All You Need to Know About PMAY( Pradhan Mantri Awas Yojana)

Pradhan Mantri Awas Yojana is an initiative by the Government of India to provide affordable houses to all those who have no residential property. The scheme basically focuses on providing well-designed houses to the urban and rural poor. Apart from that, those belonging to the lower-income group and middle-income group can also avail benefits under this scheme. Launched in 2015, the scheme aims at providing affordable houses to more than 2 Crore households by 2022.

Let's explore more information about the eligibility criteria for buying a flat under PMAY.

1) The applicant must not own a property in his/her name.

2) The applicant should belong to any of the following categories:

  • EWS (Economically Weaker Section)
  • Low Income Group(LIG)
  • MIG I and MIG II

The applicant must not have any history of receiving assistance under any other central scheme for housing.

What Does the Pradhan Mantri Awas Yojana Scheme Offer?

Under this scheme, the beneficiary gets an interest linked subsidy on the total loan amount that has been availed for buying the house. Public and private banks as well as many housing finance corporations have been helping beneficiaries avail credit-linked subsidy under PMAY.

Under this scheme, applicants of the LIG and EWS categories can get a subsidy of 6.5 percent p. a. And, those belonging to the MIG l and MIG ll categories can get an interest subsidy of 4% and 8% p.a. respectively.

What types of houses can be purchased under PMAY?

The flat you are planning to buy under the PMAY should be certified by the Government of India. Here, you need to consider the fact that not all flats are eligible for benefits under PMAY. Rather, you should look for those projects that comprise at least 35 percent of the total flats for EWS category.

How to apply for PMAY?
  • To apply for the PMAY, you can visit its official website i.e. http://pmaymis.gov.in/
  • Next, you have to fill the details under the 'citizen assessment' option.
  • After that, you have to select the type of benefits that you want to get.
  • Now, fill in the required information, such as name, address, income, and bank account information.
  • Once you submit the form, the system will generate an application number using which you can check the status of your application later.

Conclusion- If you want to avail the benefits of PMAY, then make sure you match the eligibility criteria. Plus, the house you are looking to buy should be approved by the government and match the requisite criteria regarding the PMAY. Applying for PMAY is quite simple and you can check your application status online.

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