Pradhan Mantri Awas Yojana (PMAY) was launched with the aim to provide housing at an affordable price to the weaker sections of the society, lower income group people, urban poor, and rural poor. This PMAY Scheme is applicable only for ladies. The PM Awas Yojana has 4 major components
In-Site Redevelopment of slums using land as a resource, with the participation of the private sector. This mission aims at leveraging the potential of land under slum areas and providing formal urban establishments to slum dwellers.
Credit Linked Subsidy - Under this scheme, the government will provide an interest subsidy of 6.5% on housing loans for 15 years from the start of the loan, which will make housing affordable. The Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%. The loan amount of Rs.6 lakhs is only applicable for the credit-linked subsidy scheme and any amount beyond Rs.6 lakh does not attract any subsidy. The lending institutions will directly credit the interest subsidy to the beneficiaries’ accounts which will result in reduced Equated Monthly Instalment (EMI) and reduced housing loan amount
Affordable Housing in Partnership (AHP) - In partnership with the Public and Private sector, affordable housing will be provided to the economically weaker sections. The States or Union Territories, either with different agencies or in partnership with different industries can plan affordable housing projects.
Enhancement and construction of beneficiary-led houses Under this component, the beneficiaries who are not able to avail the advantages of the above three components will be benefited. This mission provides assistance to families of EWS category to construct new houses or enhance the existing houses on their own to cover the beneficiaries. Under this mission, families will get a central assistance of Rs 1.50 lakh to enhance their existing houses or construct new houses. Under the Pradhan Mantri Awas Yojana, the houses will be constructed with eco-friendly technology and preference will be given to old and disabled while allotting ground floors.
What the eligibility criteria for availing the benefits of the Pradhan Mantri Awas Yojana (PMAY) and how to apply for it. Let us take a look at both of them beginning with the eligibility criteria -
The following categories based on their annual household incomes are eligible -
EWS - Also known as the Economically Weaker Section, the annual household income of such families must not exceed Rs. 3 lakhs and will get an interest subsidy of 6.50%
LIG - Or Low Income Group, the annual household income of such families should be between Rs. 3 lakhs to Rs. 6 lakhs to get an interest subsidy of 6.50%
MIG I - Those families whose annual income is up to Rs. 9 lakhs and will get an interest subsidy of 4%
MIG II - Those families whose annual income is up to Rs. 12 lakhs will get an interest subsidy of 3%
Step 1: Log on to the Pradhan Mantri Awas Yojana official website at https://pmaymis.gov.in/
Step 2: Under the citizen assessment drop-down, select the benefits under three components as shown below
Step 3: Enter Aadhaar details to proceed (mandatory for enrolling in PMAY)
Step 4: After filling in the Aadhar details, you will be redirected to the application form stage where you will have to fill in the details accurately.
Step 5: Once this is done, click on ‘Save’ and enter the Captcha code.
Step 6: Next, click on ‘Save’. The application is now complete and a printout can be taken at this stage.
Indian citizens who belong to the EWS, LIG, or MIG category can avail the benefits of this scheme. Generate e-way bill on the basis of information shared by the suppliers / consignors regarding the Invoice/ Challan No., since your account is linked with your Aadhar Card, you would not be able to apply twice. If you are applying through the online portal, there will be no charges. If you apply offline, you will have to pay a registration fee of Rs.25 plus GST.