by PMAY Scheme – Pradhan Mantri Awas Yojana 2022
Pradhan Mantri Awas Yojana (PMAY) scheme is a programme launched by the Indian Government to make affordable housing available to the financially weaker sections of our society.
In order to opt for the PMAY scheme, it is very important to know several details, such as its features, eligibility criteria and benefits. Read on to know more about this scheme.
A Brief Idea About the PMAY Scheme
PMAY was introduced by the Indian Government in June 2015 to provide affordable housing to the economically backward sections of our society.
In addition to other benefits, it provides discounts on the interest rate on home loans to lower the cost of housing in the nation. This housing initiative is intended for the economically underprivileged population living in both urban and rural areas.
As part of this programme, qualified applicants can apply for a rebate on the interest rate on their housing loans, to fund the expenses of their first home.
The PMAY scheme is categorised as follows:
- PMAY Urban: Roughly 4,331 cities and towns are included in this category.
- PMAY Gramin: Formerly known as the Indira Awas Yojana, PMAY-Gramin seeks to make affordable housing available in rural India, excluding Delhi and Chandigarh.
What are the Eligibility Criteria to Opt for the PMAY Scheme?
The table below shows the eligibility parameters that a candidate has to meet in order to opt for this scheme:
| Parameters | EWS | LIG | MIG I | MIG II |
| Total household income | Up to Rs. 3 lakh | Rs. 3 to 6 lakh | Rs. 6 to 12 lakh | Rs. 12 to 18 lakh |
| Maximum loan tenure | 20 years | 20 years | 20 years | 20 years |
| Maximum carpet area | 30 sq. m. | 60 sq. m. | 160 sq. m. | 200 sq. m. |
| Maximum loan amount allowed for rebate | Rs. 6 lakh | Rs. 6 lakh | Rs. 9 lakh | Rs. 12 lakh |
| Subsidy | 6.50% | 6.50% | 4.00% | 3.00% |
| Discount rate for NPV (net present value) calculation of interest subsidy (%) | 9.00% | 9.00% | 9.00% | 9.00% |
| Maximum interest subsidy amount | Rs. 2,67,280 | Rs. 2,67,280 | Rs. 2,35,068 | Rs. 2,30,156 |
What are the Documents Required for the PMAY Scheme?
Here is a list of documents required for the PMAY scheme for a salaried individual:
- Identity proof
- PAN card
- Aadhaar card
- Passport
- Driving license
- Address proof
- Aadhaar card
- Voter ID card
- Ration Card
- Last three months credit card statements
- Life insurance policy
- Property tax payment slip
- Income proof
- Previous 6 months’ bank account statements
- 2 month’s salary slips
- ITR receipts
- Property registration certificate
- Sales deed
- Builder payment slip copy
Further, the documents required for a self-employed individual for the PMAY scheme are as follows:
- Identity proof
- PAN card
- Aadhaar card
- Passport
- Driving license
- Address proof
- Aadhaar card
- Voter ID card
- Ration Card
- Bank account statements
- Life insurance policy
- Rent agreement
- Business proof
- Establishment certificate
- Trade license
- SSI registration
- PAN card
- SEBI registration
- VAT registration
- Sales tax receipts
- Factory registration certificates
- Registration number given by ROC
- Partnership deed
What are the Features of the PMAY Scheme?
Some of the salient features of this government programme are as follows:
- For candidates who chose housing credits, a discounted interest rate of up to 6.5% will be made available on home loans for a repayment tenure of up to twenty years.
- The houses will be built using sustainable and eco-friendly technology.
- Preference will be given to senior citizens and applicants with disabilities when allocating properties on the ground floor.
- The interest subsidy will depend on the applicant’s income bracket and loan amount; Please take note that any loan amount above the subsidised loan limit will incur a non-subsidised interest rate.
What are the Benefits of a PMAY Scheme?
The beneficial aspects of the PMAY scheme are as follows:
- Access to affordable housing
- Provision of slum rehabilitation
- Encouraging women for homeownership
- Providing affordable housing for all sections of our society
How to Apply for the PMAY Scheme in 2022?
One can apply for this scheme by following these simple steps:
Step 1: Go to the official portal of PMAY.
Step 2: Under the Menu button, click on ‘Citizen Assessment’.
Step 3: Enter your Aadhaar card number, and you will be redirected to the application page.
Step 4: Enter all the personal and income details as asked on the application form.
Step 5: Click the ‘Save’ button to generate the unique application number.
Step 6: Download the properly filled application form.
Following this, submit the form to the nearest financial institution office or CSC office providing a home loan. You will also need to submit the required documents along with the application form.
To sum it up, millions of Indians now have their own homes, thanks to the Pradhan Mantri Awas Yojana or PMAY scheme. Applicants can also verify the PMAY status of their home loans online using PMAY beneficiary status and PMAY list.
