The Pradhan Mantri Awas Yojana (PMAY) is a transformative initiative launched by the Indian government, aiming to eliminate the housing shortage across urban and rural areas. In this comprehensive blog, we will explore the key highlights, benefits for different users, details about urban and rural schemes, key features, eligibility criteria, and how to apply for PMAY.
Pradhan Mantri Awas Yojana: Key Highlights
PMAY, short for Pradhan Mantri Awas Yojana, is a flagship program initiated by the Indian government to address the housing shortage issue. Launched on June 1, 2015, this program operates on a demand-driven approach. States identify eligible beneficiaries through a demand survey based on specific criteria. Let’s dive deeper into the various aspects of PMAY.
Who Can Avail PMAY Benefits
PMAY caters to different beneficiary categories based on their annual income:
1. Economically Weaker Section (EWS): Individuals with an annual household income of up to Rs 3 lakh.
2. Lower Income Group (LIG): Those with an annual household income between Rs 3 lakh and Rs 6 lakh.
3. Middle Income Group-1 (MIG-1): Families with an annual income ranging from Rs 6 lakh to Rs 12 lakh.
4. Middle Income Group-2 (MIG-2): Beneficiaries with an annual income between Rs 12 lakh and Rs 18 lakh.
Additional Information: Carpet Area and Interest Subsidy
Understanding carpet area is crucial when applying for PMAY. Here is the carpet area limit based on different categories:
| Category | Annual Income (Rs) | Carpet Area (sqm) | Carpet Area (sqft) |
|---|---|---|---|
| EWS | Up to 3 lakh | 60 | 645.83 |
| LIG | 3 – 6 lakh | 60 | 645.83 |
| MIG-1 | 6 – 12 lakh | 160 | 1,722.33 |
| MIG-2 | 12 – 18 lakh | 200 | 2,152.78 |
Interest subsidies for various buyer categories under the Credit Linked Subsidy Scheme (CLSS) are as follows:
| Category | Loan Amount (Rs) | Maximum Interest Subsidy (%) |
|---|---|---|
| EWS | Up to 6 lakh | 6.50 |
| LIG | Up to 6 lakh | 6.50 |
| MIG-1 | 6 – 12 lakh | 4.00 |
| MIG-2 | 12 – 18 lakh | 3.00 |
Details About Pradhan Mantri Awas Yojana Urban and Rural Schemes
Pradhan Mantri Awas Yojana-Gramin or Pradhan Mantri Awas Yojana-Rural
To address housing shortages in rural areas, the Indian government introduced PMAY-Gramin (PMAY-G), replacing the Indira Awas Yojana (IAY) starting from April 1, 2016. The primary objective of PMAY-G is to replace temporary kuccha homes in Indian villages with permanent pucca homes. It’s worth noting that the PMAY-Gramin scheme has been extended until March 2024.
As of July 26, 2023, an impressive 2.41 crore houses have been completed under PMAY-G, with a goal to construct 2.95 crore houses by March next year.
PMAY-Urban or PMAY-Urban
PMAY-Urban was launched on June 25, 2015, to address housing shortages in urban areas. The government aims to build 20 million homes under this initiative. The deadline for the urban scheme has been extended until December 31, 2024.
As of August 31, 2023, the government has sanctioned a total of 1.19 crore housing units under PMAY-Urban, with over 76 lakh units already completed and delivered to beneficiaries.
Key Features of Pradhan Mantri Awas Yojana
PMAY consists of four main verticals:
1. In-Situ Slum Redevelopment (ISSR): This involves rehabilitating slums by constructing houses through private participation for eligible slum dwellers.
2. Credit Linked Subsidy Scheme (CLSS): It offers a central subsidy on home loans, with different interest rates, to facilitate the construction of new homes or renovation of existing ones.
3. Affordable Housing in Partnership (AHP): States are encouraged to collaborate with central agencies or the private sector to develop affordable housing projects for the economically weaker sections (EWS).
4. Beneficiary-led Individual House Construction/Enhancements (BLC): This vertical allows people belonging to the EWS category to construct new houses or enhance existing ones with central assistance.
Eligibility Criteria for PMAY
To qualify for PMAY, beneficiaries must meet the following criteria:
1. Family Status: A household comprises a husband, wife, and unmarried children. The beneficiary should not own a pucca house in their name or a family member’s name anywhere in India.
People who own pucca houses with less than 21 square meters of space may be eligible for inclusion under the house enhancement category.
4. Marital Status: In the case of married couples, either spouse or both jointly can be eligible for a single house, provided they meet the income criteria.
5. Category: EWS beneficiaries are eligible for assistance in all four PMAY verticals, while LIG/MIG beneficiaries are eligible under the CLSS component. SC, ST, OBC categories, and women belonging to EWS and LIG can also benefit from PMAY.
How to Apply for Pradhan Mantri Awas Yojana
Online Application PMAY (2023)
To apply online for PMAY in 2023, ensure you have an Aadhaar card. Follow these steps:
- Visit the PMAY portal: https://pmaymis.gov.in/.
- Click on “Apply Online” under the “Citizen Assessment” tab.
- Select your preferred vertical.
- If applying for the CLSS subsidy, submit your application to your home loan provider.
Offline Application (2023)
Eligible candidates can obtain and fill out PMAY subsidy forms available at Common Service Centres (CSCs). A nominal fee of Rs 25 plus GST is applicable for purchasing the PMAY subsidy form from CSCs.
Last Date to Apply for Pradhan Mantri Awas Yojana CLSS Subsidy
As of May 2020, authorities extended the last date for the Pradhan Mantri Awas Yojana Credit-Linked Subsidy Scheme (CLSS) to March 31, 2021, for MIG-1 and MIG-2 categories, while the deadline for LIG and EWS categories was set to March 31, 2022.
Subsidy Disbursement and Details
Under the PMAY program, once the Central Nodal Agency (CNA) approves your subsidy application, it transfers funds to the bank where you obtained your home loan (referred to as Prime Lending Institutions or PLI). The bank then credits your home loan account with the subsidy amount, reducing your outstanding principal.
How to Check Pradhan Mantri Awas Yojana Subsidy Status
To check your Pradhan Mantri Awas Yojana application status, follow these steps:
- Visit the PMAY portal.
- Click on “Citizen Assessment.”
- Select “Track Your Assessment Status.”
- Enter the required details and click “Submit” to access the application form.
In conclusion, Pradhan Mantri Awas Yojana (PMAY) is a remarkable initiative by the Indian government, striving to provide housing for all. It caters to various income groups, both in urban and rural areas, offering substantial benefits and subsidies.
Also check home loans from other banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
HDFC Home Loan
SBI Home Loan
