What is Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojana or PMAY was launched endeavoring to help people to get houses at an affordable price. They have fixed a target to provide around one crore houses under this scheme and aiming to offer, ‘Housing for All by 2022’. Now people from the lower class can also own a house and take the benefit of such a scheme. ‘Housing for All by 2022’ is getting funded by the Central Government of India where the scheme would get funded with around USD 31 billion. It is speculated that around 15 lakh houses have been constructed till now and soon 12 lakh more apartments will be prepared.
There are two components that fall under this scheme:
- Pradhan Mantri Awas Yojana Urban (PMAY-U) for the urban poor
- Pradhan Mantri Awas Yojana Gramin (PMAY-G) for the rural poor
Pradhan Mantri Awas Yojana is further connected to other government schemes such as:
- Swachh Bharat Abhiyan: Under this scheme, people are educated to build in-house toilets and clean their houses, streets as well as well roads and maintain it.
- Saubhagya Yojana: Under this scheme, electricity will be provided to all the households.
- Ujjwala Yojana: All the households should get LPG Gas connection.
- Accessibility of pure drinking water: People should get clean and drinkable water.
- Pradhan Mantri Jan Dhan Yojana: People should get connected to the banks by opening a zero balance account and take benefits of all banking facilities.
Under PMAY, there will be a subsidy of 6.5% on home loans for 20 years which can be availed by the recipients from the beginning of the loan under the credit link subsidy scheme (CLSS). An eco-friendly technology will be used to build houses under this scheme. Furthermore, gifted people or old people will be able to take advantages of this scheme first.
If you or anyone in your family who already owns a house, then you would not be able to take advantage of PMAY scheme as this is only for those people who do not own a house.
As per the rules, the recipients should not have a pucca house and they or someone in their families have not taken any related assistance from the Government. The family members included in the list are husband, wife, unmarried sons or unmarried daughters. Also, they need to provide their Aadhar Cards while applying in order to shun the duplicity.
If your parents own a house (or on rent, in the same or another city) and you are an earning member (their children) in your family, then you can apply for the same under this scheme. Make sure that you do not own a pucca house under your name anywhere in India.
If you are married and living either on rent or parent’s house then you will be considered as a different household and you can apply for this scheme. Being a couple you can only apply for a single house which may be under your name or your wife’s name or both.
There are two categories to apply for PMAY:
- Under 3 components: If you belong to Low-Income Groups (LIG), Middle-Income Groups (MIG) and EWS then you can apply for this scheme. Where EWS is having an annual income criteria of Rs 3 lakh, LIG from Rs 3 to 6 lakh and MIG from Rs 6 to 18 lakh.
- Slum Dwellers: People living in slums where they have to eat unhealthy food and less or very bad water quality can apply for PMAY.
Conclusion: To get an affordable home using the PMAY scheme, collect all the information related to it. In order to apply online, you will need to open their website pmaymis.gov.in and follow the steps as mentioned there. Walk through the website, and know more about eligibility criteria to understand all the procedures carefully. It is advisable to go through all the available options before applying for this scheme in order to get your dream house for the first time.