Launched in 2015, it is a housing development project from central government that will deliver 2 Cr permanent houses in urban as well as rural areas by the year 2022. The phase I of the project is already over by March 2017 and the second phase has already started. It is divided into two parts, PMAY Urban and PMAY Gramin. Mainly the congested slums areas will be removed to deliver pucca or permanent houses to the inhabitants of the slums and other people from LIG ,EWS and MIG categories. Those who are living in rented houses or own house but needs reconstruction, can apply for this scheme. The estimated completion year for the scheme is 2022, which means that these 2 crore homes will be constructed over a period of 7 years. Here are the quick highlights of Pradhan Mantri Awas Yojana in a tabular format: Parameters Details Scheme Name Pradhan Mantri Awas Yojana Launch Date June, 2015 Estimated Time for Completion 7 years 2022 Primary Objective Providing affordable houses to Indian citizens Number of Houses to be Built 2 crores + Primary Target Group Poor people of India belonging to LIG, EWS and MIG groups. Primary Target Area LIG, EWS and MIG people of urban and rural area. PMAYG Pradhan Mantri Awas Yojana Gramin Rural PMAYU Pradhan Mantri Awas Yojana Urban Sheri Subsidy Aprox rs 1. All candidates who have documents to prove this will be allowed to apply for a home under this scheme. These candidates will be able to apply for a new home provided they meet other requirements. These individuals will also be allowed to apply under the PMAY program. It will depend on the category under which these applicants fall. So, candidates of EWS, and LIG sections will acquire a shelter that is of 30 sqm and 60 sqm carpet area respectively. As per the new draft, applicants from MIG 1 will be eligible to get homes with 120 sqm carpet area while MIG 2 applicants will get 150 smq. Apart from the primary criteria, all interested candidates will have to meet some additional requirements to apply and get credit from economic institutions. Applicants will get credit to pay for the Awas yojana. These candidates will be awarded a subvention of 6. According to the official draft, all candidates who will fall under this category will have to pay interest that will be 4% less than normal loan schemes. They need to clear the credit repayment within 20 years. Individuals who will fall under this section will be awarded with a subvention on the interest rate at 3%. Each creditor will have to pay up the entire loan amount within 20 years. Phases of Pradhan Mantri Awas Yojana The Pradhan Mantri Awas Yojana has its blueprint divided into three phases. In other words, the scheme is designed to be completed in three phases, which are: Phase I Phase I one Target Date of Start April 2015 Target Date of Ending March 2017 Number of Cities Targeted 100 cities in India What to Expect? Development and completion of affordable houses under the scheme. Phase II Phase II two Target Date of Start April 2017 Target Date of Ending March 2019 Number of Cities Targeted 200 cities in India What to Expect? Development and completion of affordable houses under the scheme. Phase III Phase III three Target Date of Start April 2019 Target Date of Ending March 2022 Number of Cities Targeted All remaining cities in India What to Expect? Development and completion of affordable houses under the scheme. Process to Apply There are three modes of application under the PMAY scheme. They are offline, online and through CSCs for the urban and rural areas. This survey will be conducted to find and organise the list of people living under LIG category annual income not more than Rs. Once the survey will be done, verification process will start and the registration will began accordingly. The link for the website is. Click on the link and find the registration or sign up form available on the website. Submit the form online after successfully completion of the filling up. Applicants are required to submit all their documents in these CSCs and a minimum registration fee of Rs. The authorities will conduct the survey in which LIG and EWS categories will be identified to make a list of targeted population. This list should be submitted to the PMAY local authorities for further registration process. The applicant can register through the official ministry website for PMAY without spending anything. The applicant is required to spend Rs. Note : You should fall in Secc 2011 list to be eligible for getting PMAYG benefits. If the applicant by chance does not hold Aadhaar card, then the CSCs will help the applicant to get his card with proper registration. People who are living in rural areas or in urban areas, belonging to EWS or LIG groups need to submit their income certificates along with their identity and address