Pradhan Mantri Awas Yojana (PMAY) has recently prolonged its scope to provide to the housing needs of the mind – income group; apart from the economically weaker sections (EWS) and low-income group (LIG). PMAY launched in June 2015, the Government predicts to build affordable Pucca houses with good water facility, electricity supply without any interruption and sanitation.

The main purpose of the scheme is to cover people in the EWS (who annual income is not exceeding 3 lakhs) and LIG (who annual income is not exceeding 6 lakhs) sections, but now even they cover mid-income group (MIG) as well.

How “Pradhan Mantri Awas Yojana” works?

The scheme consists 4 components, they are as follows

  1. Transforming Slum Areas (Slum Rehabilitation of Slum Dwellers)
  2. Credit Linked Subsidy
  3. Affordable Housing in Partnership
  4. Beneficiary led Individual house construction or Enhancement

Transforming Slum Areas (Slum Rehabilitation of Slum Dwellers):/strong>

This activity is carried out with the help of private developer using land as resource

Credit Linked Subsidy:

  • In this section, the weaker economic sections will give subsidy on home loans taken by Urban Poor,
  • It is eligible for the loans availed for new construction and addition of rooms (kitchen, toilet etc.) and it will be available only for loan amount up to 12 lakhs.

Affordable Housing in Partnership

This section is a supply-side intervention, in this section financial assistance to EWS (Economically weaker sections) hoses begin built with different Paternership by states / UTs /Cities will be allotted

Beneficiary led Individual house construction or Enhancement:

This section supports the eligible families who belong to EWS categories and this support will be given to either to construct the new house or to enhance the existing houses on their own. Central assistance of one lakh will be given in this section.

Eligibility of Pradhan Mantri Awas Yojana:

  • Age – 70 years or less
  • Income range – less than Rs. 3lakhs for economically weaker sections and between Rs. 3 to 6 lakh for lower income groups
  • It is eligible to all Indian Citizens women. No other demographic will be considered as long as they are women.
  • People who belong to the low-income group i.e. LIG and economically weaker sections also known as EWG in the society may also apply.
  • Senior citizens and differently able will be given special priorities for ground floor housing.
  • Scheduled tribes and castes will also be eligible.

The beneficiary of Pradhan Mantri Awas Yojana:

They must meet the income requirement of the scheme

They must not own a build house in the Indian subcontinent to avail this scheme

A family which include husband, wife, and children who are still unmarried

The economically weaker section consists of families with a yearly income less than 3 lakhs and people who belong to annual income group of Rs. 3 lakhs and up to 6 lakhs under lower income group or LIG

Eligible Beneficiary of PAMY (Gramin)

The Social Economic and Caste Census of 2011 is going to be utilized to identify and select the list of beneficiary on the Gramin Plan of the PMAY

Before making the list on the rural housing scheme, the village Tehsils and Panchayat will be considered for discussion of beneficiaries and this going to be held in order to ensure transparency of the project and ensure that only the deserving receive the aid in housing.

Features of PMAY:

  • The scheme is mainly targeted at the urban poor in India
  • Facility will be accessible to scheduled castes and scheduled tribes
  • There will be no caste-based inequity while providing loans under this scheme

Benefits of PMAY:

  • The PMAY Scheme is targeted for the Economically Weaker Section And Low Income Group.
  • PM announced that the main aim is to reduce the rate of Home Loan. So anyone can make their house.
  • They are giving the 4% concession on 9 Lakh loan and 3% on ₹ 12 Lakh Loan for the Beneficiaries who want to make a home in the urban area.
  • They have increased 33% house in Rural Area under the Prime Minister’s Housing Scheme, and they want to include more people who don’t have a house.
  • The Beneficiaries, who want to repair their house, they will get Rs 2 Lac Home Loan with 3% of Concession.
  • Through the PM Awas Yojana, The poor and Deprived people can complete their dream is the motto of Indian Government.

Check Name in PMAY List 2018

PMAY has divided into 3 phases as follows

Phase: 1

  • Started – April 2015,
  • Covered – 100 cities
  • Ended – at March 2017

Phase: 2

  • The second phase is started – at April 2017
  • Covered – 200 cities
  • Ended – at March 2017

Phase: 3

  • The third phase started – April 2019
  • Covered – remaining cities
  • Ended at – March 2022.

PMAY Interest Rates, Loan & Subsidy:

Particulars Interest Subsidy Loan Amount Carpet area Sq Mt
EWS 6.50% 6 Lakhs 30
LIG 6.50% 6 Lakhs 60
MIG 1 4.00% 9 Lakhs 90
MIG 2 3.00% 12 Lakhs 110

PMAY EMI Calculator:

  • To calculate the EMI log on the Pradhan Mantri Awas Yojana website http://pmaymis.gov.in/EMI_Calculator.aspx and enter all the details as below

  • Total loan amount in rupees
  • The rate of interest
  • The total loan period in months
  • After entering all the details click on calculate
  • it will display monthly installments or EMI payable in rupees

This is all about the Pradhan Mantri Awas Yojana (PMAY), hole had a great time. Please share your experience and suggestions with us