Indian Prime Minister Narendra Modi launched Pradhan Mantri Awas Yojana (PMAY) Scheme on June 25, 2015. The primary aim of PMAY Mission is to provide affordable houses to all Indian Citizen. The primary target group for the mission is Indian Citizen belongs to LIG (Low Income Group) and EWS (Economically Weaker Section). The projected time of completion of the mission is of 7 years, from 2015-2022.
Phases of Pradhan Mantri Awas Yojana:
As per the plan, there are three phases of PMAY completion:
Between Apr 2015 to Mar 2017, 100 Indian Cities are on plan for completion.
Between Apr 2017 to Mar 2019, 200 Indian Cities are on plan for completion.
Between Apr 2019 to Mar 2022, remaining Indian Cities are on plan for completion.
Target Group of Pradhan Mantri Awas Yojana:
Following Indian Citizen who belongs to EWS or LIG, are on there preference list for PMAY Scheme:
- Manual Scavengers
- Women (with overriding preference to widows)
- Persons belongs to Scheduled Castes, Scheduled Tribes, Other Backward Classes, Minorities
- Persons with disabilities; and
Features of Pradhan Mantri Awas Yojana:
- In this Affordable Housing Project, 35% of the houses are constructed for EWS category.
- Beneficiaries of EWS and LIG seeking housing loans from Banks, Housing Finance Companies and other such institutions, would be eligible for an interest subsidy at the rate of 6.5 % for a tenure of 15 years or during tenure of loan; whichever is lower.
- Also, the Net Present Value (NPV) of the interest subsidy will be calculated at a discount rate of 9%.
- The credit linked subsidy will be available only for loan amounts upto Rs 6 lakhs and additional loans beyond Rs. 6 lakhs, if any, will be at nonsubsidized rate.
- Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
- State, UTs (Union Territory), ULBs (Urban Local Body), PLIs (Primary Lending Institution) shall link beneficiary identification to Aadhaar, Voter card, any other unique identification or a certificate of house ownership from Revenue Authority of Beneficiary’s native district to avoid duplication.
- And, for identification as an EWS or LIG beneficiary under the scheme, an individual loan applicant will submit self-certificate or affidavit as proof of income.
- If a borrower has already taken a housing loan, and availed interest subvention under the scheme; later switches to another PLI for balance transfer; then, such beneficiary will not be eligible to claim the benefit of interest subvention again.
- Also, Societies developed under PMAY Scheme will strictly follow Eco-Friendly construction Technology.
Steps in Beneficiary-Led Construction:
How to Apply Online for Pradhan Mantri Awas Yojana?
- Visit Official Website of PMAY Mission.
- And, click on Citizen Assessment.
- From the drop down select “For Slum dwellers”, if you are staying in a slum; else select “Benefit under other 3 components”.
- On next screen, enter your AADHAR Number and click on Check.
- As soon as you will click on Check, you will move to the next screen, where you need to fill all your details.
- Once you save all the details, you will get an Application Number or Assessment ID. This is your reference number for further communication.
- On submission of your application, you will get a confirmation as well.
- And, don’t forget to take a print out of your saved application.
- Also, you can apply online through a CSC (Common Service Centre) in urban area, if you don’t have internet at your home.
- To find CSC, click on CSC Locator.
How to check the Status of PMAY Application?
- Visit the Official Link of PMAY Tracker.
Requirements for Online Application:
- Check, if you are Eligible for the scheme or not,
- Aadhaar number,
- Accurate details of your Annual Income.
- And, offcourse, internet connection.
Benefits of Online Application:
- Hassle Free experience,
- And, easy tracking of application.