The Pradhan Mantri Awas Yojana (PMAY), launched by the Indian Government in 2015 aims at providing affordable housing facilities to marginalized families across the country. Under the PMAY scheme, the government has proposed to construct 20 million houses in different parts of the country. These houses will be well-equipped with all the basic facilities such as electricity, water supply, sanitation, and sewage facility, etc. Construction of houses under the PMAY scheme will certainly help in reducing the major issue of homelessness faced by millions of citizens across the country. The PMAY scheme is further divided into PMAY Urban and PMAY Rural, to cater to the housing needs people residing in the Urban and rural areas, respectively.
In April 2016, the government had identified 2,508 cities and towns in 26 states for beginning construction of houses for urban poor. Later, construction of 1,86,777 additional houses for the benefit of urban poor with an investment of Rs.11,169 crores with central assistance of Rs. 2,797 crores was approved in February 2018. Let’s have a look at the major states covered under PMAY.
- Chhattisgarh – 1000 cities
- Jammu and Kashmir – 19 cities
- Jharkhand – 15 cities
- Madhya Pradesh – 74 cities
- Haryana- 53,290 houses in 38 cities
- Tamil Nadu- 40,623 houses in 65 cities
- Karnataka- 32,656 houses in 95 cities
- Gujarat- 15,584 houses in 45 cities
- Maharashtra- 12,123 houses in 13 cities
- Kerala- 9,461 houses in 52 cities
- Uttarakhand- 6,226 houses in 57 cities
- Orissa- 5,133 houses in 26 cities
The construction of houses under the PMAY scheme is to be executed in three phases
- PMAY Phase-1 from April 2015 to March 2017 to cover 100 cities.
- PMAY Phase-2 from April 2017 to March 2019 to cover 200 cities.
- PMAY Phase-3 from April 2019 to March 2022 to cover the rest of the cities.
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The PMAY Application Process
To facilitate the application process, PMAY online apply is also possible for the eligible beneficiaries of PMAY urban. The steps to apply for PMAY are mentioned below:
- Log on to the official Pradhan Mantri Awas Yojana at pmaymis.gov.in
- Choose the ‘Benefits under other 3 components’ or ‘slum dweller’ option by clicking the ‘Citizen Assessment’ dropdown.
- Enter the Aadhaar number and click submit.
- If the information provided is correct, you will be directed to the next page where you will have to provide all the pertinent information mentioned in the form.
- Once all the information is provided, you have to type the captcha code in the box and click submit.
- If you happen to make a mistake which typing out the information, you can edit the form with the help of your Application and Aadhaar number
To encourage the citizens to avail the benefits of this scheme, the government has announced home loan subsidy under PMAY.
Under PMAY subsidy, the eligible beneficiaries can avail discount on interest rate levied on the housing loan. This can be helpful in reducing the overall cost of borrowing in the long run. A comparatively lower interest rate can be extremely helpful in bringing down the home loan EMI. Therefore, it is always advisable to settle for a home loan with the most competitive interest rate.
While availing a home loan under the PMAY scheme, it is advisable to compare various loan offers provided by different financial institutions. This will help you to settle for a loan that best suits your needs. Lastly, do not forget to read the terms and conditions of the loan agreement carefully before signing it. This will help you avoid any inconvenience in the later stage.
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