proof. Application form of PMAY U and PMAY G The application form is available online only. Those who are registering through CSCs can get those forms in hand from the centres. The authorities take out the forms printed and deliver them along with an acknowledgement slip to the applicant against Rs. The applicant has to submit the form in CSCs after filling it properly. Name, contact, gender, date of birth, category, annual income, aadhaar number, BPL certificate details and such are the mandatory options in the form. Also the applicant must mention about the house loan they want such as for construction of new house or renovation of old home. Status Check: Track your application After registration, you need to check whether your application gets accepted for the loan or not. To check or track the status of your application, you must click on the following link. In this page you will find a small empty text box where you have to enter first 3 letters of your name. You can find your name in the list and can get the details of your application status. Who are the target group of Pradhan Mantri Awas Yojana? The main targeted population of the scheme is the people living under EWS and LIG. Also people who are living below the poverty line can also be the part of this scheme. In recent time the central government has stated that the middle income group of MIGs will also be eligible for this PMAY scheme. The loan amount is also increased to 12 Lac from 6 Lac. Last Date to apply for the PMAY Loan: The second phase has been started from April 2017 for the scheme. As of now 31st March 2019 is the last date for application is being mentioned by the authority. What are the primary features of Pradhan Mantri Awas Yojana? The subsidy will come from central government treasury and will range anywhere between INR 1 lakh and INR 2. This subsidy will allow people from target segment to afford a house under the scheme. This interest subsidy will last for a period of 15 years from the date on which the loan is disbursed to the borrower. Simply put, applications from female beneficiaries will be accepted easily compared to applications from male beneficiaries. This makes the scheme a pro-women scheme. Drastic reduction of EMI under Pradhan Mantri Awas Yojana The PMAY comes with a promise of subsidized interest rate of 6. Currently the market rate for interest on housing loans is 10. This means that those who want to avail housing loans for the scheme, they will enjoy a rate of interest which is 4% below the market rate. This clearly implies that there will be a drastic reduction in the amount of EMI one needs to repay every month. Let us take a quick example of how much reduction can be expected in EMI payments under the PMAY Let us assume that a person takes out a loan of INR 6,00,000 under normal market rates 10. Thus, the amount of EMI he or she needs to pay per month will be INR 6,632 per month. In case the person wants to take out the same loan under the housing scheme, the interest rate applicable will be 6. This will lead to an EMI of INR 4,050 a month. This means that under the scheme, the person needs to pay well over INR 2000 less compared to what he or she would normally pay under normal or market interest rates. This is a drastic drop in EMI, making home purchase far more pocket friendly for LIG and EWS people of the urban sectors of the nation. Credit-Linked Subsidy Scheme of Pradhan Mantri Awas Yojana One of the key features of Pradhan Mantri Awas Yojana is its credit-linked subsidy scheme. Now, these two components are not different from each other. In fact, one complements the other in such a way that they cannot exist independently. To further explain… The interest rate of 6. There are some rules to this. So, if a person applies for INR 700,000 as loan, he or she will have to pay normal market interest rate for home loans for the additional INR 100,000. This means that if a person is taking out a loan for say, 20 years, he or she will have to pay 6. If, the tenure of the loan is less than 15 years, the subsidized rate will be applicable as the loan tenure will not exceed 15 years anyway. This means that a person from LIG or EWS category can take out a loan under this scheme even if he or she already has a house that requires extension or renovation or he or she actually wants to build a new home on his or her own instead of purchasing a new apartment from the pool of housing units constructed under the government scheme. If this condition is not met, loan under this scheme cannot be availed. Cities selected by government for Pradhan Mantri Awas Yojana The government has come up with a list of all cities in different states and union territories where housing units will be constructed under the Pradhan Mantri Awas Yojana. The loan facility for this housing scheme