All You Need to Know about Pradhan Mantri Awaas Yojana


Posted on 28th August 2018 Author: Planet Homes



Every individual dreams about buying their own house in the city. But buying a house in a city is expensive and not affordable for everyone. While there are few who can afford it, there are also those who spend their entire life’s savings to buy a house. With the intention of fulfilling everyone’s dream of owning a house, Government of India has introduced ‘Pradhan Mantri Awaas Yojana’ scheme. This scheme was inaugurated in June 2015, and is objected to providing housing to all by 2022.

Features of Pradhan Mantri Awaas Yojana

  • Subsidy of 6.5%

The main feature of this scheme is that it provides an interest subsidy of 6.5% for the duration of 15 years from the commencement of application for home loan. This gives enough time to the applicant to repay the loan.

  • Promotion of ‘Affordable Housing’

Government wants to promote the idea of ‘Affordable Housing’ with the intention of decreasing slums in urban cities.

  • Pro-Women Scheme

It is mandate for all the applicants to include the name of their mother and/or wife during the time of the registration. Preference will be given to the female applicants of the family while allocating the houses.

  • Eco-friendly Alliances

Environmental and eco-friendly techniques will be followed while building the houses. It is definitely a bold step towards environmentally safe households.

  • Thoughtful Allocation

The allocation of houses will be done very thoughtfully, keeping the ease of the applicant in mind. For e.g. the houses on the ground floor will be allotted to senior citizens and differently abled.

Eligibility to Apply for PMAY

  • People belonging to low-income groups, middle income groups and economically weaker sections are eligible to apply for this scheme.
  • The scheme is offered to families, comprising of husband, wife and unmarried children. (An adult earning member irrespective of marital status can be treated as a separate household in MIG category)
  • The applicant or anybody from his family should not be the owner of any legal property in any part of India.

 

Key Parameters for Application

Particulars

EWS

LIG

MIG I

MIG II

Household Income (Rs. p.a)

0-3,00,000

3,00,001-6,00,000

6,00,001-12,00,000

12,00,001-18,00,000

Eligible Housing Loan Amount for Interest Subsidy (Rs.)

Up to 6,00,000

Up to 6,00,000

Up to 9,00,000

Up to 12,00,000

Interest Subsidy (% p.a.)

6.50%

6.50%

4.00%

3.00%

Maximum loan tenure (in years)

20

20

20

20

Maximum dwelling unit carpet area

30 Sq. m.

60 Sq. m.

160 Sq. m.

200 Sq. m.

Discount Rate for Net Present Value (NPV) calculation of interest subsidy (%)

9.00%

9.00%

9.00%

9.00%

Max. Interest Subsidy Amount (Rs.)

2,67,280

2,67,280

2,35,068

2,30,156

Lump sum amount paid per sanctioned to PLIs in lieu of Processing Fee (Rs.) to the extent of loan amount on which subsidy is applicable.

3000

3000

2,000

2,000

Application of scheme on existing home loans sanctioned on or after

17.06.2015

01.01.2017

Applicability of No Pucca House

Not for renovation/upgradation

Yes

Yes

Woman Ownership/Co-ownership

Mandatory for new acquisition, Not mandatory for existing property

Not mandatory

Not mandatory

Quality of House/Flat Construction

National Building Code, BIS Codes and as per NDMA Guidelines adopted

Approvals for the Building Design

Compulsory

Basic Civic Infrastructure (water, sanitation, sewerage, road, electricity etc.)

Compulsory

 

How to Apply

  • Step 1

Log on to the Pradhan Mantri Awaas Yojana official website at https://pmaymis.gov.in/

  • Step 2

Click on ‘Citizen Assessment’, if you belong to Low Income Group (LIG) or Economically Weaker Section (EWS), select ‘benefit under 3 components’ and submit the form B application

  • Step 3

Once done, you can track your status by clicking on ‘Track your assessment status’

Documents Required

  • Correctly filled application form
  • Self-affidavit income certificate (if the applicant falls under the income criteria)
  • Identification Card like Aadhaar card Pan Card/ Driving Licence/ Voter ID/ MNREGA No.
  • Copy of address proof
  • Original salary slip
  • Caste certificate
  • Affiliation from the beneficiary stating him/her or any of their family members does not own any legal house in any part of India.
  • Statement of bank account (last 6 months)

For more assistance and details, visit https://pmaymis.gov.in/

 


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