Pradhan Mantri Awas Yojana (PMAY)
The government running the goal of ‘Housing for All’ came out with Pradhan Mantri Awas Yojana (PMAY) in 2015. This scheme is designed with aim housing for all to encourage people for their own house. The objective of this scheme is that everyone should have a pucca house by 2022. Last date of PMAY is 31 March 2020.
If you are willing to apply for this scheme, then wait a minute. You have to know few things. Eligibility of PMAY scheme, how to apply for PMAY scheme and all the things which are most important.
What is Pradhan Mantri Awas Yojana (PMAY)?
In today’s world, building a house has become very expensive. Even if you take a loan from the bank, its interest is also very high. Therefore, people do not take home loans due to high-interest rate. To eliminate this drawback and encourage people for their own house this scheme was introduced in 2015.
Suppose you have taken a home loan to build a house. Generally, this is 9%. The government will give you subsidy under this scheme. This subsidy can be up to 6.5%. You have to pay rest of the interest i.e. 2.5 %or 3%.
The Government of India has tried to include a large section in this scheme. That is why the range of income per year is more as compared to other government schemes. From 0 – 18 lakh per year income can apply for this scheme.
Based on the area, Pradhan Mantri Awas Yojana has two parts – Urban and Gramin.
Pradhan Mantri Awas Yojana Urban (PMAY-U):
Under the Pradhan Mantri Awas Yojana Urban (PMAY-U) has around 4331 towns and cities under this scheme including urban development authority, special area development authority, industrial development authority, development area, notified planning and other authorities which are responsible for urban development.
Pradhan Mantri Awas Yojana Gramin (PMAY-G):
To encourage and promote accessibility and affordability to the people who loves in rural areas. Excluding Chandigarh and Delhi. It is targeted that under the PM rural housing scheme 1 crore houses should be construct in upcoming three years by 2022.
Features of Pradhan Mantri Awas Yojana Gramin (PMAY-G) Scheme:
- Includes various schemes together like AADHAR, Skill India and Jan Dhan Yojana and Make in India.
- Drinking water will be supplied by National Rural Drinking Water Program (NRDWP) under PMAY-G.
- Total expenditure of PMAY-G is 60,000 crore.
- Fund is transferred to beneficiaries’ bank account directly.
Eligibility criterial for PMAY Gramin:
- Income should be between 3-6 lakhs per annual.
- Applicant must not own a pucca house.
- Scheduled Tribes/ Scheduled Castes.
- Minorities and non-SC/ ST rural household in the BPL category
- Applicant must be fall under EWS (Economically Weak Section), LIG (Low Income Group) or BPL (Below Poverty Level) category
Who is eligible ?
To get benefits of PMAY scheme you have to eligible for 6 conditions which are given below.
- Age: Applicants age must be between 21 to 55.
- Income: Applicants are divided into 4 categories. EWS, LIG, MIG 1 and MIG 2.
- EWS – Includes candidate having income 0-3 lakh per annual
- LIG – Includes candidate having income 3-6 lakh per annual
- MIG 1 – Includes candidate having income 6-12 lakh per annual
- MIG 2 – Includes candidate having income 12-18 lakh per annual
- If you are government servant then submit salary slip. If not, then submit income certificate.
- You should not have a pucca house already. If you already have a pucca house, no benefit will be available.
- You have not got accommodation under any government scheme before.
- Applicant must have AADHAR card.
- If the people falling in the category of EWS or LIG want to purchase property, then the ownership of the women is necessary. If he wants to extension of existing house then there is no need to ownership of women.
- If you fulfill above condition then you are eligible for Pradhan Mantri Awas Yojana (PMAY).
- Government has categorized in four classes. EWS (Economically Weaker Section), LIG (Low Income Group), MIG 1 (Middle Income Group 1) and last one is MIG 2 (Middle Income Group 2).
Economically Weak Section (EWS):
- If your income is between 0-3 Lakh then you are in Economically Weak Section (EWS) category. If you are planning to construct house which has carpet area under 30 sqm., then you can apply for this scheme. You can get benefits of 6.5 % subsidy over interest for up to 6 lakh loan i.e. 2.6 lakh of subsidy.
The validity of Economically Weak Section (EWS) category is 31 March 2022. To encourage women empowerment, it is mandatory to have women ownership.
Low Income Group (LIG):
- EWS and LIG categories are same, but the maximum carpet area for LIG is 60sqm and family income must be between 3-6 lakh.
Middle Income Group 1 (MIG 1):
- A candidate whose income is between 6-12 lakh falls in MIG category. Subsidy can be given on Rs. 9 lakh home loan with 4% interest rate. Your carpet area must be under 160sqm.
Validity of scheme for this category is 31 March 2020.
Middle Income Group 2 (MIG 2):
- A candidate having annual income 12-18 lakh can apply under this category. Interest subsidy is 3% for home loan of Rs 12 lakh.
