Pradhan Mantri Awas Yojana is a renowned government scheme that was launched in 2015 with the Housing For All (HFA) mission in India. The major purpose of this scheme is to provide stable houses with toilet facilities and water connections to eligible beneficiaries by the end of March 2022. Read on to find out all about it.
The Pradhan Mantri Awas Yojana scheme was announced by the honourable Prime Minister Shri Narendra Modi with the vision of providing housing for all eligible families.
The main objective of this scheme is to help the less privileged families in India and provide them with stable housing systems to improve their lifestyles. It is intended to provide all the necessities to the families and help them to have a hygienic and content lifestyle.
With the help of this scheme, urban migrants and those who reside in the country’s rural areas can improve the quality of their lifestyle and get access to dignified rental houses close to where they work. It encourages them to work with a content mind and promotes a dignified and hygienic lifestyle.
The PM Awas Yojana is a scheme introduced by the Prime Minister of India in 2015. It is intended to help the less privileged section of the country to have a dignified and hygienic lifestyle.
The scheme’s main objective is to help a big part of the country have a dignified lifestyle that will eventually help in the growth of the country in general from a socio-economic perspective.
PMAY aims to provide water connectivity, proper toilets, and other essentials to those in need. Eligible families can avail of this scheme and can improve their lifestyle rapidly.
The PM Awas Yojana was introduced first on 25th June 2015. The main objective of the scheme is to provide several basic and essential necessities to eligible applicants by 31st March 2022.
The PMAY scheme is an initiative that comes under the Housing For All mission (HAF) that was introduced by the Ministry of India in 2015 with the objective of eradicating poverty and improving the overall economy of the country.
The aim of the scheme is to Establish affordable houses in both the rural and the urban spaces of India. Those who belong to the economically weaker zones in the country and have comparatively lower incomes can make the best out of this scheme to drastically change their lifestyles.
Prime Minister Awas Yojana addresses one of the major issues in India- the shortage of pucca houses in rural and urban spaces. Several sub-schemes have evolved as parts of the mean scheme- Affordable Rental Housing Complexes (ARHCS), Global Housing Technology Challenge, and CLSS Awas Portal. The scheme has two major sections-
Several banks offer The PMAY scheme in India, including SBI, ICICI Bank, Kotak Mahindra Bank, HDFC Bank, Axis Bank, Yes Bank, Bank of Baroda, Federal Bank, Karnataka Bank Ltd, Bajaj Housing Finance Ltd, to name a few.
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Prime Minister Awas Yojana scheme directly addresses the housing shortage issue in India and aims at improving the situation for the better in the long run.
Along with improving housing systems for Indian citizens, the PMAY scheme contributes to the overall development of the country from an economic point of view.
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The Ministry of India offers several benefits to the citizens of India with the help of the PMAY scheme.
Some of the major benefits include:
Make sure you check the eligibility criteria thoroughly if you intend to apply for this loan soon.
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The major documents that one must keep while applying for the Pradhan Mantri Awas Yojana scheme include:
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Those who can be beneficiaries of the PMAY scheme are:
There are two different schemes that come under the Pradhan Mantri Awas Yojana scheme in India-
The urban space comprises around 4000+ cities across the country. The PMAY Yojana aims at developing houses across all the urban centres in terms of industrial development, special area development, and housing development with basic necessities. The aim of the first phase is to cover 100 cities by April 2015 and March 2017. The aim of the second phase is to cover 200 cities between April 2017 to March 2019. The focus of the 3rd phase is to cover the remaining cities by March 2022.
2. Pradhan Mantri Awas Yojana Rural
The PMAY scheme also aims at covering the slums, villages and rural areas of the country. Its primary objective is to assist the less privileged families in the rural areas to acquire basic amenities such as sanitation, power supply, water connectivity and improve their lifestyles.
Take a look at the Pradhan Mantri Awas Yojana subsidy loan amount, and rates to acquire a better understanding of the scheme.
|Particulars||MIG- II||MIG- I||LIG||EWS|
|Household income||12lakh to 18 lakh||6 lakh to 12 lakh||3 lakh to 6 lakh||up to 3 lakh|
|Maximum subsidy||Rs.2,30156||Rs.2, 35068||Rs.2,67280||Rs.2, 67280|
|Maximum loan tenure||20 years||20 years||20 years||20 years|
|Maximum carpet area||200 sq.m.||160 sq.m.||60 sq.m.||30sq.m.|
|The eligible loan amount for calculation||Up to 12 lakh||up to 9 lakh||up to 6 lakh||Up to 6 lakh|
Visit the PM Awas Yojana official website- http://pmaymis.gov.in/ and go to the ‘citizen assessment menu’. Enter your Aadhaar card number and your full name properly. Enter other personal information and your bank account details and tick in the box at the bottom of the screen. Enter the captcha and save your application. Your application number will appear on the screen afterwards. Download and print the form and submit it to your nearest financial Institute/bank along with the necessary documents.
Go to the official website of Pradhan Mantri Awas Yojana and click on the 'select beneficiary’ option. After that, you will get an option to search by name. Enter your Aadhar number properly, and the details will pop up on the screen immediately.
No. Those who intend to buy a home for the first time are eligible to apply for the PMAY scheme in India.
Yes, you can transfer your home loan to another lender during the tenure. In that case, the PMAY scheme benefits will no longer be available for you.
First, check your income threshold to understand which income group you fall under. You can use an online EMI calculator to determine your monthly instalments beforehand. Next, fill out the PMAY application form online. Take the printout of the phone to your nearest bank to claim a subsidy.
Those who intend to buy a house for the first time are eligible to apply for the Prime Minister Awas Yojana scheme in India. However, if you already have an existing home loan, it is not eligible to apply for the scheme as per the policies.
Reach out to their helpline numbers for all your queries- 1800113377, 1800113388, 1800116163. You can also send an email at firstname.lastname@example.org for further assistance.
The objective of the PMAY scheme is to cover all the rural and urban areas of India by 31 March 2022.