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  • Sunday, 01 August 2021
Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana

Reference

 

  • Pradhan Mantri Awas Yojana – Urban (PMAY-U), a flagship Mission of Government of India being implemented by Ministry of Housing and Urban Affairs (MoHUA), was launched on 25th June 2015.
  • The Mission addresses urban housing shortage among the EWS/LIG and MIG categories including the slum dwellers by ensuring a pucca house to all eligible urban households by the year 2022, when Nation completes 75 years of its Independence.
  • Under this scheme, a Credit Linked Subsidy Scheme (CLSS) is offered to eligible beneficiaries such as Economically Weaker Section (EWS), Low Income Group (LIG) and Medium Income Group (MIG). The benefit of the Credit Linked Subsidy Scheme is upfront on the principal outstanding on a home loan for construction of house/ acquisition of the house, including the repurchase of house.
  • Interest subsidy and carpet area eligibility depends on the income group of the borrower.
  • Income group for a borrower changes based on his/her income.

Income Groups

Economically Weaker Section (EWS)

Low Income Group (LIG)

Medium Income Group (MIG)

Maximum Home Loan Amount

₹ 6 Lakh

Interest Subsidy

3% to 6.50%

Eligible Interest Subsidy Amount

₹ 2.30 Lakh to ₹ 2.67 Lakh

Eligible Carpet Area

30 sq. m. to 200 sq. m.

Maximum Annual Income

Upto ₹ 18 Lakh

Main features

  • Interest rate as per PMAY scheme is provided at a subsidized rate of 6.50% p.a. if beneficiaries opt for a housing loan for a tenure of up to 20 years.
  • The interest subsidy will be provided for Middle Income Group (MIG) on housing loans for the acquisition/construction of houses (including repurchase).
  • For the Economically Weaker Section (EWS)/Lower Income Group(LIG), the interest rate subsidy will be provided on home loans for construction or acquisition of the house. Interest subsidy will also be provided on home loans taken for adding rooms, kitchens, etc. to existing dwellings.
  • Eco-friendly and sustainable technologies will be used for construction.
  • For senior citizens and differently-abled, allocation of the ground floor will be preferred.

Beneficiary

  • The PMAY beneficiary comprises all the adult family members with an income, including husband, wife and unmarried children. The beneficiary can apply for the PMAY scheme as per their income qualification under the four categories of the urban or rural scheme.
  1. Economically Weaker Section (EWS)
  2. Lower Income Group (LIG)
  3. Middle Income Group I (MIG I)
  4. Middle Income Group-II (MIG II)

Eligibility

  • You can apply for a Pradhan Mantri Awas Yojana if you have not availed of any other government scheme and are first time borrowers.
  • To be eligible for the PMAY CLSS scheme, you must not possess any pucca house or another house.
  • You cannot avail of PMAY benefits on the already built house.
  • The construction/extension for which the PMAY home loan is availed must be completed within a span of 36 months from the date of the disbursement.
  • In case a couple applies for PMAY either a joint ownership or single subsidy can be availed.

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