A Beginners Guide to PMAY Scheme in India

A Beginners Guide to PMAY Scheme in India

The Pradhan Mantri Awas Yojana (PMAY) was launched by Prime Minister Narendra Modi on June 1, 2015. As of February 25, 2019, 16 lakh houses have been constructed under the scheme. The main mission is ‘Housing For All’ and offers central assistance to the implementing agencies. In simple terms, it works toward providing affordable houses to the urban poor in different categories. These include minorities (Scheduled Caste and Scheduled Tribe), and challenged groups and women. Before registering yourself under PMAY housing, have a look at the basics. This will help you make an informed decision. 

Top Features of PMAY
PM Awas Yojana comes with a set of interesting features which are quite convenient and beneficial for all income groups. Have a look.

  1. Co-ownership is mandatory which means preference is given to women applicants. Further, this is quite a female-friendly policy since single women and widows can apply independently for this scheme. This is allowed to fulfil their dream of owning a home.
  • The construction technologies being used are Monolithic RCC, Moducast Precast Technology, prefabricated steel structures, and precast. These will assure a long life span, speed, and quality. Sustainable construction will assure cheaper maintenance in the future.
  • ‘Tenable’ slums are identified by the Urban Local Body (ULB) and redevelopment is processed. This ensures better living quality for the slum dwellers. Further, it also includes upgrading ‘kutcha’ house to ‘pucca’ house.

Credit Linked Subsidy Scheme

The Ministry of Urban Affairs and Urban Poverty Alleviation (MoHUPA) has further introduced a credit-linked subsidy scheme under this program. This means you can seek an interest subsidy of 6.5% which is up to ₹2.67 lakh for a tenure of 20 years during house loans. Middle-income groups and economically weaker sections can apply for this subsidized program. It can be used for the purchase, extension, construction, and improvement of houses to cater to the EMS, LIG, and MIG segments and meet the housing demands of India.

Ø  Eligibility for Credit Linked Subsidy Scheme (CLSS)

To ensure the benefits without complications, you must be in anyone one of the following income groups. Have a look.
EWS: Annual Income should be between ₹3 lakh and ₹6 lakh.
MIG I: Annual Income should be between ₹6 lakh and ₹12 lakh
MIG- II:  Annual Income should be between ₹12 lakh and ₹18 lakh.

Ø  Checking PMAY Credit Subsidy Status

Head over to the official website of PMAY. Now click on the ‘Citizen Assessment’ Taskbar. From the dropdown menu select ‘Track Your Assessment Status’. From here, you will be taken to another page titled ‘Track Application Status.  Here, select either Option 1 (by name, father’s name, and mobile number) or Option 2 (Assessment ID). After entering these details, you will be able to view your application status.

Apply for PMAY online by following few simple steps. All you have to is visit the website and enter your Aadhaar or Virtual ID and other personal details. You will be redirected to the application form. Once the scheme has been granted, approach the nearest bank branch to apply for a home loan today.

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