Pradhan Mantri Awas Yojana – ‘Housing for All’ scheme was introduced by the honorable Prime Minister on 17th June, 2015 to empower people to get their dream home.
Through this initiative, the government aims to achieve the objective of ‘Housing for all’ by 31st March, 2022 the 150th birth anniversary of Mahatma Gandhi, by constructing 20 million houses across the nation.
It makes home loans affordable for the urban poor by providing subsidy on the Interest Rate of a home loan during repayment by way of EMI.
FEATURES OF PMAY SCHEME
- The interest subsidy rate provided by the scheme is up to 6.5 % on housing loan to all beneficiaries taking loans with a tenure of up to 20 years.
- Differently abled and senior citizens will be given preference in allocation of ground floors.
- Houses will be constructed using sustainable and eco-friendly technologies
- The scheme covers entire urban areas in the country which includes 4041 statutory towns with the first priority given to 500 Class I cities. This will be done in 3 phases.
- The credit linked subsidy aspect of the PM Awas Yojana gets implemented in India in all statutory towns from the initial stages itself.
KEY BENEFICIARIES UNDER PMAY
The preferential and key beneficiaries under PMAY are;
- Scheduled castes and scheduled tribes
- Economically Weaker Section (EWS) of the society
- PMAY is applicable to borrowers belonging to the:
- Economically Weaker Section (EWS – with a maximum annual family income of Rs. 3,00,00)
- Low Income Group – (LIG – with maximum annual family income of Rs. 6,00,000) and
- Middle Income Groups (MIG – I & II – with a maximum annual family income of Rs. 18,00,000)
HOW TO APPLY FOR PMAY SCHEME ?
Beneficiaries can apply for this scheme through following modes :-
ONLINE : Individuals can visit the official website of the scheme to apply online. They need to have a valid Aadhaar card to apply.
OFFLINE : Beneficiaries can also apply by filing up a form available through Common Service Centre (CSC). The price of these forms is Rs 25 + GST.
TYPES OF PMAY SCHEME-
There are two sub sections of this scheme, namely-
- Pradhan Mantri Awas Yojana Gramin – Previously known as the Indira Awas Yojana the scheme is aimed at the provision of affordable and accessible housing units to eligible beneficiaries in rural regions of India (excluding Delhi & Chandigarh).
The Government of India and the respective state governments share the cost of development of housing units in the ratio of 60:40 for plain regions and 90:10 for North-Eastern and hilly regions
- Pradhan Mantri Awas Yojana Urban – This scheme is focussed towards the urban areas in India. At present, there 4,331 towns and cities which are enlisted under this scheme. The scheme is set to function under three different phases:
- Phase 1: Government targeted to cover 100 cities in different states and UTs across the country from April 2015 to March 2017.
- Phase 2: Government targeted to cover 200 more cities in different states and UTs across the country from April 2017 to March 2019.
- Phase 3: Government targeted to cover the cities which have been left out in Phase 1 and Phase 2 and attain the target by the end of March 2022.
Thus, Pradhan Mantri Awas Yojana scheme aims to simplify the process of purchasing a home for the urban poor and weaker sections of society through EMIs at reasonable rates of interest.