PMAY, or the Pradhan Mantri Awas Yojana is Indian Central Government’s programme to provide ‘Housing for All’. It aspires to extend affordable and sustainable housing facilities in both rural and urban areas. The target set by it is to construct over six crore habitations all over the country. PMAY Scheme and its Urban wing has been designed to include various income groups. Follow this comprehensive guide to know about PMAY eligibility criteria, features and other aspects.
Plan of Action: PMAY Scheme
PMAY primarily has four main plans of action, which include:
- Credit Linked Subsidy Scheme (CLSS), which provides subsidies on the home loan interest rate to the beneficiaries
- In-Situ Slum Redevelopment (ISSR), aiming for rehabilitation of slums on a large scale
- Affordable Housing in Partnership (AHP), lending financial help to economically marginalised sections for constructing their homes. It is to be done in partnership with state governments and even private actors.
- Those beneficiaries who could not avail of any of the three previous components can seek refuge in financial funding by the central government. The latter can assist with a maximum amount of 1.5 lakh INR.
Among all the components, Credit Linked Subsidy Scheme (CLSS) happens to be the most beneficial. PMAY subsidy is linked to this aspect. By granting a subsidy on the interest, it reduces the financial burden. It makes the circumstances suitable for people to dream about their own pucca house. CLSS is available for different income groups, and each of these needs to fulfil some basic criteria. By March 2019, the government had disbursed over 12,000 crore INR to home buyers in the form of a subsidy.
PMAY Eligibility Criteria
PMAY is an inclusive programme and an ambitious project, benefitting a large chunk of the Indian population. To understand the guidelines for different income groups, study the following table.
| Income group | Annual income (INR) | The maximum loan amount for the subsidy (INR) | Subsidy on interest (%) | The maximum carpet area of the house(sq.km.) |
| Economically Weaker Section (EWS) | Up to 3 lakh | Up to 6 lakh | 6.50 | 30 |
| Low Income Group | Between 3 lakh and 6 lakh | Up to 6 lakh | 6.50 | 60 |
| Middle Income Group (MIG-I) | Between 6 and 12 lakh | Up to 9 lakh | 4 | 160 |
| Middle Income Group (MIG-II) | Between 12 and 18 lakh | Up to 12 lakh | 3 | 200 |
The beneficiary family can belong to any of these groups. However, to make the PMAY list released by the Indian government every year, the beneficiary family or household should cater to other requirements. These incorporate:
- The beneficiary family or household should not own a pucca house in any corner of the country.
- The household should not have benefitted from any previous housing scheme pioneered by the Indian government.
- A household typically comprises husband, wife, and unmarried children. A beneficiary family cannot avail of PMAY twice. Hence, to avoid duplication, the Aadhaar Card number of every family member has to be submitted. The individual, who is availing of this facility should be an adult with a regular source of income.
- However, any adult earning member, irrespective of the marital status, can be treated as a separate household.
- For EWS/LIG categories, having an adult female owner, independent or in partnership with a male is mandatory. However, when there is an absence of a female adult, the house can be in the name of a male member.
PMAY Eligibility Calculator
The PMAY eligibility calculator helps in checking whether a potential beneficiary is eligible to access the PMAY scheme or not. It also helps in the estimation of the subsidy on the loan amount. PMAY eligibility calculator is a tool accessible online, which explains the convenience of the instrument. After availing of this calculator, individuals can apply online by visiting the scheme’s page, or walk into a Common Service Centre and fill the form.
PMAY Scheme – Documents Required
To successfully apply for the PMAY scheme, applicants need to submit the following documents.
- Evidence to validate the age
- Affidavit incorporating a declaration that the beneficiary does not possess any pucca house
- Declaration stating property under construction (if applicable)
- Identity proof in the form of the Aadhaar Card/ PAN Card/ Voter ID etc.
- Address proof
- Salary slips
- Existing loan information
- Bank statements of the last six months
PMAY Status
After catering to PMAY eligibility and documents required, beneficiaries can know the status of their application. Follow these steps to check PMAY status:
- Visit the official website of the PMAY scheme
- Choose ‘Citizen Assessment’ on the taskbar
- Choose the option ‘Track your Assessment status’
- The website redirects to another page titled ‘Track Application Status’
- Enter name, mobile number, father’s name or simply the assessment ID
- PMAY status will show up
The PMAY scheme allows maximum savings of up to 2.67 lakh INR. The programme is progressive, allowing millions of people to access a home loan at reduced interest rates. It has been a boon for the homebuyers. Prospective applicants only have to cater to the PMAY eligibility criteria and submit the required documents.
Several financial institutions, such as Bajaj Housing Finance, provide the facility of home loans under the PMAY scheme. Apply for a home loan today to achieve your goal of owning a house. Enjoy reduced interest rates and save on your EMIs significantly.
