Affordable Housing Program Under The Pradhan Mantri Awas Yojana (PMAY)
The Pradhan Mantri Awas Yojana (PMAY) is an initiative of the Government of India which aims at providing affordable housing to the urban poor by the year 2022. The scheme was first launched on 25 June 2015. The interest rate for the PMAY scheme starts at 6.50% p.a. and can be availed for a tenure of up to 20 years. The implementation period of the PMAY-Urban scheme has been extended until 31 December 2024. The decision was made by the Union Cabinet after requests from Union Territories and states. Earlier, the aim was to provide houses by March 2022.
Features and Benefits of PMAY Scheme
- Under the PMAY Scheme, a subsidy interest rate is provided at 6.50% p.a. on housing loan for the term of 20 years to all the beneficiaries.
- Differently abled and senior citizens will be given preference in allocation of ground floors.
- Sustainable and eco-friendly technologies would be used for construction.
- The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
- The credit linked subsidy aspect of the PM Awas Yojana gets implemented in India in all statutory towns from the initial stages itself
Pradhan Mantri Awas Yojana(PMAY) Beneficiaries
The beneficiaries under the PMAY scheme can be listed as follows:
| Beneficiary | Annual Income |
|---|---|
| Middle Income Group I (MIG I) | Rs.6 lakh to Rs.12 lakh |
| Middle Income Group I (MIG II) | Rs.12 lakh to Rs.18 lakh |
| Lower Income Group (LIG) | Rs.3 lakh to Rs.6 lakh |
| Economically Weaker Section (EWS) | Up to Rs.3 lakh |
Key Highlights of PMAY Scheme ( EWS & LIG )
| Particulars | EWS | LIG |
|---|---|---|
| Eligible Housing Loan Amount for Interest Subsidy | Up to Rs.6 lakh | Up to Rs.6 lakh |
| Maximum Loan Tenure | 20 years | 20 years |
| Discounted Rate for Calculation of Net Present Value of Interest Subsidy | 9.00% | 9.00% |
| Dwelling Unit Carpet Area (sq.m.) | Up to 30 sq.m. | Up to 60 sq.m. |
| Duration of Scheme | 17 June 2015 to 31 December 2024 | 17 June 2015 to 31 December 2024 |
| Applicability of No Pucca House | Not for upgradation or renovation | |
| Woman Ownership/Co-ownership | Not required for an existing property. Compulsory for a new acquisition. | |
| Amount Paid in Lump Payment for Each Sanctioned Housing Loan application | Rs.3,000 | Rs.3,000 |
| Quality of Flat/House Construction | BIS Codes, National Building Code, and according to the NDMA Guidelines adopted | |
| Approvals for the Building Design | Mandatory | Mandatory |
| Basic Civic Infrastructure (water, electricity, sanitation, sewerage, road etc.) | Mandatory | Mandatory |
| Maximum Interest Subsidy Amount | Rs.2,67,280 | Rs.2,67,280 |
Key Parameters of PMAY ( MIG I and MIG II )
| Particulars | MIG I | MIG II |
|---|---|---|
| Eligible Housing Loan Amount for Interest Subsidy | Up to Rs.9 lakh | Up to Rs.12 lakh |
| Maximum Loan Tenure | 20 years | 20 years |
| Dwelling Unit Carpet Area (sq.m.) | 160 sq.m. | 200 sq.m. |
| Maximum Interest Subsidy Amount | Rs.2,35,068 | Rs.2,30,156 |
| Lump Sum Amount Paid for Each Sanctioned Housing Loan Application Instead of processing fee | Rs.2,000 | Rs.2,000 |
| Discounted Rate for Calculation of Net Present Value of Interest Subsidy | 9.00% | 9.00% |
| Duration of Scheme | 1 January 2017 to 31 December 2024 | 1 January 2017 to 31 December 2024 |
| Woman Ownership/Co-ownership | Not compulsory | Not compulsory |
| Applicability of No Pucca House | Yes | Yes |
| Approvals for the Building Design | Mandatory | Mandatory |
| Quality of House/Flat Construction | BIS Codes, National Building Code, and according to the NDMA Guidelines adopted | |
| Basic Civic Infrastructure (water, road, sanitation, sewerage, electricity etc.) | Mandatory | Mandatory |
| Income Proof to Claim Subsidy | Self-Declaration | Self-Declaration |
| Identity Proof | Aadhaar Card Number | Aadhaar Card Number |
PMAY Interest Subsidy
| Particulars | Interest Subsidy | >Maximum Loan for Subsidy |
|---|---|---|
| EWS | 6.50% p.a. | Rs.6 lakh |
| LIG | 6.50% p.a. | Rs.6 lakh |
| MIG -1 | 4.00% p.a. | Rs.9 lakh |
| MIG-2 | 3.00% p.a. | Rs.12 lakh |
How to Apply for the PM Awas Yojana Online?
You can apply for the PM Awas Yojana (PMAY) through the official PMAY portal. The process of application is very easy and user-friendly. All you would need to get started is your Aadhaar number. After that you can just follow the on-screen directions and fill up and submit the form to conclude the application.
How to check PMAY Application Status?
To check the status of your PMAY application, you can simply log in to the official portal of Pradhan Mantri Awas Yojana at https://pmaymis.gov.in. After that, you can just navigate to the tracking option and follow the on-screen directions to check the status of your application.
How to Edit Your Details After Submitting Application for PMAY
- Visit the official website of Pradhan Mantri Awas Yojana
- Enter your application reference number and your Aadhaar details
- Click on the “Edit” option
- You will now be allowed to edit your application details
PMAY Resource: PMAY Online Application Form
Phases of Pradhan Mantri Awas Yojana (PMAY)
The PMAY Scheme will be executed in three phases. Refer to the below tables for more details:
| Stage | Phase 1 | Phase 2 | Phase 3 |
|---|---|---|---|
| Start date | 04/01/15 | 04/01/17 | 04/01/19 |
| End date | 03/01/17 | 03/01/19 | 03/01/22 |
| Cities covered | 100 | 200 | Remaining cities |
