To avail the benefits of any scheme, it is important to know about its features and details. This post can help you understand about Pradhan Mantri Awas Yojana by providing answers to the five most common questions asked about the scheme.
Since the Pradhan Mantri Awas Yojana was initiated in 2015, the public has been eager to learn more about the scheme and its attributes. The purpose of the scheme is to promote decent living conditions for all people in the country. Therefore, comprehending the aspects of this scheme can help more people enjoy its benefits.
What is PM Awas Yojana?
PM Awas Yojana is a central scheme launched to ensure affordable housing for all by the year 2022. Interest subsidies are offered to beneficiaries through Credit Linked Subsidy Scheme (CLSS) under the PM Awas Yojana scheme.
Beneficiaries of PM Awas Yojana include
- Middle Income Groups (MIGs)
- Low-income Groups (LIGs)
- Economically Weaker Section (EWS).
MIG is further divided into MIG-I and MIG-II groups. PM Awas Yojana scheme can offer complete assistance to beneficiaries belonging to the EWS category while those in MIG and LIG categories can enjoy only the subsidy benefits through CLSS.
What Are the Eligibility Criteria?
The conditions that must be satisfied to be eligible for the PM Awas Yojana benefits are
- The beneficiary must not have received central assistance for housing under any other schemes
- The beneficiary must not own a pucca house under his or another family member’s name
- EWS and LIG categories are required to include female ownership while it is not mandatory for MIG category
The maximum annual income for the different categories is stipulated as
- 3 to 6 lakhs for LIG
- Up to Rs. 3 lakhs for EWS
- 6 to 12 lakhs for MIG-I
- 12 to 18 lakhs for MIG-II
What are the Key Features of the Scheme?
Some of the prominent features of the scheme are
- The scheme gives preferential housing to senior citizens and differently-abled individuals by allocating ground floors to them
- Environment-friendly construction methods are employed for building the houses
- The scheme is a laudable attempt to uplift the living conditions of slum dwellers by providing them with houses that have good sanitation facilities, adequate water supply, and electricity.
What are the Subsidy Details?
The subsidy details under the PM Awas Yojana scheme are as follows:
| Scheme Features | EWS | LIG | MIG-I | MIG_II |
| Subsidised Interest Rate | 6.5% p.a. | 6.5% p.a. | 4% p.a. | 3% p.a. |
| Maximum Loan Tenure | 20 years | 20 years | 20 years | 20 years |
| Maximum Loan Amount Eligible for Subsidy | Rs.6 lakhs | Rs.6 lakhs | Rs.9 lakhs | Rs.12 lakhs |
| Maximum Interest Subsidy | Rs.2.67 lakhs | Rs.2.67 lakhs | Rs.2.35 lakhs | Rs.2.30 lakhs |
| NPV Discount of Interest | 9.00% | 9.00% | 9.00% | 9.00% |
| Maximum Unit Carpet Area | 30 sq. m | 60 sq. m | 160 sq. m | 200 sq. m |
How to Apply for Scheme Benefits?
You can easily avail the scheme benefits by visiting http://pmaymis.gov.in and fulfil the following steps:
- Enter income details and identification details such as your 12 digit Aadhaar number
- Fill the application form with accurate details
- Download the filled-up application form and submit it to authorised organisations. You may be required to provide documentation like income proof and address proof.
- Choose a lending institution listed under the scheme and apply for a housing loan
The Central Nodal Agency (CNA) will verify your application after it is forwarded by your lender and disburse the PMAY subsidy amount to your loan account.
PM Awas Yojana is an exemplary endeavour by the Government that is focussed on ensuring housing to all citizens of the country. Select a reputed lending institution that can effectively help you avail the subsidies while applying for a housing loan to enjoy the full benefits of this praiseworthy scheme.