is now available at 10. In accordance with the calculation, the equated monthly installment on these types of loans of six lakhs for a long duration of fifteen years falls somewhere around 6,632 rupees. According to the PMAY, the new announce equated monthly installment will be four thousand fifty rupees and this is because of the subsidy of 6. Therefore, the applicants will get the advantage of saving a minimum of two thousand rupees in the payment of Equated monthly installment. The beneficiaries will get the central grant of approximately one lakh rupees. The individuals who belong to LIG and EWS will be offered with 6. Update Latest News Update Jan 2018 Govt. The new rates are applicable for home buyers purchasing affordable homes under the PMAY Pradhan Mantri Awas Yojana — CLSS scheme. The government has extended the benefit for first time home buyers having annual income equivalent to around Rs 18 lakhs. Apart from this the GST benefit will also be provided to home buyers investing in low cost home projects having 646 sq. Update 23 Feb 2018 Urban Housing Scheme — Extra Budgetary Support of Rs 60,000 Crore under PMAY Under the latest implementations made by the Central Government- Union Cabinet has decided to invest an overall budget of Rs 60,000 crore under the PMAY-Urban scheme. The government has also stated that the new budget will be used for constructing over 1. The government has also stated that the additional funds will be used under BMTCP Building Materials and Technology Promotion Council under the MoHUA Ministry of Housing and Urban Affairs. Under the new implementation the government aims at making use of better and advanced technology for constructing affordable homes. As per the government additional funds will help in meeting the requirements of project completion within next 4 years. The government has also stated that the funds for the completion of the project will be released in stages by central government with Rs 1. Apart from this to make the homes more affordable to the people the government will be offering with subsidy on interest for the loan under the Pradhan Mantri Home Loan scheme. This decision will make Pradhan Mantri Awas Yojana more lucrative. But it will be offered under Private Sector Lending only. But the condition is that the house must be set in any metropolitan site that has 10 lakh or more population. This decision comes only after RBI declared their new repo and reverse repo rates. These have been increased to 6. Though people will be able to get more funds for purchasing homes. As per the lock system, people purchasing the home will not be able to sell the home before five years as per rules set by the officials. This would ensure that people who need the house are able to avail the same. To prevent misuse of the housing purchasing subsidy, this present scheme has been introduced. Permission of 54 lakh homes has been sanctioned till date. The main aim of the scheme is to provide a house to the plenty of homeless people at an affordable rate. My name is Rohit and I am a resident of Uttar Pradesh District Hathras, my annual income is 200000. And I work in Gujarat. I am only a person of income in my house. And I do not have the money to build the house and now the house where my family is living is so old that I can ever fall and I request you to please help me. I do not own any house. I wish to apply under PMAY scheme. I need a loan of Rs. I have booked a flat in Bangalore, Yelahanka-Dodballapur road. Can I get a loan of Rs. I am Pramod Helwade working as LIC agent 61 years aged having one son and one daughter with my wife and my two younger brothers living together on rental basis every year on contract of 11 months. I have submitted my application in Daund Nagarpalika Dist. Pune, Maharashtra earlier, till date I have not received any feedback of my application.. I am trying to registered many time but not get success because of not getting registration link there only login option is available. But in slum dwellers have the option to put all details what is use of this section…?? Please do the needful. Ragubar Das CM , Jharkhand , and honarable priminister Mr. Nernder domadar modi, there totaly dry area in a year 3-4 months having water, around 9 months dry suffering , please try do arrange supply water, plase take necessary action from your end thanking , with warm regards, A. Dear sir I am 80 year old widow staying with my physically and mentally weak son and grandson. My grandson is a slow learner studied upto 7 th standard. Our medical expenses and flats rent keeps us in miserable condition to survive. I tried so many times for PMAY scheme…could not access it. C an u please help me to get a shelter of my own? As our prime minister Modij is very sympathetic to weak people I have lot of hope for it.
