submission, you will receive an application number.
- Save or print this number for future reference and tracking purposes.
Source: https://www.business-standard.com/finance/personal-finance/affordable-housing-to-loan-subsidies-what-is-pmay-scheme-all-about-124040100404_1.html
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