The 2019 Coronavirus pandemic paved the way to widespread uncertainty in the wake of an extant housing crisis. PMAY plays a crucial role in providing affordable housing. Here is a brief explanation of the initiative, and how it works.
What is the PMAY?
The Pradhan Mantri Awas Yojana (PMAY) was established in June 2015 to provide affordable housing to the urban poor by 2022. Becoming a part of this scheme provides you with the benefits of a 20-year tenure, with the mere payment of a 6.5% interest rate per annum.
According to the recent Budget speech, Indian Finance Minister Ms. Nirmala Sitharaman extended affordable housing acquisitions to migrant workers.
PMAY Features
- Sustainable technologies are used in the project, with the aim of it becoming an eco-friendly scheme
- Senior citizens and differently-abled citizens will be prioritised for ground floor housing
PMAY Categories
Under the PMAY scheme, there are several classifications that individuals fall under. The below-mentioned PMAY list includes the different categories of eligible individual applicants (alongside their income level) in this scheme.
| Beneficiary | Income Per Annum | Loan Subsidy (Maximum) |
| Economically Weaker Section (EWS) | Up to Rs. 3 lakh | Rs. 6 lakh (6.5% per annum) |
| Lower Income Group (LIG) | Rs. 3 lakh to Rs. 6 lakh | Rs. 6 lakh (6.5% per annum) |
| Middle Income Group I (MIG I) | Rs. 6 lakh to Rs. 12 lakh | Rs. 9 lakh (4% per annum) |
| Middle Income Group II (MIG II) | Rs. 12 lakh to Rs. 18 lakh | Rs. 12 lakh (3% per annum) |
This includes scheduled castes (SC), scheduled tribes (ST) and other backward classes (OBC). Additionally, slum dwellers who live in areas deemed to rely on inadequate infrastructure as insufficient sanitation also considered, even if they own houses of their own.
It also noticed that the individuals classified under EWS can avail of complete assistance under this housing scheme. They fall under the category of the most deprived. LIG beneficiaries, on the other hand, can only avail a certain section of the scheme—the Credit Linked Subsidy Scheme (CLSS).
Pradhan Mantri Awas Yojana Eligibility
The PMAY scheme is aimed at anyone who does not already own a house.To state the specific eligibility rule, “The beneficiary family should not own a pucca house, and the beneficiary family should not have availed of central assistance under any housing scheme from Government of India.” According to this rule, a beneficiary family includes immediate family members.
PMAY Scheme Types
Two PMAY schemes exist at the heart of this project, both addressing different housing concerns.
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
This region excludes those existing in Delhi and Chandigarh. A 60:40 for plain regions and a 90:10 for North-Eastern and hilly regions expense sharing ratio is observed for this specific scheme between the Government of India. The pertinent state governments.
Pradhan Mantri Awas Yojana Urban (PMAY-U)
The difference between the Gramin and Urban scheme relates to the areas (and individuals) being addressed under both schemes. Under the PMAY-U scheme, urban areas are considered. The project will be completed in 3 phases, with over 4041 statutory towns (in urban cities). Each of these phases has different completion or deadline dates, with a target of different cities in varying states.
PMAY Application Procedure
By merely accessing the PMAY portal on the official website and filling up some details about yourself, you can apply for housing under the PMAY scheme. Editing your information after submission is simple as well. After submitting your application and identification details (in the form of your Aadhaar Card number), you will have completed your application.
Summary and Conclusion
The PMAY scheme dispenses affordable housing to every citizen of India. Two main categories—PMAY-U and PMAY-G—exist under this housing scheme that both address different target cities in the country.
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