The Pradhan Mantri Awas Yojna is a scheme launched by the NDA Government with the aim of catering to the housing needs of the mid-income group (MIG), Low-Income Group (LIG), and Economically Weaker Sections (EWS). It has been initiated with the target of building about 20 million affordable houses by the end of March 2022. The government has promised an allocation Rs. 2 trillion as financial assistance towards this initiative.
What are the significant Pradhan Mantri Awas Yojana facts?
- The age of the beneficiary should not be more than 70 years.
- The beneficiary should not have a dwelling unit under his/her own name or in any family member’s name in India.
- The annual income for EWS should be less than Rs.3 Lakhs
- The annual income for MIGs and LIGs should be between Rs.4 Lakhs to Rs.6 Lakhs and between Rs.6 Lakhs to Rs.18 Lakhs respectively
- The houses that are given under this scheme have to be owned by females or jointly with males.
- The interest rate subsidy for EWS and LIG is 6.5% per annum and for MIG with an annual income between Rs.6 Lacks to Rs.12 Lacks is 4% per annum, and MIG with an annual income between Rs.12 Lacks to Rs.18 Lacks 3% per annum.
- The maximum home loan tenure as per Pradhan Mantri Awas Yojana is 20 years.
- The maximum eligible home loan amount to qualify for subsidy is Rs.6 Lacks for EWS and LIG. For MIG with an annual income between Rs.6 Lacks and Rs.12 Lacks, it is Rs.9 Lacks. For MIG with an annual income between Rs.12 Lakhs to Rs. 18 Lakhs it is Rs. 12 Lakhs.
- The maximum subsidy amount for EWS and LIG is Rs.2.67 Lakhs. For MIG with an annual income between Rs.6 Lakhs and Rs.12 Lakhs, it is Rs.2.35 Lakhs and MIG with an annual income between Rs.12 Lakhs and Rs.18 Lakhs, it is Rs.2.30 Lakhs.
- The discount rate for NPV Calculation of interest subsidy as per Pradhan Mantri Awas Yojana is 9%.
- The Maximum Dwelling unit carpet area for LIG is 60 sq.m, and for EWS it is 30 sq.m. The maximum dwelling unit carpet area for MIG with an annual income between Rs.6 Lakhs to Rs.12 Lakhs is 160 sq.m and for MIG with an annual income between Rs.12 Lakhs and Rs.18 Lakhs it is 200 sq.m
- Scheduled castes and tribes are also eligible to apply.
- Differently abled individuals and senior citizens will receive special preference for ground floor housing.
What are the documents you need?
In order to apply to the Pradhan Mantri Yojana Scheme, you will need a number of documents. Here is a list.
- As a salaried individual, you must submit your salary slip and your updated bank statement. As a self-employed individual, you must submit your Income Tax Return (ITR) for the previous two years.
- KYC documents that include your photographs
- A Self-Certificate/ An affidavit that acts as proof of your income.
- Customer Declaration Undertaking
- Additional Application Form
How to apply for the Pradhan Mantri Awas Yojana?
Here is the simple step by step guideline to apply to the Pradhan Mantri Awas Yojana.
- Log on to the Pradhan Mantri Awas Yojana’s official website- http://pmaymis.gov.in/
- Click on the menu and then click on the “Citizen assessment.”
- Now you will be asked to enter the 12-digit Aadhaar card number. Enter it.
- Once your Aadhar card number has been entered, you will be redirected to the application page. On this page, you will be required to enter all your income details, personal details, bank account details, and current residential address. Enter all the requisite details.
- At the end of the page, click on the “I am aware of” checkbox and click on the “Save” button.
- Now you will receive an application number generated by the system. You need to record or note it down for any possible future reference.
- After this, you should download and print the filed application.
- Once you have downloaded and printed the filed application, you are required to submit it to the closest CSC office, centers, and banks/financial institutions. You must also submit all requisite documents.
Before you go ahead and fill out the Pradhan Mantri Awas Yojana Scheme application ensure that you are eligible and that your name appears under the beneficiary list. If you want to check whether or not you are eligible to apply for the Pradhan Mantri Awas Yojana, you can submit your BPL certificates to the lending institution. They will check the same and notify you. Another way of checking whether or not you are eligible you can check the list of beneficiaries on the official website of Pradhan Mantri Awas Yojana. This list is updated periodically. Ensure the list you check is a recent list. Remember to keep your household income details and savings bank account details handy when you apply for the Pradhan Mantri Awas Yojana online.
The government has decided to use the socio-economic and Caste Census of 20111 (SEC 2011) to choose the Pradhan Mantri Awas Yojana beneficiaries. Under the rural housing scheme, the village panchayats and tehsils will be consulted before drafting the list of beneficiaries. This is an effort towards maintaining the transparency of the project and to ensure that only deserving candidates get the housing aid.
The Pradhan Mantri Awas Yojana is an all-inclusive scheme. Even Transgenders can apply for this scheme as long as they fulfill all the eligibility criteria specified under this scheme. This scheme ensures that all housing projects are built with eco-friendly and sustainable technologies.