Pradhan Mantri Awas Yojana – Housing for all is a program by the GOI to help the homeless people in the nation. You are unambiguously mistaken.
If you think that GOI is giving away free homes to the down-and-out, Pradhan Mantri Awas Yojana (PMAY) is a scheme brought up by the GOI to help the people achieve a decent home to live and that too at affordable prices.
How did the Pradhan Mantri Awas Yojana come to being?
With a homelessness rate of 1.8 million people in our country, many people still don’t have the luxury of owning a house. With over 52% of homeless people residing in urban areas, such conditions lead to the formation of slums.
The main reason people don’t buy a livable home or build one on their land is the vast amount it takes to make a pucca home in India. To help people own a house and increase the living standards of these people, the Government of India has continuously trying to bring various schemes.
These schemes provide people some relief in terms of money. Many partners have agreed to support the GOI by providing affordable houses in urban areas.
Here we tell you the vital details like Who can apply, how much is the subsidy, terms, and conditions and how the allowance impacts the loan amount.
Benefits of PMAY for the people
The benefits for the people are as per the income group they fall into.
EWS stands for Economically Weaker Section, and if you are a candidate for this category, you should have an income of less than 3 lakh per annum.
In contrast, LIG stands for the lower-income group, and your income should be between 3 lakh to 6 lakh per annum to fall in this category. The maximum carpet area should not exceed 60 sq.mt. (approx 645.83 sq.ft).
The benefits for both are almost similar, and they are eligible for the interest subsidy of 6.5% on a maximum loan of 6 lakh and maximum subsidy being of 2.67 lakh Rs.
The tenure for the loan can be up to 20 years, and one can avail the scheme till 31st avail march 2022. In this category, the woman’s ownership is mandatory while buying a house.
MIG stands for Medium Income Group, and it is divided into two further categories, i.e., MIG1 and MIG2.
MIG1- To fall in this group, the beneficiary should have his income between 6 lakh to 12 lakh. The beneficiary’s carpet area should not exceed 160 sq.mt (approx. 1722.23 sq. ft.).
They are eligible for the subsidy of 4% over the maximum loan of 9 lakh. They can avail of a maximum subsidy amount of 2.35 lakh. The tenure of the loan can be up to 20 years, and one can avail of the scheme until 31st March 2020.
MIG 2- To fall into this group, the beneficiary should have his income between 12 lakh to 18 lakh. The beneficiary’s carpet area should not exceed 200 sq.mt (approx. 2152.78 sq. ft.).
They are eligible for the subsidy of 3% over the maximum loan of 12 lakh. They can avail of a maximum subsidy amount of 2.3 lakh. The tenure of the loan can be up to 20 years, and one can avail of the scheme until 31st March 2020.
Term and condition for the Pradhan Mantri Awas Yojana
If you are applying for the Pradhan Mantri Awas Yojana Scheme, you should fit under the following criteria.
- Your age should be between 21-50.
- And You should not own a Pucca house.
- Should not have already applied to this scheme.
- You should have an Aadhar Card.
Now two term and conditions have to be fulfilled depending on the purpose of your loan.
- If you are buying a house, then it’s compulsory to have a woman’s name in ownership.
- If you are taking a loan for building a pucca house, then the woman’s name is not necessary.
Can the existing home loaners take benefit of this scheme?
If the current home loan borrowers fulfill all the relevant eligibility criteria, then they are eligible for this scheme.
How can you apply for the Pradhan Mantri Awas Yojana?
If you have an income of less than 50,000 per month, then you will have to apply online on www.pmaymis.gov.in. Over there, you can fill the form and submit necessary documents to avail of this scheme.
If you have an income over 50,000, then you can directly contact the bank for the loan and straightway apply for the scheme via bank itself.
There is also another way to apply. For this, you need to go to your nearest Common Service Centre (CSC) and fill the form over there, but it has a small catch, i.e., you will have to pay a fee of 25Rs in the CSC.
How to check your name in PMAY 2019 Beneficiary List?
The ones eligible for the program can check their name in the Pradhan Mantri Awas Yojana list by following these few steps:
Step 1: Visit the official PMAY website.
Step 2: Click on “Search Beneficiary.”
Step 3: Enter your Aadhaar number.
Step 4: Click on “Show.”
Which documents will I need?
1) Aadhar Card is a must while applying for this scheme.
2) Other documents are presented for the address proof include Voter ID, PAN card, and Driving License.
3) Proof of being in the minority community should be provided if someone belongs to the minority community.
4) One also has to give proof of Nationality, and it can be done by providing a passport.
5)One needs to provide certificates on LIG or EWS.
6) Salary slips, IT returns, bank details, and statements are a must!
7) Also, you need to prove that you don’t own a pucca house, and you are going to build one or purchase one.
After almost four years, what can we say about PMAY?
Pradhan Mantri Yojana has played a vital role in providing affordable housing. The end goal of this Yojana was to provide 18 million homes in urban and 30 million households in rural areas.
But in the initial two years, 1 million homes were built, and yet there is a shortage of 12 million homes. Also, the progress varies from state to state, as of present Uttar Pradesh with a lead of 61 percent of completing target, followed up by Madhya Pradesh (44) and Chattisgarh (43) target achieved of rural housing.
Documents is also a big problem.
Also, a big problem is of documents which are to be provided while availing of this scheme. Many people who wish to avail of the benefits are unable due to the documents belong to their ancestral dead grandparents.
It will be a tedious job to recover those documents. Another big blow to this mission of housing scheme is given by the corrupt middle man and agents who fraud people.
Also, the private developers’ wills to build affordable houses for the poor to support the government’s move is questionable. Hence we can say that PMAY has been successful in tackling the problem of demand, but it is struggling with the issue to supply. Still, it has also generated plenteous work opportunities in the real estate zone.
Along with the inclusion of RERA, this scheme led to the laying down of about 6.07 Crore jobs across the nation. We still can’t conclude and have to believe in the responsible government. We believe the Yojana to achieve its goals by 2022 and fulfill its promise of providing households to necessitous people of the nation.