Pradhan Mantri Awas Yojana | Details | Apply | Loans | Subsidy |

9 months ago Sarkari user 4

A new name given to or improved version of Indira Awas Yojana i.e. Pradhan Mantri Awas Yojana is a rural housing scheme to provide pucca house to all who are houseless and living in dilapidated houses in rural areas by 2022. Under the PM Gramin Awas Yojana, the central government aims to develop 4 Crore (Increased from 3 Crore) homes for rural housing scheme that will help to achieve housing for all by 2022 in Rural areas across the country. Under PMAY, the cost of unit assistance is to be shared between Central and State Governments in the ratio 60:40 in plain areas and 90:10 for North Eastern and hilly states.

Pradhan Mantri Awas Yojana will be implemented in a span of three years from 2016-17 to 2018-19 with a budget of Rs. 81,975 crore.

Indira Awas Yojana guidelines

  • Under the new rural housing scheme, the central government will give a financial assistance of Rs. 120000/- and Rs. 130,000 in hilly areas for constructing the home.
  • An additional assistance of Rs. 12000 will also be provided to construct toilets in households.

  • Under the Pradhan Mantri Gramin Awas Yojana, the eligible beneficiary can also avail a loan of up to Rs. 70,000/- for construction of the house but it is optional.
How to apply for Pradhan Mantri Gramin Awas Yojana ?

Important points:

  • First check the eligibility criteria, if you are eligible to apply for the scheme (Check your name in the PMAy beneficiary list)
  • Valid Aadhar Number is mandatory to apply for PMAY scheme.
  • Reliable internet connection for online application.
  • Saving bank account details and actual details of your household income.

PMAY Online Application steps:

  • Go to official website of PMAY at pmaymis.gov.in and select one of the two options of Pradhan Mantri Awas Yojana application from “Citizen Assessment” menu.
  • For those people who are currently living in slum area, then select “For Slum Dwellers” otherwise select “Benefits under other 3 Components”.
  • Fill the form correctly including your personal details, contact details, current residential address, Aadhar Number, Bank Account details and income details in the application form.
  • Click the “Save” Button at the end of application form.
  • To track your your application status click here
PMAY home Loans:

The increased loan amount under the PM Awas Yojana will significantly reduce the monthly installments. The central government instead of 6.5% subsidy on loans up to Rs. 6 Lakh, now providing 4% subsidy on loans up to Rs. 9 Lakh and 3% for home loans up to Rs. 12 Lakh. The loans under PMAY can be availed for a maximum tenure of 15 years. The government has also introduced two new middle income group categories under the scheme.

At present, market rate for the home loans are available from banks and non banking financing companies at interest rates of about 9%. After the interest rate especially from a government of 4%, the effective interest rate would fall to 5% which will result in significant reduction in EMI’s.