Pradhan Mantri Awas Yojana is a programme by Government of India to ensure “Housing for all by 2022’’. Under this, there is a Credit Linked Subsidy Scheme on home loans for properties in urban market belonging to Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group 1 & 2 (MIG). It can be availed for new or resale purchase of home, construction, or for extension or improvement of rooms, kitchen, toilet etc. Under the {PMAY (U)}, demand survey is conducted by concerned ULBs, offline and online, free of cost. Online registration can also be made by eligible beneficiaries themselves through the Ministry’s website. Registration is also being facilitated by the State / UT Governments at their Common Service Centers (CSCs) at a nominal charge of Rs.25/- (Rupees twenty five only) plus GST. This is for information of the general public that this Ministry has not authorized any private entity or person to collect money as a consideration for availing of any benefit under the PMAY (U) Mission.
This Yojana was initiated back in 2015 with a view to serve a number of purposes. These are:
To ensure that the poorer sections of urban India can live under their owned home.
To provide financial support to people who can’t bear the entire cost of building a residential property.
To provide houses to the Economically Weaker Section (EWS) of the society i.e. house for all lower and middle class people.
To bring both public and private sector to work together to improve the fate of the nation urban poor population and government could achieve its aim of providing home to all.
The documents required are very basic like:
KYC Documents & Photograph
Aadhar Card is mandatory
Salary slip or Certificate & updated bank statement for salaried applicants
Income Tax Returns of last two years and bank statement for self-employed applicants
Self-certificate/affidavit as proof of income
Customer declaration undertaking
Additional Application form
The recent change made on PMAY is the GST as on Affordable Homes Slashed to 8%. The Yojana has already helped thousands of people in India fulfill their dreams of owning a house. To make things even better for the prospective home buyers who are looking to avail a home loan through this scheme, the government has slashed the GST from 12% to 8%. Any person who is buying a home for the first time will have to pay an 8% GST, provided he/she takes a home loan through the Credit Linked Subsidy Scheme (CLSS) under the PMAY.
Eligibility
In order to avail a house or financial reinforcements from the government, every applicant needs to meet the eligibility criteria set by the PMAY committee. Prospective applicants have been branched into six distinct groups
Economically Weaker Sections (EWS)
People who earn an annual household income less than Rs.3 lakh come under the EWS category. However, an applicant claiming to be from EWS needs to provide relevant proof to the government to ascertain their claims.
Light Income Group (LIG)
People that fall under LIG category usually have an annual household income ranging between Rs.3 lakh to 6 lakh. Again, to be eligible for consideration, they need to provide sufficient proof of their economic standing.
Medium Income Group (MIG1):
Those who earn an annual household income below Rs.12 lakh fall under the MIG1 category. These people can avail loans of up to Rs.9 lakh for the construction of a residence.
Medium Income Group (MIG2):
Individuals earning an annual household income between Rs.12 to Rs.18 lakh will fall under MIG2 of the PMAY scheme. These people can avail loans of up to Rs.12 lakh.
Minorities:
People hailing from minority groups will fall under minorities. To be considered under the PMAY scheme, these people need to meet to provide relevant caste and income certificates.
Women:
Women belonging to EWS/LIG categories will be considered if they apply under the PMAY scheme.
PMAY Eligibility Criteria for Getting Subsidy
The Ministry of Housing and Urban Poverty Alleviation has enlisted the help of some leading banks in the country to provide loans for construction under PMAY. The banks offer loans at a comparatively lower rate as government pays the rest on behalf of the applicant. This model of subsidized loans helps more economically weaker people to build a house.
Bank has partnered with the government to offer loans to people who have applied for PMAY scheme. Here’s what it looks like:
The applicant’s family must not own a house in any part of the country.
In the case of a married couple, either a single or a joint ownership deal is allowed, and both options will receive just one subsidy.
The applicant’s family must not have availed the benefit of any housing-related schemes set up by the Government of India.
Pradhan Mantri Awas Yojana, while being a populist scheme, is also a progressive one as it helps millions of urban poor in the country own a house they can call their own. This scheme, upon completion, will serve as a great model for other developing countries to follow.
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