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What Is PMAY and How to Apply For It

PMAY Scheme

I’m WAIt wouldn’t surprising if you dream of owning a pucca house like every Indian. Pradhan Mantri Aawas Yojana (PMAY) scheme is a scheme by the Government of India, launched in June 2015, to fulfil the dream of all Indians. Especially those with low-income levels, of owning a pucca house.

The PMAY scheme intends to make available a pucca house along with the access to potable water, proper sanitation facilities, LPG, and electricity. PMAY aims to address the needs of the Middle-Income Groups or MIGs and Lower Income Groups or LIGs who also referred to as Economically Weaker Sections or EWS. 

The income groups of MIG and LIG have pre-defined basis the brackets in which the annual income of the households fall.

These income brackets are as follows:

  1. EWS: Up to Rs.3 lakh
  2. LIG: Between Rs.3 lakh and Rs.6 lakh
  3. MIG I: From Rs.6 lakh to Rs.12 lakh
  4. MIG II: From Rs.12 lakh to Rs.18 lakh

The PMAY scheme has two variants basis the geography in which it is applied. The PMAY-U for the Urban population and the PMAY-G for the grameen or rural population.

The segments of the population whose housing needs addressed by this scheme are primarily the urban poor and/or migrant labour, workers in manufacturing units, SCs, STs, OBCs, women, widows of paramilitary and ex-military personnel, transgenders, and senior citizens (up to 70 years of age). 

The Interest Subsidy allocate by income group and loan sum is as follows:

  • 6.5% for EWS (up to a loan amount of Rs.6 lakh)
  • 6.5% for LIG (up to a loan amount of Rs.6 lakh)
  • 4% for MIG I (up to a loan amount of Rs.9 lakh)
  • 3% for MIG II (up to a loan amount of Rs.12 lakh)

The PMAY-U scheme can availed by four means:

Credit Linked Subsidy Scheme (CLSS)—under this, interest subsidy given for a pre-specified carpet area on a pre-specified loan sum, for those eligible. The subsidy benefits which offered to the MIG groups had to have availed of before the expiry of the fiscal year 2020-21. The subsidy benefits offered to the LIG groups though continue to available till the end of the current fiscal year.

The scheme can availed by every individual earning adult or a family (with an individual earning member). If an earning member or their family is already in ownership of a pucca house. They barred from availing this scheme under CLSS. (They however, have the option to apply for the enhancement facility, explained later. For upgrading their existing house provided they fall within the income eligibility brackets). 

The scheme can availed by either a husband, or his wife, or unmarried son, or unmarried daughter. Each earning adult has restricted to avail the subsidy under the PMAY scheme only once. Further, they cannot avail any benefit under the scheme. If they have already benefited from any other housing scheme of the Government’s earlier. 

  1. The In-Situ Slum Redevelopment (ISSR) projects aim to redevelop slum areas into pucca housing complexes with better infrastructure for the urban poor.
  2. The Affordable Housing Partnerships (AHP) makes way for public-private partnership in housing projects.
  3. If anybody is unable to avail the benefit of this scheme from any of the earlier three ways. They may try the enhancement option for an uplift to their existing house, up to Rs.1.5 lakh loan sum from the Central Government. 

The Rural scheme is a shared responsibility between the Centre and the State along similar lines with a similar purpose. 

You may apply for the Pradhan Mantri Awas Yojana scheme as follows:

  1. Check your PMAY eligibility on the pre-declared PMAY list on their website by searching for your name via your Aadhar number via the ‘Search Beneficiary’ tab.
  2. Apply for the PMAY scheme on the government portal by downloading the form from the Citizen Assessment tab and filling in with the required information and document proofs. You may also apply offline via the Common Service Centres (CSC). If you are an existing home loan borrower, and are eligible for the scheme. You are free to apply for availing of the benefits of this scheme.
  3. Apply for a loan with a relevant BFSI while attaching your PMAY application to it. The total loan eligibility will be ascertained by the lender by the usual home loan processing procedure which will also determine the interest rate on the non-subsidized part of the loan. Documents check along with your PMAY status, the loan is disbursed within a quarter’s time generally.

If you are eligible and still haven’t availed the Pradhan Mantri Aawas Yojana, do so now!

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