The Pradhan Mantri Awas Yojana (PMAY) is a government scheme launched by our honorable Prime Minister, Shri Narendra Modi, with an aim to provide over 20 million affordable housing to the economically weaker sections of our country by the year 2022. Monitored by the Ministry of Housing and Urban Poverty Alleviation, the program is divided into two components:
Pradhan Mantri Awas Yojana-Urban (PMAY-U)
Pradhan Mantri Awas Yojana –Rural (PMAY–R)
Under the PMAY program, the government offers a 6.5% subsidy on the interest for home loan for the economically weaker section, in accordance with the integral Credit Linked Subsidy Scheme of the PMAY program. More than 2508 cities in over 26 States have already been selected by the Government to start the beginning of the housing construction.
If you are wondering about how to apply for PMAY, here is a detailed guide that can help you with the process-
You can apply for the PMAY through online as well as offline mode. However, before you start with the application process, it is essential that you check your eligibility for the PMAY scheme.
The PMAY scheme is primarily aimed at the upliftment of the weaker economic section of India. Thus, you have to fulfill the following eligibility criteria to qualify for the scheme:
The applicant must be less than 70 years of age
The applicant must not have any property in his/her name or in the name of any member of his/her family
The applicant must not be benefitting from any other housing scheme by the State or Central Government
The annual income limit must be:-
The maximum income per year to avail EWS or LIG should be up to Rs 6 Lakh
To avail MIG1, your income should be between 6-12 lakh rupees per year
To be eligible for MIG2, your annual income should be in the range of 12 to 18 lakh rupees per year
Step 1: Visit the Pradhan Mantri Awas Yojana’s official website at https://pmaymis.gov.in/
Step 2: Go to the ‘citizen assessment’ tab and choose your eligibility category accordingly.
Step 3: Once you select your category, you would have to submit your 12-digit Aadhar Number, after which you would be directed to the PMAY application page.
Step 4: You would need to create a login ID and password for creating an account for future communications.
Step 5: Once your user account is activated, you need to submit your personal details such as name, current dwelling address, annual income, etc.
Step 6: After submitting your details, you may click on ‘SAVE’, to save your application details in the system
Step 7: You might be prompted to a pop-up that states all the terms and conditions related to the PMAY schemes and as well as the subsidy on house loan interest rates that you are eligible for, based on your income.
Step 8: After going through the scheme details, you may click on ‘I am aware’ tab of the online application and submit your application
Step 9: After the successful submission of your application, you will be allotted an application number with the help of which you can check up on your application status in the future.
Step 10: To check whether your application has been accepted or not, you can click on the ‘Search Beneficiary’ tab on the homepage of the PMAY website, enter your Aadhar Number and check for your name.
Step 11: You need to download or take a print out of your PMAY application and submit it to the nearest CSC (Common Service Centre) office. Subsequently, you can also submit the application in any nationalized or private bank or Non-Banking Financial Company (NBFC), or Housing institution that offer the PMAY schemes under them.
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Steps to apply for PMAY offline
Step 1: Visit your nearest private or nationalized bank, NBFC or housing institution that is recognized under the PMAY scheme.
Step 2: Provide the necessary income details and ask the respective financial institution about your eligibility for subsidy on their home loan interest rates
Step 3: Once you are clear on the loan amount, you can physically fill up and submit the PMAY scheme form available at these financial institutions or your nearest CMC (Chas Municipal Corporation).
Step 4: After getting the approval on your loan, you can register for the eligible flat/property as per the scheme.
Frequently Asked Questions on PMAY
Q. Who all are eligible under the PMAY scheme?
A. Apart from people belonging to EWS, LIG, and MIG, people belonging to minority group like scheduled castes, scheduled tribes, and other backward classes are also eligible for the scheme.
Q. Can people who have already availed a home loan apply for the PMAY scheme?
A. Yes, as long as they fulfill the relevant eligibility criteria, people who have already borrowed housing loan can apply for the PMAY scheme.
Q. What is the maximum tenure on PMAY subsidy?
A. The PMAY subsidy can be availed for a tenure of 20 years.
The PMAY scheme has already started its third-phase and is expected to cover more than 200 cities by the end of 2022. Apart from the nationalized banks, many private contributors are putting-in efforts to bring the PMAY scheme to reach maximum beneficiaries over the next three years. A major objective of this scheme is to eradicate the slum settlements in most cities by constructing over 2 crore cemented houses for the lower-economic section of the society. Another key highlight of the scheme is that women applicant can jointly own the home with their partners. The scheme also makes provisions for senior citizen, widows and transgender applicants to avail the benefits of subsidized home loan rates.
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