Housing for all 2022 — Take note of the PM Awas Yojana Guidelines

The Government of India launched the housing for all scheme in 2015 to extend affordable residential facilities to the economically backward section of society by 2022. Being a credit-linked subsidy scheme, PM Awas Yojana has made it possible for eligible individuals to own their first house.

• As of 2021, approximately 85% of applicants have availed subsidy.
• Till May 2021, around 1.3 crore houses were built under PMAY Gramin.
• Similarly, nearly 48.02 lakh houses were completed under PMAY Urban since its inception.

Nevertheless, to become a beneficiary, individuals have to abide by the guidelines of this scheme. For example, applicants need to meet the PMAY eligibility criteria and belong to a designated economic group to qualify for the scheme’s benefits.

Salient features of PMAY subsidy

These are the noteworthy features of this scheme –

• PMAY subsidy is credited to an applicant’s loan account.
• Families whose annual household income amounts to a maximum of Rs.6 lakh are categorised as EWS or LIG under this scheme.
• Eligible EWS and LIG candidates can avail of a subsidy on the interest of up to Rs.2.67 lakh.
• EWS and LIG can avail subsidy on a home loan of up to Rs.6 lakh.
• Those with an annual income of up to Rs.9 lakh are categorised as MIG-I, whereas those with a yearly income of a maximum of Rs.12 lakh are categorised as MIG-II.
• MIG candidates can avail of an interest subsidy of up to Rs.2.35 lakh on a home loan.

However, to avail of the benefits of this PMAY, applicants have to meet certain criteria set by the government.

Pradhan Mantri Awas Yojana beneficiaries: PMAY eligibility

In order to become a beneficiary of PM Awas Yojana, individuals need to meet these qualifying criteria –

• Applicants should not own a pucca house in India.
• They should not have benefitted from any government-backed housing scheme.
• At least one female member must co-own the property in question.
• The property must be located in any of the statutory towns under the 2011 census and planning area.

Once individuals have checked pmay eligibility, to enjoy the key benefits of Pradhan Mantri Awas Yojana, they should proceed to find out about the application process. Note that the Aadhaar card is mandatory to become a beneficiary of this housing scheme.

Pradhan Mantri Awas Yojana application process

Applying for PM Awas Yojana is quick and simple owing to its online process. Individuals can easily initiate the application process on PMAY’s official website.

Here’s how you can start the process -

Step 1 — Visit the PMAY’s official website.

Step 2 — Click on ‘Citizen Assessment’ from the drop-down menu.

Step 3 — Select the category you belong to, i.e., EWS/LIG/MIG, and enter the Aadhaar card number.

Step 4 — Once redirected to the application page, provide details like — personal information, address, income, bank details, etc.

Step 5 — Check the information shared and tick the ‘I am aware’ box.

Step 6- Click the ‘Save’ button.

Once these steps are covered, an application number will be generated by the system. Keep it handy for future reference. Proceed to print the filled form and then submit it to your nearest CSC office along with the required set of documents.

How to get an interest rate subsidy under PMAY?

To understand the role of a financial institution under PM Awas Yojana setup, it is important to become familiar with the processes involved under the said scheme.

For example, these pointers below offer a valuable insight into how to avail interest subsidy under this housing scheme –

• An individual has to apply for a home loan under the PMAY scheme from a listed financial institution.
• The lending institution reviews the individual’s application and sends it to the Central Nodal Agency if it meets eligibility criteria.
• After the CNA verifies and approves the application, it will disburse the subsidy amount to the lending institution.

The lender will credit the sanctioned loan amount to an applicant’s account. This will lower the borrower’s loan burden. This is one of the most important ways though which PMAY has eased becoming a homeowner.

Additional Read: Pradhan Mantri Awas Yojana: Benefits of PMAY 2021

Note, eligible applicants have to pay EMI towards the balance amount. To make the most of this CLSS facility, individuals should choose a listed financial institution that extends home loans at a competitive interest rate and levies minimal additional charges.

Often such leading financial institutions also provide customers pre-approved offers to simplify their borrowing experience. Generally, such lucrative offers are available on multiple financial products like home loans and loans against property. Check your pre-approved offer online by entering just your name and contact number.

Notably, before filing the PM Awas Yojana application form, it is important to know the PMAY eligibility. Subsequently, applicants should check whether their names are listed in the PMAY list. Individuals can also submit a BPL certificate to a financial institution to find out whether they are eligible for this scheme or not.