Under the Pradhan Mantri Awas Yojana, it is expected that the government would sanction a total of 1.12 Crore houses by March 2020. The said scheme is often described as a ‘social welfare flagship program’. It involves the construction of 20 million houses by the 31st of March 2022. The Pradhan Mantri Awas Yojana Urban (PMAY-U) and Pradhan Mantri Awas Yojana Gramin (PMAY-G) are the two components of this scheme.
What is the aim of the project?
The scheme was launched by the Government of India in the year 2015 to offer to the house for all at an affordable price. Under this scheme, the central government extends financial assistance towards the beneficiaries through lending institutions in the form of A home loan at subsidized interest rates. The beneficiary family under this scheme comprises of the husband, wife, their unmarried sons and/or unmarried daughters.
The interest subsidy offered under this scheme is routed through the National Housing Bank, and Housing and Urban Development Corporation. Eligible applicants can avail of the subsidy directly from the lending institutions through which the government has channeled the subsidy.
What are the eligibility criteria?
Before applying for PMAY, you need to know its eligibility criteria. The list mentioned-below highlights the PMAY eligibility for applicants from both lower-income and middle-income groups.
- The applicant of Pradhan Mantri Awas Yojana loan should not have a pucca house listed under his or his family’s name.
- The applicant should not have availed any other low-priced housing scheme offered by the Indian Government.
- It is mandatory that at least one female has to be a member of the property in question.
- The property in question should be co-owned by a female member of the family.
- The location of the property should align with the statutory list of the 2011 consensus of towns and adjacent areas.
How to apply for the Pradhan Mantri Awas Yojana?
Both rural and urban residents can get a house via PMAY under these two categories-
- Under 3 components: Applicants from Low Income Group, Middle Income Group, and Economically Weaker Section can apply for a house under this scheme.
- Slum Dwellers: Those who live in unhygienic conditions in poorly built houses without proper sanitation and drinking facilities can apply.
The application procedure for the Pradhan Mantri Awas scheme either online or offline. Follow these steps.
For online applicants: To apply online, the applicant has to visit the official website of the PMAY scheme. All they need to do is provide the essential details as required, fill up the details asked on the application form and then save to proceed.
For offline applicants: When applying for the scheme offline they would be required to pay Rs. 25+ GST as the registration fee.
Many lenders extend affordable home loans to first time home buyers under the scheme. They make the task of availing a housing loan seem more relaxed and its payment comfortable by offering an attractive home loan interest rate of the loan applicants.
Interested applicants who want to avail a house under the scheme should be aware of the fact that they cannot apply for the same scheme twice. The restriction imposed on the number of applications arises from the fact that their account is linked with their Aadhaar number.
Through the Pradhan Mantri Awas Yojana scheme, millions of individuals would avail a permanent home and improve the quality of life they live in. By opting for a trusted NBFC, applicants of the scheme can further ease the process of availing a home loan to finance their dream home under this housing scheme.