How to apply for Pradhan Mantri Awas Yojana (PMAY)?
It is very simple to apply for PMAY scheme. You have to fill up two pages. First page includes includes AADHAR no. or virtual ID and your name as per AADHAR. While second page includes name of state, district name, city name, etc.
How to apply for PMAY in details:
- Log on to the official PMAY site at pmaymis.gov.in
- In Citizen Assessment dropdown menu select Benefits under 3 components.
- After clicking it will lead you to next page. Enter your AADHAR card number and click on Check.
- New page will open where you have to fill up information about your name, income, no of family members, residential address, contact number, age of the head of the family, religion, caste.
- After filling up all the necessary data, enter captcha and click on Submit.
Pradhan Mantri Awas Yojana Bank List:
Below we are providing bank list from where you can get loans under Pradhan Mantri Awas Yojana (PMAY) scheme:
Private Sector Bank:
- Axis Bank
- Catholic Syrian Bank
- City Union Bank
- DCB Bank
- Dhanlaxmi Bank Ltd.
- ICICI Bank Ltd.
- J & K Bank
- Karnataka Bank Ltd.
- Karur Vysya Bank Ltd.
- Laxmoi Vilas Bank
- Nanital Bank Ltd.
- South Indian Bank Ltd.
- Tamilnad Mercantile Bank Ltd.
- The Federal Bank Ltd.
- Yes Bank
Public Sector Bank:
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Bhartiya Mahila Bank Ltd.
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- IDBI Bank Ltd.
- Indian Bank
- Indian Overseas
- Oriental Bank of Commerce
- Punjab & SindBank
- Punjab National Bank
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Bihar State Co-operative Bank Ltd.
- Bombay Mercantile Co-operative Bank
- Chhattisgarh Rajya Sahakari Bank Maryadit
- Citizen Credit Co-op Bank Limited
- Cosmos Co-operative Urban Bank Ltd.
- J&K State Co-operative Bank
- Jalgaon Janata Sahakari Bank Ltd.
- Janta Sahakari Bank Ltd.
- Jharkhand State Co-Operative Bank Ltd.
- Kalupur Commercial Co-operative Bank Ltd.
- Karad Urban Co-Operative Bank Ltd.
- Kerala State Co-Operative Bank Ltd.
- Mahanagar Co-Operative Bank Ltd.
- Meghalaya Co-Operative Apex Bank Ltd.
- Mehsana Urban Co-Operative Bank Ltd.
- Mizoram Co-operative Apex Bank Ltd.
- Nutan Nagarik Sahakari Bank Ltd.
- Odisha State Co-operative Bank
- Prime Co-operative Bank Ltd.
- Punjab & Maharashtra Co-operative Bank Ltd.
- Rajkot Nagarik Sahakari Bank Limited
- Sangli Urban Co-Operative Bank Ltd.
- Sardar Bhiladwala Pardi People’s Co-Operative Bank Ltd.
- Sarvodaya Commercial Co-operative Bank
- Shikshak Sahakari Bank Ltd.
- Shree Panchganga Nagari Sahakari Bank Ltd.
- Shri Mahila Sewa Sahakari Bank Ltd.
- Sikkim State Co-Operative Bank Ltd.
- The Ahmedabad Mercantile Co-operative Bank Ltd.
- The Bharat Co-operative Bank (Mumbai) Ltd.
- The Goa State Co-Operative Bank Ltd.
- The Greater Bombay Co-operative Bank Ltd.
- The Gujarat State Co-operative Bank Ltd.
- The Kalyan Janata Sahakari Bank Ltd.
- The Nawangar Co-operative Bank Ltd.
- The Punjab State Co-operative Bank Ltd.
- The Surat People’s Co-operative Bank Ltd.
- The West Bengal State Co-operative Bank Ltd.
- Uttarakhand State Co-operative Bank Ltd.
Pradhan Mantri Awas Yojana News Today:
Pradhan Mantri Awas Yojana (PMAY) was announced by PM Narendra Modi in 2015. To provide affordable houses this scheme was introduced as PMAY-R (Pradhan Mantri Awas Yojana – Rural) and PMAY-U (Pradhan Mantri Awas Yojana – Urban).
How to check PMAY subsidy status?
Follow the given simple steps to know the status of your PMAY subsidy:
- Login to website https://pmaymis.gov.in/
- Select ‘Citizen Assessment Option’.
- Select ‘Track Your Assessment’ from dropdown menu.
- To track your assessment, you have to select either name, father name and ID type or Assessment ID.
- After selecting one option, applicant needs to enter State, City, District, Applicant’s and father’s name, mobile no. and ID number.
How much time it takes to get PMAY subsidy?
- After completing the verification by government, 3-4 months required to receive subsidy amount.