Pradhan Mantri Awas Yojana – A Hope of Having Own Home

It is everyone’s dream today to own a house of their own. They have started expanding their objectives to buy a property. But, before they can start materialising it, hurdles like finance, resources, debts etc. stop them. Pradhan Mantri Awas Yojana was especially launched to lend a helping hand to all the people who have always dreamt of having their own home according to their choice.

The aim of PMAY is to provide housing needs to everybody before 2022. There is a Pradhan Mantri Awas Yojna Credit-Linked Subsidy Scheme (PMAY CLSS) linked under this mission. This scheme provides home loans to certain sections of people like Low Income Group (LIG), Economically Weaker Section (EWS) and Middle Income Group (MIG).

Benefits of PM Awas Yojana:

The benefits of PM Awas Yojana are listed below:

Development of the Nation:

The scheme is set to benefit a large section of people from rural areas. Besides motivating people from the rural, low-income sector and urban areas, it is also going to impact the real estate division of the nation and the various industries related to it because employment is surely going to increase.

Housing for All:

There is no restriction on the people based on their caste, gender or any other criteria. Females are also encouraged a lot and families with no male member can also utilize the advantages of the scheme without any doubt. Families being led by females are at a more advantageous side.

Subsidy Rate:

The most beneficial aspect of this scheme is the rate of subsidy that it offers. While the interest rates of banks for home loans are more than 10%, the PM Awas Yojana offers a subsidy of 6.5% to every individual. This acts as a great relief, especially for people from the middle-class section of society.

Pradhan Mantri Awas Yojana Eligibility Criteria:

  • The applicant must not own a pucca house in any part of the nation either in his name or in the name of any of his family member. The family here means husband, wife, unmarried sons or unmarried daughters.
  • Ownership by an adult female is desired.
  • He/she must not have availed any assistance from the central or state government for any housing scheme before.
  • The address of the property should be within statutory towns.

There are three categories under this scheme through which one can apply and this is based on the income group they fall in.

  • EWS – Upto Rs 3 lacs
  • LIG – Rs 3.01 to Rs 6 lacs
  • MIG1 – Rs 6.01 to Rs 12 lacs
  • MIG2 – Rs- 12.01 to Rs 18 lacs

Documents Required:

Here’s the list of documents needed:

Identity Proof:

PAN card is required mandatorily with any one of these: Voter card, Aadhaar card, valid passport or Driving license.

Address Proof:

Anyone of these documents will do: voter card, Aadhaar card, Valid PASSPORT, latest utility bill, life insurance policy, tax receipt, credit card statement not older than 3 months or rent agreement.

 Proof of Income:

Income tax returns, balance sheets or current account statements of the last six months.

Credit Linked Subsidy Scheme (CLSS) Subsidy:

This scheme is covered under the PMAY scheme and aims at providing a reduced rate of interest subsidy for all those who meet certain criteria.

  • The loan should be for the purpose of construction or purchase of house or property in particular urban cities under the Pradhan Mantri Awas Yojana.
  • There should be at least one female owner for the property.
  • The family’s income of all the applicants for EWS/LIG segment must not exceed INR 6 lac per year, INR 12 lac per year for MIG-1 segment and INR 18 lac per year for MIG-2 segment.
  • The applicant should not hold any other housing property in any other part of the nation.
  • Under this plan, one should compulsorily have an Aadhaar card.

Urban Pradhan Mantri Awas Yojana:

This scheme is set to address the housing requirements of the slum dwellers in the urban areas through 4 vertical implementation proposals:

“In Situ” Slum Redevelopment:

This option implies redeveloping slums irrespective of the land (i.e. Central government land/State government land or ULB land or private land) on which it exists so that housing facilities can be provided to the slum-dwellers.

Affordable Housing CLSS

Affordable Housing in Partnership:

This option stands to provide financial assistance of INR 1.5 lakh per EWS house that is built under the States/UTS/Cities.

 Beneficiary-Led Individual House Construction:

This provides guidance to the EWS section of the population to either construct houses or restructures existing ones

Rural Pradhan Mantri Awas Yojana:

The objective of PMAY Rural home loan subsidy is to provide pucca houses by 2022 to all those who are deprived and living in rural areas. The construction of multi-storeyed houses and up-gradation of Kucha houses is a part of the process.

  • The solid and liquid wastes from the households are managed under PMAY-G.
  • NRDWP will provide drinking water to houses under PMAY-G scheme.
  • The funds are transferred to the beneficiaries electronically.
  • The beneficiaries of PMAY-G scheme are provided with good quality cooking fuel.
  • The total expenditure of PMAY-G is estimated to be by 202260,000 crore.
  • To ensure correct selection of beneficiaries, there are advanced technologies like information communication and space technology.

We have covered various aspects of Pradhan Mantri Awas Yojana in this article like PMAY eligibility, aims, benefits, urban pradhan mantri yojana, rural class subsidy etc. If we see it from the perspective of the middle and lower class people who can only imagine about their dream homes, this scheme acts as a ray of hope and it actually is. If implemented as it seems, it can work wonders in improving the economic conditions of our country and of the people at the same time.

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